# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001580642-26-000185
**Filing Date:** 2026-1
**Character Count:** 797896
**Document Hash:** e535bef97a8c735e2813bac25e788f59
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000185.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001580642-26-000185

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 83

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ultimus Managers Trust
- **CENTRAL INDEX KEY:** 0001545440

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 26521924

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Westwood Quality AllCap Fund (Series ID: S000072658)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000229074 | Westwood Quality AllCap Fund Ultra Shares         | WQAUX           |
| C000229075 | Westwood Quality AllCap Fund Institutional Shares | WQAIX           |

### Westwood Alternative Income Fund (Series ID: S000072839)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000229465 | Westwood Alternative Income Fund Ultra Shares         | WMNUX           |
| C000229466 | Westwood Alternative Income Fund Institutional Shares | WMNIX           |
| C000229467 | Westwood Alternative Income Fund A Class Shares       | WMNAX           |

### Westwood Multi-Asset Income Fund (Series ID: S000072840)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000229469 | Westwood Multi-Asset Income Fund Institutional Shares | WHGHX           |
| C000229470 | Westwood Multi-Asset Income Fund A Class Shares       | WSDAX           |

### Westwood Income Opportunity Fund (Series ID: S000072841)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000229472 | Westwood Income Opportunity Fund C Class Shares       | WWICX           |
| C000229473 | Westwood Income Opportunity Fund Institutional Shares | WHGIX           |
| C000229474 | Westwood Income Opportunity Fund A Class Shares       | WWIAX           |
| C000240107 | Westwood Income Opportunity Fund Ultra Shares         | WHGOX           |

### Westwood Quality SmallCap Fund (Series ID: S000072842)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000229475 | Westwood Quality SmallCap Fund A Class Shares       | WHGAX           |
| C000229476 | Westwood Quality SmallCap Fund Institutional Shares | WHGSX           |
| C000229477 | Westwood Quality SmallCap Fund Ultra Shares         | WWSYX           |
| C000229478 | Westwood Quality SmallCap Fund C Class Shares       | WHGCX           |

### Westwood Quality Smidcap Fund (Series ID: S000072843)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000229479 | Westwood Quality Smidcap Fund Ultra Shares         | WWSMX           |
| C000229480 | Westwood Quality Smidcap Fund Institutional Shares | WHGMX           |

### Westwood Quality Value Fund (Series ID: S000072844)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000229481 | Westwood Quality Value Fund A Class Shares       | WWLAX           |
| C000229483 | Westwood Quality Value Fund Institutional Shares | WHGLX           |
| C000240108 | Westwood Quality Value Fund Ultra Shares         | WHGQX           |

### WESTWOOD QUALITY MIDCAP FUND (Series ID: S000074487)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000232438 | WESTWOOD QUALITY MIDCAP FUND INSTITUTIONAL SHARES | WWMCX           |

### Westwood Broadmark Tactical Growth Fund (Series ID: S000077488)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000237949 | Westwood Broadmark Tactical Growth Fund C Class Shares       | FTGOX           |
| C000237951 | Westwood Broadmark Tactical Growth Fund Institutional Shares | FTGWX           |
| C000237952 | Westwood Broadmark Tactical Growth Fund A Class Shares       | FTAGX           |

### Westwood Broadmark Tactical Plus Fund (Series ID: S000077489)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000237953 | Westwood Broadmark Tactical Plus Fund A Class Shares       | SBTAX           |
| C000237955 | Westwood Broadmark Tactical Plus Fund F Class Shares       | BTPIX           |
| C000237956 | Westwood Broadmark Tactical Plus Fund Institutional Shares | SBTIX           |

### Westwood Salient MLP & Energy Infrastructure Fund (Series ID: S000077491)

| Class ID   | Class Name                                                             | Ticker Symbol   |
|:---|:---|:---|
| C000237961 | Westwood Salient MLP & Energy Infrastructure Fund Institutional Shares | SMLPX           |
| C000237962 | Westwood Salient MLP & Energy Infrastructure Fund Ultra Fund           | SMRPX           |
| C000237963 | Westwood Salient MLP & Energy Infrastructure Fund C Class Shares       | SMFPX           |
| C000237964 | Westwood Salient MLP & Energy Infrastructure Fund A Class Shares       | SMAPX           |

### Westwood Real Estate Income Fund (Series ID: S000077492)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000237966 | Westwood Real Estate Income Fund Institutional Shares | KIFYX           |
| C000237968 | Westwood Real Estate Income Fund A Class Shares       | KIFAX           |

### Westwood Salient Enhanced Energy Income ETF (Series ID: S000084179)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000248452 | Westwood Salient Enhanced Energy Income ETF |  |

### Westwood Salient Enhanced Midstream Income ETF (Series ID: S000084180)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000248453 | Westwood Salient Enhanced Midstream Income ETF |  |

### Westwood LBRTY Global Equity ETF (Series ID: S000091091)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000258486 | Westwood LBRTY Global Equity ETF | BFRE            |

?xml version='1.0' encoding='ASCII'?

**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 <u>811-22680</u>

**<u>Ultimus Managers Trust</u>**

(Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450&nbsp;&nbsp;&nbsp;&nbsp; Cincinnati, Ohio</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>Karen Jacoppo-Wood</u>

Ultimus Fund Solutions, LLC 225&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pictoria Drive, Suite 450&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati, Ohio 45246

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(513) 587-3400</u>

Date of fiscal year end: <u>October 31</u> <br>Date of reporting period: <u>October 31, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1.** **Reports to Stockholders.**

(a) Westwood Quality Value Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Institutional Shares (WHGLX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Quality Value Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-value-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $64 | 0.63% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality Value Fund underperformed its primary and representative benchmarks, the Russell 3000<sup>®</sup> Index and Russell 1000<sup>®</sup> Value Index, in the reporting period. Equity markets benefited from monetary easing, with the Federal Reserve resuming its easing cycle started in December 2024, and strong tech-driven earnings despite intermittent volatility from tariffs, geopolitical tensions, sector rotation and slowing growth.

The top-performing sectors on a relative basis were Consumer Discretionary and Materials. Strong selection in Consumer Discretionary led to the sector being the top performer on both a relative and absolute basis. An underallocation to the Materials sector relative to the benchmark was the primary driver of outperformance, aided modestly by selection. Technology and Industrials were the worst performers on a relative basis, primarily due to stock selection.

Darden Restaurants, Inc. (DRI) was the top contributor to performance in the Consumer Discretionary sector, gaining on the acquisitions and strong brand performance. Shares of Amazon.com, Inc. (AMZN) rose on continued earnings beats, driven by growth in AWS and advertising segments, and proprietary artificial intelligence model development.

Packaging Corporation of America (PKG) was the top contributor to performance in Materials, and the sole company to post positive returns in the sector, as the company's acquisitions positioned them for long-term growth.

Accenture plc (ACN) was the bottom detractor in Technology, falling as management issued cautious revenue forecasts for the next fiscal year due to their outlook on discretionary IT spending and restructuring costs amid large-scale layoffs. Shares of HP, Inc. (HP) fell on margin pressure due to higher memory costs and trade-related expenses amid continued restructuring and layoffs.

In Industrials, Boise Cascade Company (BCC) was the largest detractor from performance, falling after consecutive earnings misses, weaker commodity prices and higher costs.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i0402adfefc9265ecb5373d02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Quality Value Fund - Institutional Shares** | **Russell 1000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Oct-2015** | $100000 | $100000 | $100000 |
| **Oct-2016** | $102003 | $106370 | $104243 |
| **Oct-2017** | $124442 | $125284 | $129240 |
| **Oct-2018** | $132280 | $129086 | $137765 |
| **Oct-2019** | $149779 | $143561 | $156349 |
| **Oct-2020** | $140631 | $132700 | $172215 |
| **Oct-2021** | $195190 | $190765 | $247816 |
| **Oct-2022** | $186651 | $177417 | $206882 |
| **Oct-2023** | $185696 | $177655 | $224219 |
| **Oct-2024** | $228805 | $232686 | $309098 |
| **Oct-2025** | $236539 | $258626 | $373429 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Quality Value Fund - Institutional Shares | 3.38% | 10.96% | 8.99% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/quality-value-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$182,345,457

* Number of Portfolio Holdings51

* Advisory Fee (net of waivers)$807,545

* Portfolio Turnover77%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i84d5c523e65f5e2e2f9bf59b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ibc7e18b5d4e05d0c897f0867.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Money Market Funds | 1.4% |
| Real Estate | 4.0% |
| Energy | 4.2% |
| Materials | 4.9% |
| Utilities | 5.9% |
| Consumer Staples | 6.5% |
| Communications | 6.8% |
| Consumer Discretionary | 9.8% |
| Health Care | 11.4% |
| Industrials | 12.0% |
| Technology | 13.4% |
| Financials | 20.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;McKesson Corporation | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;CSX Corporation | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;2.2% |

---

# Material Fund Changes
Effective June 30, 2025, Mr. Corey Henegar, CFA, Senior Vice President, Portfolio Manager and Senior Research Analyst of Westwood Management Corp., became a member of the portfolio management team of the Westwood Quality Value Fund, joining Ms. Lauren Hill, Mr. Matthew Lockridge and Mr. Michael Wall, who will continue as members of the Fund's portfolio team.

Effective September 30, 2025, Lauren Hill, CFA<sup>®</sup> will no longer serve as a portfolio manager on the Fund. No additional changes to the investment team were made.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Quality Value Fund - Institutional Shares (WHGLX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/quality-value-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WHGLX

Westwood Quality Value Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

A Class Shares (WWLAX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Quality Value Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-value-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class Shares | $81 | 0.80% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality Value Fund underperformed its primary and representative benchmarks, the Russell 3000<sup>®</sup> Index and Russell 1000<sup>®</sup> Value Index, in the reporting period. Equity markets benefited from monetary easing, with the Federal Reserve resuming its easing cycle started in December 2024, and strong tech-driven earnings despite intermittent volatility from tariffs, geopolitical tensions, sector rotation and slowing growth.

The top-performing sectors on a relative basis were Consumer Discretionary and Materials. Strong selection in Consumer Discretionary led to the sector being the top performer on both a relative and absolute basis. An underallocation to the Materials sector relative to the benchmark was the primary driver of outperformance, aided modestly by selection. Technology and Industrials were the worst performers on a relative basis, primarily due to stock selection.

Darden Restaurants, Inc. (DRI) was the top contributor to performance in the Consumer Discretionary sector, gaining on the acquisitions and strong brand performance. Shares of Amazon.com, Inc. (AMZN) rose on continued earnings beats, driven by growth in AWS and advertising segments, and proprietary artificial intelligence model development.

Packaging Corporation of America (PKG) was the top contributor to performance in Materials, and the sole company to post positive returns in the sector, as the company's acquisitions positioned them for long-term growth.

Accenture plc (ACN) was the bottom detractor in Technology, falling as management issued cautious revenue forecasts for the next fiscal year due to their outlook on discretionary IT spending and restructuring costs amid large-scale layoffs. Shares of HP, Inc. (HP) fell on margin pressure due to higher memory costs and trade-related expenses amid continued restructuring and layoffs.

In Industrials, Boise Cascade Company (BCC) was the largest detractor from performance, falling after consecutive earnings misses, weaker commodity prices and higher costs.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0ef01dde97f84374a0a81f11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Quality Value Fund - A Class Shares** | **Russell 1000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Oct-2015** | $9700 | $10000 | $10000 |
| **Oct-2016** | $9870 | $10637 | $10424 |
| **Oct-2017** | $12024 | $12528 | $12924 |
| **Oct-2018** | $12747 | $12909 | $13776 |
| **Oct-2019** | $14395 | $14356 | $15635 |
| **Oct-2020** | $13485 | $13270 | $17222 |
| **Oct-2021** | $18671 | $19077 | $24782 |
| **Oct-2022** | $17804 | $17742 | $20688 |
| **Oct-2023** | $17671 | $17765 | $22422 |
| **Oct-2024** | $21748 | $23269 | $30910 |
| **Oct-2025** | $22430 | $25863 | $37343 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Quality Value Fund - A Class Shares |  |  |  |
| Without Load | 3.13% | 10.71% | 8.74% |
| With Load\* | 0.06% | 10.03% | 8.41% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/quality-value-fund/ for current month-end performance.

#### \* Reflects the maximum sales charge applicable to A Class Shares.

# **Fund Statistics** 
* Net Assets$182,345,457

* Number of Portfolio Holdings51

* Advisory Fee (net of waivers)$807,545

* Portfolio Turnover77%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i84d5c523e65f5e2e2f9bf59b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ibc7e18b5d4e05d0c897f0867.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Money Market Funds | 1.4% |
| Real Estate | 4.0% |
| Energy | 4.2% |
| Materials | 4.9% |
| Utilities | 5.9% |
| Consumer Staples | 6.5% |
| Communications | 6.8% |
| Consumer Discretionary | 9.8% |
| Health Care | 11.4% |
| Industrials | 12.0% |
| Technology | 13.4% |
| Financials | 20.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;McKesson Corporation | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;CSX Corporation | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;2.2% |

---

# Material Fund Changes
On February 7, 2025, the Fund converted its outstanding C Class Shares into A Class Shares and any shareholder owning C Class Shares of the Fund received A Class Shares of the Fund having an aggregate value equal to the aggregate value of the C Class Shares held immediately prior to the conversion. Following this conversion, the Fund ceased offering C Class Shares.

Effective June 30, 2025, Mr. Corey Henegar, CFA, Senior Vice President, Portfolio Manager and Senior Research Analyst of Westwood Management Corp., became a member of the portfolio management team of the Westwood Quality Value Fund, joining Ms. Lauren Hill, Mr. Matthew Lockridge and Mr. Michael Wall, who will continue as members of the Fund's portfolio team.

Effective September 30, 2025, Lauren Hill, CFA<sup>®</sup> will no longer serve as a portfolio manager on the Fund. No additional changes to the investment team were made.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Quality Value Fund - A Class Shares (WWLAX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/quality-value-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WWLAX

Westwood Quality Value Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Ultra Shares (WHGQX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Quality Value Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-value-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Ultra Shares | $56 | 0.55% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality Value Fund underperformed its primary and representative benchmarks, the Russell 3000<sup>®</sup> Index and Russell 1000<sup>®</sup> Value Index, in the reporting period. Equity markets benefited from monetary easing, with the Federal Reserve resuming its easing cycle started in December 2024, and strong tech-driven earnings despite intermittent volatility from tariffs, geopolitical tensions, sector rotation and slowing growth.

The top-performing sectors on a relative basis were Consumer Discretionary and Materials. Strong selection in Consumer Discretionary led to the sector being the top performer on both a relative and absolute basis. An underallocation to the Materials sector relative to the benchmark was the primary driver of outperformance, aided modestly by selection. Technology and Industrials were the worst performers on a relative basis, primarily due to stock selection.

Darden Restaurants, Inc. (DRI) was the top contributor to performance in the Consumer Discretionary sector, gaining on the acquisitions and strong brand performance. Shares of Amazon.com, Inc. (AMZN) rose on continued earnings beats, driven by growth in AWS and advertising segments, and proprietary artificial intelligence model development.

Packaging Corporation of America (PKG) was the top contributor to performance in Materials, and the sole company to post positive returns in the sector, as the company's acquisitions positioned them for long-term growth.

Accenture plc (ACN) was the bottom detractor in Technology, falling as management issued cautious revenue forecasts for the next fiscal year due to their outlook on discretionary IT spending and restructuring costs amid large-scale layoffs. Shares of HP, Inc. (HP) fell on margin pressure due to higher memory costs and trade-related expenses amid continued restructuring and layoffs.

In Industrials, Boise Cascade Company (BCC) was the largest detractor from performance, falling after consecutive earnings misses, weaker commodity prices and higher costs.

# How has the Fund performed since inception?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i8e6ee5ba27603a2e5ecab99b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Quality Value Fund - Ultra Shares** | **Russell 1000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Nov-2022** | $1000000 | $1000000 | $1000000 |
| **Oct-2023** | $935845 | $942444 | $1030037 |
| **Oct-2024** | $1152683 | $1234378 | $1419959 |
| **Oct-2025** | $1190881 | $1371989 | $1715489 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (November 30, 2022)** |
| Westwood Quality Value Fund - Ultra Shares | 3.31% | 6.17% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 11.45% |
| Russell 3000<sup>®</sup> Index | 20.81% | 20.32% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/quality-value-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$182,345,457

* Number of Portfolio Holdings51

* Advisory Fee (net of waivers)$807,545

* Portfolio Turnover77%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i84d5c523e65f5e2e2f9bf59b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ibc7e18b5d4e05d0c897f0867.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Money Market Funds | 1.4% |
| Real Estate | 4.0% |
| Energy | 4.2% |
| Materials | 4.9% |
| Utilities | 5.9% |
| Consumer Staples | 6.5% |
| Communications | 6.8% |
| Consumer Discretionary | 9.8% |
| Health Care | 11.4% |
| Industrials | 12.0% |
| Technology | 13.4% |
| Financials | 20.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;McKesson Corporation | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;CSX Corporation | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;2.2% |

---

# Material Fund Changes
Effective June 30, 2025, Mr. Corey Henegar, CFA, Senior Vice President, Portfolio Manager and Senior Research Analyst of Westwood Management Corp., became a member of the portfolio management team of the Westwood Quality Value Fund, joining Ms. Lauren Hill, Mr. Matthew Lockridge and Mr. Michael Wall, who will continue as members of the Fund's portfolio team.

Effective September 30, 2025, Lauren Hill, CFA<sup>®</sup> will no longer serve as a portfolio manager on the Fund. No additional changes to the investment team were made.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Quality Value Fund - Ultra Shares (WHGQX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/quality-value-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WHGQX

Westwood Quality MidCap Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Institutional Shares (WWMCX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Quality MidCap Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-midcap-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $66 | 0.65% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality MidCap Fund underperformed its primary and representative benchmarks, the Russell 3000<sup>®</sup> Index and Russell Midcap<sup>®</sup> Value Index, in the reporting period. Equity markets benefited from monetary easing, with the Federal Reserve resuming its easing cycle started in December 2024. A low-quality rally pulled stocks off their April 2025 lows, as unprofitable and speculative companies led indexes higher, while quality companies were left behind.

On a relative basis, the top-performing sectors were Materials and Industrials, with stock selection driving outperformance in both sectors. Financials and Energy were the worst-performing sectors on a relative basis, with underperformance driven predominantly by stock selection. An underallocation to each sector also modestly detracted from relative performance.

Shares of Cameco Corporation (CCJ) advanced after reporting strong growth in earnings and revenue and the announcement of multiple executive orders aimed at expanding U.S. nuclear production capacity. Pan American Silver Corporation (PAAS) rose after reporting strong earnings for consecutive quarters and strategic acquisitions that enhanced long-term growth potential.

Defense contractor Kratos Defense & Security Solutions, Inc. (KTOS) gained on strong earnings results and the largest contract award in company history, while BWX Technologies, Inc. (BWXT) rose after reporting strong earnings, strategic acquisitions and large contract wins.

MarketAxess Holdings, Inc. (MKTX) led detractors during the period, declining after earnings misses, headwinds from fee compression and the removal of the company from the S&P 500<sup>®</sup> Index. Shares of Blue Owl Capital, Inc. (OWL) fell on valuation concerns, leverage risk and expense growth coupled with margin pressures.

Chord Energy Corporation (CHRD) declined on commodity price volatility and impairment charges, while shares of Diamondback Energy, Inc. (FANG) also declined on commodity price volatility and reduced activity to prioritize free cash flow generation.

# How has the Fund performed since inception?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i375f956f631d69388ded77ec.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Quality MidCap Fund - Institutional Shares** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **Nov-2021** | $100000 | $100000 | $100000 |
| **Oct-2022** | $96400 | $84773 | $92640 |
| **Oct-2023** | $97641 | $91877 | $89339 |
| **Oct-2024** | $126046 | $126657 | $119744 |
| **Oct-2025** | $129010 | $153017 | $129155 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (November 30, 2021)** |
| Westwood Quality MidCap Fund - Institutional Shares | 2.35% | 6.72% |
| Russell 3000<sup>®</sup> Index | 20.81% | 11.47% |
| Russell Midcap<sup>®</sup> Value Index | 7.86% | 6.75% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/quality-midcap-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$1,778,758

* Number of Portfolio Holdings59

* Advisory Fee (net of waivers)$0

* Portfolio Turnover67%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8ea733f09ecd9666bc8ee1be.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.2% |
| Money Market Funds | 1.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](icc2852c44c79548d21837665.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.6% |
| Money Market Funds | 1.8% |
| Consumer Staples | 6.2% |
| Utilities | 6.3% |
| Health Care | 6.4% |
| Energy | 6.9% |
| Real Estate | 9.5% |
| Consumer Discretionary | 10.5% |
| Technology | 11.1% |
| Industrials | 11.9% |
| Materials | 14.4% |
| Financials | 15.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;CSX Corporation | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;CACI International, Inc. - Class A | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;J.B. Hunt Transport Services, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Chord Energy Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;CMS Energy Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;O'Reilly Automotive, Inc. | &nbsp;&nbsp;2.0% |

---

# Material Fund Changes
Effective September 30, 2025, Lauren Hill, CFA<sup>®</sup> will no longer serve as a portfolio manager on the Fund. No additional changes to the investment team were made.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Quality MidCap Fund - Institutional Shares (WWMCX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/quality-midcap-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WWMCX

Westwood Quality SMidCap Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Institutional Shares (WHGMX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Quality SMidCap Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-smidcap-fund/**. You can also request this information by contacting us at (877) 386-3944.

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $86 | 0.85% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality SMidCap Fund underperformed its primary and representative benchmarks, the Russell 3000<sup>®</sup> Index and Russell 2500<sup>®</sup> Value Index, in the reporting period. Equity markets benefited from monetary easing, with the Federal Reserve resuming its easing cycle started in December 2024. Meanwhile, a low-quality rally pulled stocks off their April 2025 lows, as unprofitable and speculative companies led indexes higher, while quality companies were left behind.

On a relative basis, the top-performing sectors were Industrials and Materials, supported by strong stock selection within each sector. The Health Care and Financials sectors were the largest detractors from relative performance with stock selection the primary driver of underperformance for both sectors.

Kratos Defense & Security Solutions, Inc. (KTOS) was the top contributor to performance for the period, gaining on strong earnings results and the largest contract award in company history. Shares of BWX Technologies, Inc. (BWXT) also rose after reporting strong earnings, strategic acquisitions and large contract wins.

Shares of Cameco Corporation (CCJ) advanced after reporting strong growth in earnings and revenue, and the announcement of multiple executive orders aimed at expanding U.S. nuclear production capacity. Sensient Technologies Corporation (SXT) rose on new product launches, increased demand for natural colors and growth in Asia-Pacific markets.

Avantor, Inc. (AVTR) was the largest detractor from performance, declining on earnings misses and guidance cuts, large goodwill impairments and the departure of the CEO in April. Shares of Integer Holdings Corporation (ITGR) fell after management lowered full-year 2025 revenue and EBITDA forecasts, creating uncertainty about future growth.

DigitalBridge Group, Inc. (DBRG) fell on revenue volatility and earnings misses. Shares of Glacier Bancorp, Inc. (GBCI) declined on sector-wide pressures stemming from commercial real estate loans, higher funding costs and rate uncertainty.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i8cacb598dbd2c8f021a2b1d4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Quality SMidCap Fund - Institutional Shares** | **Russell 2500<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Oct-2015** | $100000 | $100000 | $100000 |
| **Oct-2016** | $98919 | $107776 | $104243 |
| **Oct-2017** | $118533 | $129296 | $129240 |
| **Oct-2018** | $118136 | $129648 | $137765 |
| **Oct-2019** | $129312 | $137551 | $156349 |
| **Oct-2020** | $122338 | $121162 | $172215 |
| **Oct-2021** | $174763 | $191611 | $247816 |
| **Oct-2022** | $157908 | $171192 | $206882 |
| **Oct-2023** | $160146 | $162735 | $224219 |
| **Oct-2024** | $207369 | $215494 | $309098 |
| **Oct-2025** | $214165 | $237276 | $373429 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Quality SMidCap Fund - Institutional Shares | 3.28% | 11.85% | 7.91% |
| Russell 2500<sup>®</sup> Value Index | 10.11% | 14.39% | 9.02% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/quality-smidcap-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$95,726,377

* Number of Portfolio Holdings63

* Advisory Fee (net of waivers)$518,323

* Portfolio Turnover66%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9581fcce8d482bfa8109cb4d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.2% |
| Money Market Funds | 2.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if31c56fc033d64a5d401c10c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.0% |
| Communications | 1.5% |
| Money Market Funds | 2.8% |
| Consumer Staples | 4.3% |
| Energy | 4.6% |
| Health Care | 5.9% |
| Utilities | 6.4% |
| Technology | 7.8% |
| Real Estate | 9.2% |
| Consumer Discretionary | 11.0% |
| Industrials | 15.3% |
| Materials | 16.0% |
| Financials | 16.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;SouthState Corporation | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Sensient Technologies Corporation | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;AAR Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Wintrust Financial Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Packaging Corporation of America | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Permian Resources Corporation | &nbsp;&nbsp;2.0% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Quality SMidCap Fund - Institutional Shares (WHGMX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/quality-smidcap-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WHGMX

Westwood Quality SMidCap Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Ultra Shares (WWSMX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Quality SMidCap Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-smidcap-fund/**. You can also request this information by contacting us at (877) 386-3944.

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Ultra Shares | $69 | 0.68% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality SMidCap Fund underperformed its primary and representative benchmarks, the Russell 3000<sup>®</sup> Index and Russell 2500<sup>®</sup> Value Index, in the reporting period. Equity markets benefited from monetary easing, with the Federal Reserve resuming its easing cycle started in December 2024. Meanwhile, a low-quality rally pulled stocks off their April 2025 lows, as unprofitable and speculative companies led indexes higher, while quality companies were left behind.

On a relative basis, the top-performing sectors were Industrials and Materials, supported by strong stock selection within each sector. The Health Care and Financials sectors were the largest detractors from relative performance with stock selection the primary driver of underperformance for both sectors.

Kratos Defense & Security Solutions, Inc. (KTOS) was the top contributor to performance for the period, gaining on strong earnings results and the largest contract award in company history. Shares of BWX Technologies, Inc. (BWXT) also rose after reporting strong earnings, strategic acquisitions and large contract wins.

Shares of Cameco Corporation (CCJ) advanced after reporting strong growth in earnings and revenue, and the announcement of multiple executive orders aimed at expanding U.S. nuclear production capacity. Sensient Technologies Corporation (SXT) rose on new product launches, increased demand for natural colors and growth in Asia-Pacific markets.

Avantor, Inc. (AVTR) was the largest detractor from performance, declining on earnings misses and guidance cuts, large goodwill impairments and the departure of the CEO in April. Shares of Integer Holdings Corporation (ITGR) fell after management lowered full-year 2025 revenue and EBITDA forecasts, creating uncertainty about future growth.

DigitalBridge Group, Inc. (DBRG) fell on revenue volatility and earnings misses. Shares of Glacier Bancorp, Inc. (GBCI) declined on sector-wide pressures stemming from commercial real estate loans, higher funding costs and rate uncertainty.

# How has the Fund performed since inception?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](ib90ae1efb40a87f5080cd70c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Quality SMidCap Fund - Ultra Shares** | **Russell 2500<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Jul-2020** | $1000000 | $1000000 | $1000000 |
| **Oct-2020** | $1045455 | $1027886 | $1011091 |
| **Oct-2021** | $1497011 | $1625548 | $1454952 |
| **Oct-2022** | $1356077 | $1452319 | $1214627 |
| **Oct-2023** | $1376925 | $1380575 | $1316414 |
| **Oct-2024** | $1786899 | $1828162 | $1814745 |
| **Oct-2025** | $1849340 | $2012952 | $2192439 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (July 31, 2020)** |
| Westwood Quality SMidCap Fund - Ultra Shares | 3.49% | 12.08% | 12.42% |
| Russell 2500<sup>®</sup> Value Index | 10.11% | 14.39% | 14.25% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 16.12% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/quality-smidcap-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$95,726,377

* Number of Portfolio Holdings63

* Advisory Fee (net of waivers)$518,323

* Portfolio Turnover66%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9581fcce8d482bfa8109cb4d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.2% |
| Money Market Funds | 2.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if31c56fc033d64a5d401c10c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.0% |
| Communications | 1.5% |
| Money Market Funds | 2.8% |
| Consumer Staples | 4.3% |
| Energy | 4.6% |
| Health Care | 5.9% |
| Utilities | 6.4% |
| Technology | 7.8% |
| Real Estate | 9.2% |
| Consumer Discretionary | 11.0% |
| Industrials | 15.3% |
| Materials | 16.0% |
| Financials | 16.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;SouthState Corporation | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Sensient Technologies Corporation | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;AAR Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Wintrust Financial Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Packaging Corporation of America | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Permian Resources Corporation | &nbsp;&nbsp;2.0% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Quality SMidCap Fund - Ultra Shares (WWSMX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/quality-smidcap-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WWSMX

Westwood Quality SmallCap Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Institutional Shares (WHGSX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Quality SmallCap Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-smallcap-fund/**. You can also request this information by contacting us at (877) 386-3944.

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $91 | 0.92% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality SmallCap Fund underperformed its primary and representative benchmarks, the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Value Index, in the reporting period. Equity markets benefited from monetary easing, with the Federal Reserve resuming its easing cycle started in December 2024. Meanwhile, a low-quality rally pulled stocks off their April 2025 lows, as unprofitable and speculative companies led indexes higher, while quality companies were left behind.

On a relative basis, the top sectors were Industrials and Real Estate, with stock selection as the primary driver of outperformance. An overweight to the Industrials sector benefited performance. The Energy and Health Care sectors were the worst relative performers for the period, both impacted by security selection.

The top contributor to performance was Everus Construction Group, Inc. (ECG), gaining on strong earnings results and a growth in the company's backlog, signaling robust future revenue potential. AAR Corporation (AIR) rose on the back of strong momentum in aerospace and defense spending, while strategic acquisitions have benefited its software offerings.

Plymouth Industrial REIT, Inc. (PLYM) jumped after the company entered into a definitive merger agreement that will take the company private, for an approximate 50% premium to the share price when announced.

SM Energy Company (SM) was the largest detractor to performance, declining due to oil price volatility and integration costs from acquisitions. Despite Crescent Energy Company's acquisition of Vital Energy, Inc. (VTLE) for a premium, shares fell throughout the period due to investor concerns about debt levels and commodity price exposure. Health care companies CONMED Corporation (CNMD) declined on tariff pressures, while shares of Prestige Consumer Healthcare, Inc. (PBH) fell on competitive pressures in the consumer health care space.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i32c681f4e48ceb58c4f96d10.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Westwood Quality SmallCap Fund - Institutional Shares** | **Russell 2000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Oct-2015** | $100000 | $100000 | $100000 | $100000 |
| **Oct-2016** | $106395 | $104113 | $108812 | $104243 |
| **Oct-2017** | $138008 | $133107 | $135807 | $129240 |
| **Oct-2018** | $134865 | $135573 | $135004 | $137765 |
| **Oct-2019** | $146537 | $142223 | $139351 | $156349 |
| **Oct-2020** | $126168 | $142028 | $119952 | $172215 |
| **Oct-2021** | $193125 | $214179 | $197079 | $247816 |
| **Oct-2022** | $173667 | $174469 | $175937 | $206882 |
| **Oct-2023** | $172072 | $159526 | $158467 | $224219 |
| **Oct-2024** | $212057 | $213884 | $208811 | $309098 |
| **Oct-2025** | $207914 | $244713 | $229430 | $373429 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Quality SmallCap Fund - Institutional Shares | -1.95% | 10.51% | 7.59% |
| Russell 2000<sup>®</sup> Index | 14.41% | 11.50% | 9.36% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 8.66% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/quality-smallcap-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$926,810,895

* Number of Portfolio Holdings61

* Advisory Fee (net of waivers)$7,235,260

* Portfolio Turnover63%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if5f38d7e00889680d7f6f920.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.2% |
| Money Market Funds | 0.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i6218a185fb9beddd83915e83.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Money Market Funds | 0.8% |
| Utilities | 3.6% |
| Consumer Staples | 3.7% |
| Energy | 5.6% |
| Health Care | 5.8% |
| Materials | 7.8% |
| Technology | 8.1% |
| Consumer Discretionary | 9.7% |
| Real Estate | 10.4% |
| Industrials | 20.6% |
| Financials | 23.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Everus Construction Group, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;SM Energy Company | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Seacoast Banking Corporation of Florida | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Banner Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;YETI Holdings, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Standex International Corporation | &nbsp;&nbsp;2.1% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Quality SmallCap Fund - Institutional Shares (WHGSX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/quality-smallcap-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WHGSX

Westwood Quality SmallCap Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

A Class Shares (WHGAX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Quality SmallCap Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-smallcap-fund/**. You can also request this information by contacting us at (877) 386-3944.

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class Shares | $103 | 1.04% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality SmallCap Fund underperformed its primary and representative benchmarks, the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Value Index, in the reporting period. Equity markets benefited from monetary easing, with the Federal Reserve resuming its easing cycle started in December 2024. Meanwhile, a low-quality rally pulled stocks off their April 2025 lows, as unprofitable and speculative companies led indexes higher, while quality companies were left behind.

On a relative basis, the top sectors were Industrials and Real Estate, with stock selection as the primary driver of outperformance. An overweight to the Industrials sector benefited performance. The Energy and Health Care sectors were the worst relative performers for the period, both impacted by security selection.

The top contributor to performance was Everus Construction Group, Inc. (ECG), gaining on strong earnings results and a growth in the company's backlog, signaling robust future revenue potential. AAR Corporation (AIR) rose on the back of strong momentum in aerospace and defense spending, while strategic acquisitions have benefited its software offerings.

Plymouth Industrial REIT, Inc. (PLYM) jumped after the company entered into a definitive merger agreement that will take the company private, for an approximate 50% premium to the share price when announced.

SM Energy Company (SM) was the largest detractor to performance, declining due to oil price volatility and integration costs from acquisitions. Despite Crescent Energy Company's acquisition of Vital Energy, Inc. (VTLE) for a premium, shares fell throughout the period due to investor concerns about debt levels and commodity price exposure. Health care companies CONMED Corporation (CNMD) declined on tariff pressures, while shares of Prestige Consumer Healthcare, Inc. (PBH) fell on competitive pressures in the consumer health care space.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i362a656441e0260b33db56f7.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Westwood Quality SmallCap Fund - A Class Shares** | **Russell 2000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Sep-2019** | $9599 | $10000 | $10000 | $10000 |
| **Oct-2019** | $10335 | $10637 | $10905 | $10475 |
| **Oct-2020** | $8884 | $10623 | $9387 | $11538 |
| **Oct-2021** | $13584 | $16019 | $15422 | $16603 |
| **Oct-2022** | $12205 | $13049 | $13768 | $13861 |
| **Oct-2023** | $12079 | $11931 | $12401 | $15022 |
| **Oct-2024** | $14859 | $15997 | $16340 | $20709 |
| **Oct-2025** | $14559 | $18303 | $17954 | $25019 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 3, 2019)** |
| Westwood Quality SmallCap Fund - A Class Shares |  |  |  |
| Without Load | -2.02% | 10.38% | 7.00% |
| With Load\* | -5.96% | 9.49% | 6.29% |
| Russell 2000<sup>®</sup> Index | 14.41% | 11.50% | 10.31% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 9.97% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 16.06% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/quality-smallcap-fund/ for current month-end performance.

#### \* Reflects the maximum sales charge applicable to A Class Shares.

# **Fund Statistics** 
* Net Assets$926,810,895

* Number of Portfolio Holdings61

* Advisory Fee (net of waivers)$7,235,260

* Portfolio Turnover63%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if5f38d7e00889680d7f6f920.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.2% |
| Money Market Funds | 0.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i6218a185fb9beddd83915e83.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Money Market Funds | 0.8% |
| Utilities | 3.6% |
| Consumer Staples | 3.7% |
| Energy | 5.6% |
| Health Care | 5.8% |
| Materials | 7.8% |
| Technology | 8.1% |
| Consumer Discretionary | 9.7% |
| Real Estate | 10.4% |
| Industrials | 20.6% |
| Financials | 23.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Everus Construction Group, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;SM Energy Company | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Seacoast Banking Corporation of Florida | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Banner Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;YETI Holdings, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Standex International Corporation | &nbsp;&nbsp;2.1% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Quality SmallCap Fund - A Class Shares (WHGAX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/quality-smallcap-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WHGAX

Westwood Quality SmallCap Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

C Class Shares (WHGCX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Quality SmallCap Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-smallcap-fund/**. You can also request this information by contacting us at (877) 386-3944.

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class Shares | $176 | 1.79% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality SmallCap Fund underperformed its primary and representative benchmarks, the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Value Index, in the reporting period. Equity markets benefited from monetary easing, with the Federal Reserve resuming its easing cycle started in December 2024. Meanwhile, a low-quality rally pulled stocks off their April 2025 lows, as unprofitable and speculative companies led indexes higher, while quality companies were left behind.

On a relative basis, the top sectors were Industrials and Real Estate, with stock selection as the primary driver of outperformance. An overweight to the Industrials sector benefited performance. The Energy and Health Care sectors were the worst relative performers for the period, both impacted by security selection.

The top contributor to performance was Everus Construction Group, Inc. (ECG), gaining on strong earnings results and a growth in the company's backlog, signaling robust future revenue potential. AAR Corporation (AIR) rose on the back of strong momentum in aerospace and defense spending, while strategic acquisitions have benefited its software offerings.

Plymouth Industrial REIT, Inc. (PLYM) jumped after the company entered into a definitive merger agreement that will take the company private, for an approximate 50% premium to the share price when announced.

SM Energy Company (SM) was the largest detractor to performance, declining due to oil price volatility and integration costs from acquisitions. Despite Crescent Energy Company's acquisition of Vital Energy, Inc. (VTLE) for a premium, shares fell throughout the period due to investor concerns about debt levels and commodity price exposure. Health care companies CONMED Corporation (CNMD) declined on tariff pressures, while shares of Prestige Consumer Healthcare, Inc. (PBH) fell on competitive pressures in the consumer health care space.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](icc81e82b5291a357d656e189.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Westwood Quality SmallCap Fund - C Class Shares** | **Russell 2000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Sep-2019** | $10000 | $10000 | $10000 | $10000 |
| **Oct-2019** | $10760 | $10637 | $10905 | $10475 |
| **Oct-2020** | $9182 | $10623 | $9387 | $11538 |
| **Oct-2021** | $13946 | $16019 | $15422 | $16603 |
| **Oct-2022** | $12433 | $13049 | $13768 | $13861 |
| **Oct-2023** | $12213 | $11931 | $12401 | $15022 |
| **Oct-2024** | $14915 | $15997 | $16340 | $20709 |
| **Oct-2025** | $14497 | $18303 | $17954 | $25019 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 3, 2019)** |
| Westwood Quality SmallCap Fund - C Class Shares |  |  |  |
| Without CDSC | -2.80% | 9.56% | 6.22% |
| With CDSC | -3.72% | 9.56% | 6.22% |
| Russell 2000<sup>®</sup> Index | 14.41% | 11.50% | 10.31% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 9.97% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 16.06% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/quality-smallcap-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$926,810,895

* Number of Portfolio Holdings61

* Advisory Fee (net of waivers)$7,235,260

* Portfolio Turnover63%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if5f38d7e00889680d7f6f920.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.2% |
| Money Market Funds | 0.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i6218a185fb9beddd83915e83.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Money Market Funds | 0.8% |
| Utilities | 3.6% |
| Consumer Staples | 3.7% |
| Energy | 5.6% |
| Health Care | 5.8% |
| Materials | 7.8% |
| Technology | 8.1% |
| Consumer Discretionary | 9.7% |
| Real Estate | 10.4% |
| Industrials | 20.6% |
| Financials | 23.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Everus Construction Group, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;SM Energy Company | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Seacoast Banking Corporation of Florida | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Banner Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;YETI Holdings, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Standex International Corporation | &nbsp;&nbsp;2.1% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Quality SmallCap Fund - C Class Shares (WHGCX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/quality-smallcap-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WHGCX

Westwood Quality SmallCap Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Ultra Shares (WWSYX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Quality SmallCap Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-smallcap-fund/**. You can also request this information by contacting us at (877) 386-3944.

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Ultra Shares | $78 | 0.79% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality SmallCap Fund underperformed its primary and representative benchmarks, the Russell 3000<sup>®</sup> Index and Russell 2000<sup>®</sup> Value Index, in the reporting period. Equity markets benefited from monetary easing, with the Federal Reserve resuming its easing cycle started in December 2024. Meanwhile, a low-quality rally pulled stocks off their April 2025 lows, as unprofitable and speculative companies led indexes higher, while quality companies were left behind.

On a relative basis, the top sectors were Industrials and Real Estate, with stock selection as the primary driver of outperformance. An overweight to the Industrials sector benefited performance. The Energy and Health Care sectors were the worst relative performers for the period, both impacted by security selection.

The top contributor to performance was Everus Construction Group, Inc. (ECG), gaining on strong earnings results and a growth in the company's backlog, signaling robust future revenue potential. AAR Corporation (AIR) rose on the back of strong momentum in aerospace and defense spending, while strategic acquisitions have benefited its software offerings.

Plymouth Industrial REIT, Inc. (PLYM) jumped after the company entered into a definitive merger agreement that will take the company private, for an approximate 50% premium to the share price when announced.

SM Energy Company (SM) was the largest detractor to performance, declining due to oil price volatility and integration costs from acquisitions. Despite Crescent Energy Company's acquisition of Vital Energy, Inc. (VTLE) for a premium, shares fell throughout the period due to investor concerns about debt levels and commodity price exposure. Health care companies CONMED Corporation (CNMD) declined on tariff pressures, while shares of Prestige Consumer Healthcare, Inc. (PBH) fell on competitive pressures in the consumer health care space.

# How has the Fund performed since inception?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](id4cc84a93b77574787f210c0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Westwood Quality SmallCap Fund - Ultra Shares** | **Russell 2000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Mar-2020** | $1000000 | $1000000 | $1000000 | $1000000 |
| **Oct-2020** | $1234642 | $1343605 | $1263060 | $1303870 |
| **Oct-2021** | $1892643 | $2026172 | $2075187 | $1876258 |
| **Oct-2022** | $1705007 | $1650500 | $1852574 | $1566342 |
| **Oct-2023** | $1690889 | $1509137 | $1668618 | $1697604 |
| **Oct-2024** | $2086790 | $2023373 | $2198729 | $2340235 |
| **Oct-2025** | $2048576 | $2315022 | $2415836 | $2827297 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 31, 2020)** |
| Westwood Quality SmallCap Fund - Ultra Shares | -1.83% | 10.66% | 13.70% |
| Russell 2000<sup>®</sup> Index | 14.41% | 11.50% | 16.21% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 17.10% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 20.45% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/quality-smallcap-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$926,810,895

* Number of Portfolio Holdings61

* Advisory Fee (net of waivers)$7,235,260

* Portfolio Turnover63%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if5f38d7e00889680d7f6f920.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.2% |
| Money Market Funds | 0.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i6218a185fb9beddd83915e83.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Money Market Funds | 0.8% |
| Utilities | 3.6% |
| Consumer Staples | 3.7% |
| Energy | 5.6% |
| Health Care | 5.8% |
| Materials | 7.8% |
| Technology | 8.1% |
| Consumer Discretionary | 9.7% |
| Real Estate | 10.4% |
| Industrials | 20.6% |
| Financials | 23.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Everus Construction Group, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;SM Energy Company | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Seacoast Banking Corporation of Florida | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Banner Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;YETI Holdings, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Standex International Corporation | &nbsp;&nbsp;2.1% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Quality SmallCap Fund - Ultra Shares (WWSYX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/quality-smallcap-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WWSYX

Westwood Quality AllCap Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Institutional Shares (WQAIX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Quality AllCap Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-allcap-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $57 | 0.55% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality AllCap Fund underperformed its primary and representative benchmarks, the Russell 3000<sup>®</sup> Index and Russell 3000<sup>®</sup> Value Index, in the reporting period. Equity markets benefited from monetary easing, with the Federal Reserve resuming its easing cycle, which started in December 2024, while large-cap and growth stocks outperformed small-cap and value stocks, respectively.

On a relative basis, the top-performing sectors for the period were Health Care and Consumer Discretionary, with outperformance driven primarily by strong selection and an underweight to these sectors relative to the benchmark. Technology and Financials were the biggest detractors, also driven by stock selection. An overallocation to Technology further detracted from returns.

McKesson Corporation (MCK) was the top contributor to performance in Health Care, gaining after completing two acquisitions during the period and reporting rising demand for GLP-1 drugs. Johnson & Johnson (JNJ) rose after robust demand for key oncology and immunity drugs and reduced litigation risk pertaining to talcum powder.

Boot Barn Holdings (BOOT) was a top performer, advancing after reporting record revenue, strong same-store sales growth and rapid store expansion. O'Reilly Automotive, Inc. (ORLY) rose on robust growth in new stores and the announcement of an international expansion into Canada via the acquisition of Vast Auto.

Littelfuse, Inc. (LFUS) was a leading detractor as the company faced macroeconomic uncertainty and sluggish demand in the electronic components industry. Accenture plc (ACN) declined as management issued cautious revenue forecasts for the next fiscal year due to their outlook on discretionary IT spending.

Within the Financials sector, Baldwin Insurance Group, Inc. (BWIN) declined on pricing concerns and margin pressure. Shares of Glacier Bancorp, Inc. (GBCI) declined on sector-wide pressures stemming from commercial real estate loans, higher funding costs and rate uncertainty.

# How has the Fund performed since inception?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i3ed8560347df6c025593a8f5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Quality AllCap Fund - Institutional Shares** | **Russell 3000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Value Index** |
| **Sep-2021** | $100000 | $100000 | $100000 |
| **Oct-2021** | $105900 | $106762 | $104993 |
| **Oct-2022** | $100752 | $89128 | $97383 |
| **Oct-2023** | $102324 | $96597 | $96919 |
| **Oct-2024** | $127045 | $133164 | $126984 |
| **Oct-2025** | $134616 | $160878 | $141023 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 30, 2021)** |
| Westwood Quality AllCap Fund - Institutional Shares | 5.96% | 7.55% |
| Russell 3000<sup>®</sup> Index | 20.81% | 12.34% |
| Russell 3000<sup>®</sup> Value Index | 11.06% | 8.78% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/quality-allcap-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$21,521,965

* Number of Portfolio Holdings55

* Advisory Fee (net of waivers)$0

* Portfolio Turnover78%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0f535c5fc03a016648be339b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.7% |
| Money Market Funds | 1.3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8aeaf135180e355da2f7eff9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.3% |
| Utilities | 3.9% |
| Consumer Staples | 4.2% |
| Energy | 5.0% |
| Real Estate | 5.9% |
| Consumer Discretionary | 7.2% |
| Communications | 9.4% |
| Materials | 9.5% |
| Health Care | 11.0% |
| Industrials | 11.3% |
| Technology | 13.6% |
| Financials | 17.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;2.2% |

---

# Material Fund Changes
Effective September 30, 2025, Lauren Hill, CFA<sup>®</sup> will no longer serve as a portfolio manager on the Fund. No additional changes to the investment team were made.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Quality AllCap Fund - Institutional Shares (WQAIX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/quality-allcap-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WQAIX

Westwood Quality AllCap Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Ultra Shares (WQAUX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Quality AllCap Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-allcap-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Ultra Shares | $46 | 0.45% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality AllCap Fund underperformed its primary and representative benchmarks, the Russell 3000<sup>®</sup> Index and Russell 3000<sup>®</sup> Value Index, in the reporting period. Equity markets benefited from monetary easing, with the Federal Reserve resuming its easing cycle, which started in December 2024, while large-cap and growth stocks outperformed small-cap and value stocks, respectively.

On a relative basis, the top-performing sectors for the period were Health Care and Consumer Discretionary, with outperformance driven primarily by strong selection and an underweight to these sectors relative to the benchmark. Technology and Financials were the biggest detractors, also driven by stock selection. An overallocation to Technology further detracted from returns.

McKesson Corporation (MCK) was the top contributor to performance in Health Care, gaining after completing two acquisitions during the period and reporting rising demand for GLP-1 drugs. Johnson & Johnson (JNJ) rose after robust demand for key oncology and immunity drugs and reduced litigation risk pertaining to talcum powder.

Boot Barn Holdings (BOOT) was a top performer, advancing after reporting record revenue, strong same-store sales growth and rapid store expansion. O'Reilly Automotive, Inc. (ORLY) rose on robust growth in new stores and the announcement of an international expansion into Canada via the acquisition of Vast Auto.

Littelfuse, Inc. (LFUS) was a leading detractor as the company faced macroeconomic uncertainty and sluggish demand in the electronic components industry. Accenture plc (ACN) declined as management issued cautious revenue forecasts for the next fiscal year due to their outlook on discretionary IT spending.

Within the Financials sector, Baldwin Insurance Group, Inc. (BWIN) declined on pricing concerns and margin pressure. Shares of Glacier Bancorp, Inc. (GBCI) declined on sector-wide pressures stemming from commercial real estate loans, higher funding costs and rate uncertainty.

# How has the Fund performed since inception?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](ib2e4cd6b8f963bcfe1b987a1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Quality AllCap Fund - Ultra Shares** | **Russell 3000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Value Index** |
| **Sep-2021** | $1000000 | $1000000 | $1000000 |
| **Oct-2021** | $1059000 | $1067624 | $1049931 |
| **Oct-2022** | $1008014 | $891277 | $973831 |
| **Oct-2023** | $1023402 | $965967 | $969188 |
| **Oct-2024** | $1272996 | $1331635 | $1269838 |
| **Oct-2025** | $1348727 | $1608782 | $1410233 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 30, 2021)** |
| Westwood Quality AllCap Fund - Ultra Shares | 5.95% | 7.60% |
| Russell 3000<sup>®</sup> Index | 20.81% | 12.34% |
| Russell 3000<sup>®</sup> Value Index | 11.06% | 8.78% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/quality-allcap-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$21,521,965

* Number of Portfolio Holdings55

* Advisory Fee (net of waivers)$0

* Portfolio Turnover78%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0f535c5fc03a016648be339b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.7% |
| Money Market Funds | 1.3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8aeaf135180e355da2f7eff9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.3% |
| Utilities | 3.9% |
| Consumer Staples | 4.2% |
| Energy | 5.0% |
| Real Estate | 5.9% |
| Consumer Discretionary | 7.2% |
| Communications | 9.4% |
| Materials | 9.5% |
| Health Care | 11.0% |
| Industrials | 11.3% |
| Technology | 13.6% |
| Financials | 17.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;2.2% |

---

# Material Fund Changes
Effective September 30, 2025, Lauren Hill, CFA<sup>®</sup> will no longer serve as a portfolio manager on the Fund. No additional changes to the investment team were made.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Quality AllCap Fund - Ultra Shares (WQAUX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/quality-allcap-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WQAUX

Westwood Income Opportunity Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Institutional Shares (WHGIX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Income Opportunity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/income-opportunity-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $87 | 0.83% |

---

# How did the Fund perform during the reporting period?
For the trailing period, the Westwood Income Opportunity Fund underperformed its representative benchmark. Equity markets benefited from renewed monetary easing as the Federal Reserve resumed its cutting cycle, supported by strong tech-led earnings despite intermittent volatility related to tariffs, geopolitical tensions, sector rotations and slowing growth. In fixed income, corporate credit remained resilient, with both investment-grade and high-yield issuers outperforming government bonds.

Within the equity sleeve, an overweight allocation to underperforming REITs was the main detractor, as these holdings lagged the broader equity market. Stock selection contributed positively and helped offset a portion of this relative underperformance.

Within fixed income, strong security selection further mitigated equity-driven underperformance. Performance was supported by both selection and an overweight allocation to corporate issuers, particularly investment-grade names. In addition, an overweight position in preferred securities, combined with favorable selection within that segment, contributed positively to performance.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](icc9df603acf95b93ebbf7746.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Westwood Income Opportunity Fund - Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** | **Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index** |
| **Oct-2015** | $100000 | $100000 | $100000 | $100000 | $100000 |
| **Oct-2016** | $103154 | $104370 | $104243 | $104509 | $104541 |
| **Oct-2017** | $113449 | $105312 | $129240 | $129207 | $114508 |
| **Oct-2018** | $114628 | $103150 | $137765 | $138699 | $116537 |
| **Oct-2019** | $127222 | $115021 | $156349 | $158569 | $131768 |
| **Oct-2020** | $133066 | $122138 | $172215 | $173967 | $142634 |
| **Oct-2021** | $155969 | $121554 | $247816 | $248623 | $164546 |
| **Oct-2022** | $132627 | $102491 | $206882 | $212297 | $139961 |
| **Oct-2023** | $135742 | $102856 | $224219 | $233830 | $145978 |
| **Oct-2024** | $162688 | $113704 | $309098 | $322725 | $176560 |
| **Oct-2025** | $180061 | $120707 | $373429 | $391957 | $198155 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Income Opportunity Fund - Institutional Shares | 10.68% | 6.24% | 6.06% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |
| Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index | 12.23% | 6.80% | 7.08% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/income-opportunity-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$548,481,637

* Number of Portfolio Holdings144

* Advisory Fee (net of waivers)$3,416,819

* Portfolio Turnover67%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i151574c7e2727e2f6e53aa8d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 2.7% |
| Common Stocks | 45.8% |
| Convertible Bonds | 4.5% |
| Corporate Bonds | 30.7% |
| Exchange-Traded Funds | 3.2% |
| Foreign Governments | 0.8% |
| Money Market Funds | 1.3% |
| Preferred Stocks | 2.0% |
| U.S. Government & Agencies | 9.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i592e920945b850ccca138fbb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Foreign Governments | 0.8% |
| Money Market Funds | 1.3% |
| Consumer Discretionary | 1.6% |
| Materials | 1.8% |
| Collateralized Mortgage Obligations | 2.7% |
| Exchange-Traded Funds | 3.2% |
| Consumer Staples | 3.6% |
| Real Estate | 5.0% |
| Utilities | 5.5% |
| Health Care | 6.6% |
| Industrials | 6.6% |
| Energy | 6.6% |
| Communications | 7.8% |
| U.S. Government & Agencies | 8.9% |
| Technology | 13.7% |
| Financials | 23.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;U.S. Treasury Bonds | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;JPMorgan Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;1.5% |

---

# Material Fund Changes
Effective July 1, 2025, the Fund changed its dividend frequency from quarterly to monthly.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Income Opportunity Fund - Institutional Shares (WHGIX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/income-opportunity-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WHGIX

Westwood Income Opportunity Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

A Class Shares (WWIAX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Income Opportunity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/income-opportunity-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class Shares | $104 | 0.99% |

---

# How did the Fund perform during the reporting period?
For the trailing period, the Westwood Income Opportunity Fund underperformed its representative benchmark. Equity markets benefited from renewed monetary easing as the Federal Reserve resumed its cutting cycle, supported by strong tech-led earnings despite intermittent volatility related to tariffs, geopolitical tensions, sector rotations and slowing growth. In fixed income, corporate credit remained resilient, with both investment-grade and high-yield issuers outperforming government bonds.

Within the equity sleeve, an overweight allocation to underperforming REITs was the main detractor, as these holdings lagged the broader equity market. Stock selection contributed positively and helped offset a portion of this relative underperformance.

Within fixed income, strong security selection further mitigated equity-driven underperformance. Performance was supported by both selection and an overweight allocation to corporate issuers, particularly investment-grade names. In addition, an overweight position in preferred securities, combined with favorable selection within that segment, contributed positively to performance.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iee4c790a052fb2c58dafc862.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Westwood Income Opportunity Fund - A Class Shares** | **Bloomberg U.S. Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** | **Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index** |
| **Oct-2015** | $9703 | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $9991 | $10437 | $10424 | $10451 | $10454 |
| **Oct-2017** | $10960 | $10531 | $12924 | $12921 | $11451 |
| **Oct-2018** | $11046 | $10315 | $13776 | $13870 | $11654 |
| **Oct-2019** | $12229 | $11502 | $15635 | $15857 | $13177 |
| **Oct-2020** | $12759 | $12214 | $17222 | $17397 | $14263 |
| **Oct-2021** | $14911 | $12155 | $24782 | $24862 | $16455 |
| **Oct-2022** | $12643 | $10249 | $20688 | $21230 | $13996 |
| **Oct-2023** | $12927 | $10286 | $22422 | $23383 | $14598 |
| **Oct-2024** | $15472 | $11370 | $30910 | $32272 | $17656 |
| **Oct-2025** | $17095 | $12071 | $37343 | $39196 | $19815 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Income Opportunity Fund - A Class Shares |  |  |  |
| Without Load | 10.49% | 6.03% | 5.83% |
| With Load\* | 7.18% | 5.38% | 5.51% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |
| Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index | 12.23% | 6.80% | 7.08% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/income-opportunity-fund/ for current month-end performance.

#### \* Reflects the maximum sales charge applicable to A Class Shares.

# **Fund Statistics** 
* Net Assets$548,481,637

* Number of Portfolio Holdings144

* Advisory Fee (net of waivers)$3,416,819

* Portfolio Turnover67%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i151574c7e2727e2f6e53aa8d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 2.7% |
| Common Stocks | 45.8% |
| Convertible Bonds | 4.5% |
| Corporate Bonds | 30.7% |
| Exchange-Traded Funds | 3.2% |
| Foreign Governments | 0.8% |
| Money Market Funds | 1.3% |
| Preferred Stocks | 2.0% |
| U.S. Government & Agencies | 9.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i592e920945b850ccca138fbb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Foreign Governments | 0.8% |
| Money Market Funds | 1.3% |
| Consumer Discretionary | 1.6% |
| Materials | 1.8% |
| Collateralized Mortgage Obligations | 2.7% |
| Exchange-Traded Funds | 3.2% |
| Consumer Staples | 3.6% |
| Real Estate | 5.0% |
| Utilities | 5.5% |
| Health Care | 6.6% |
| Industrials | 6.6% |
| Energy | 6.6% |
| Communications | 7.8% |
| U.S. Government & Agencies | 8.9% |
| Technology | 13.7% |
| Financials | 23.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;U.S. Treasury Bonds | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;JPMorgan Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;1.5% |

---

# Material Fund Changes
Effective July 1, 2025, the Fund changed its dividend frequency from quarterly to monthly.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Income Opportunity Fund - A Class Shares (WWIAX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/income-opportunity-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WWIAX

Westwood Income Opportunity Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

C Class Shares (WWICX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Income Opportunity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/income-opportunity-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class Shares | $182 | 1.74% |

---

# How did the Fund perform during the reporting period?
For the trailing period, the Westwood Income Opportunity Fund underperformed its representative benchmark. Equity markets benefited from renewed monetary easing as the Federal Reserve resumed its cutting cycle, supported by strong tech-led earnings despite intermittent volatility related to tariffs, geopolitical tensions, sector rotations and slowing growth. In fixed income, corporate credit remained resilient, with both investment-grade and high-yield issuers outperforming government bonds.

Within the equity sleeve, an overweight allocation to underperforming REITs was the main detractor, as these holdings lagged the broader equity market. Stock selection contributed positively and helped offset a portion of this relative underperformance.

Within fixed income, strong security selection further mitigated equity-driven underperformance. Performance was supported by both selection and an overweight allocation to corporate issuers, particularly investment-grade names. In addition, an overweight position in preferred securities, combined with favorable selection within that segment, contributed positively to performance.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie0de63ad32db5dc5bbd085f0.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Westwood Income Opportunity Fund - C Class Shares** | **Bloomberg U.S. Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** | **Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index** |
| **Sep-2019** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **Oct-2019** | $10123 | $9959 | $10475 | $10479 | $10165 |
| **Oct-2020** | $10479 | $10575 | $11538 | $11497 | $11004 |
| **Oct-2021** | $12159 | $10524 | $16603 | $16431 | $12694 |
| **Oct-2022** | $10243 | $8874 | $13861 | $14030 | $10797 |
| **Oct-2023** | $10386 | $8905 | $15022 | $15453 | $11262 |
| **Oct-2024** | $12329 | $9844 | $20709 | $21328 | $13621 |
| **Oct-2025** | $13531 | $10451 | $25019 | $25903 | $15287 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 3, 2019)** |
| Westwood Income Opportunity Fund - C Class Shares |  |  |  |
| Without CDSC | 9.74% | 5.24% | 5.03% |
| With CDSC | 8.74% | 5.24% | 5.03% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 0.72% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 16.06% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 16.71% |
| Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index | 12.23% | 6.80% | 7.10% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/income-opportunity-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$548,481,637

* Number of Portfolio Holdings144

* Advisory Fee (net of waivers)$3,416,819

* Portfolio Turnover67%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i151574c7e2727e2f6e53aa8d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 2.7% |
| Common Stocks | 45.8% |
| Convertible Bonds | 4.5% |
| Corporate Bonds | 30.7% |
| Exchange-Traded Funds | 3.2% |
| Foreign Governments | 0.8% |
| Money Market Funds | 1.3% |
| Preferred Stocks | 2.0% |
| U.S. Government & Agencies | 9.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i592e920945b850ccca138fbb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Foreign Governments | 0.8% |
| Money Market Funds | 1.3% |
| Consumer Discretionary | 1.6% |
| Materials | 1.8% |
| Collateralized Mortgage Obligations | 2.7% |
| Exchange-Traded Funds | 3.2% |
| Consumer Staples | 3.6% |
| Real Estate | 5.0% |
| Utilities | 5.5% |
| Health Care | 6.6% |
| Industrials | 6.6% |
| Energy | 6.6% |
| Communications | 7.8% |
| U.S. Government & Agencies | 8.9% |
| Technology | 13.7% |
| Financials | 23.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;U.S. Treasury Bonds | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;JPMorgan Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;1.5% |

---

# Material Fund Changes
Effective July 1, 2025, the Fund changed its dividend frequency from quarterly to monthly.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Income Opportunity Fund - C Class Shares (WWICX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/income-opportunity-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WWICX

Westwood Income Opportunity Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Ultra Shares (WHGOX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Income Opportunity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/income-opportunity-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Ultra Shares | $78 | 0.74% |

---

# How did the Fund perform during the reporting period?
For the trailing period, the Westwood Income Opportunity Fund underperformed its representative benchmark. Equity markets benefited from renewed monetary easing as the Federal Reserve resumed its cutting cycle, supported by strong tech-led earnings despite intermittent volatility related to tariffs, geopolitical tensions, sector rotations and slowing growth. In fixed income, corporate credit remained resilient, with both investment-grade and high-yield issuers outperforming government bonds.

Within the equity sleeve, an overweight allocation to underperforming REITs was the main detractor, as these holdings lagged the broader equity market. Stock selection contributed positively and helped offset a portion of this relative underperformance.

Within fixed income, strong security selection further mitigated equity-driven underperformance. Performance was supported by both selection and an overweight allocation to corporate issuers, particularly investment-grade names. In addition, an overweight position in preferred securities, combined with favorable selection within that segment, contributed positively to performance.

# How has the Fund performed since inception?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i3b64ac801fe336d2fd4af708.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Westwood Income Opportunity Fund - Ultra Shares** | **Bloomberg U.S. Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** | **Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index** |
| **Nov-2022** | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 |
| **Oct-2023** | $975331 | $967964 | $1030037 | $1043134 | $998636 |
| **Oct-2024** | $1169078 | $1070048 | $1419959 | $1439702 | $1207843 |
| **Oct-2025** | $1296227 | $1135952 | $1715489 | $1748554 | $1355575 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (November 30, 2022)** |
| Westwood Income Opportunity Fund - Ultra Shares | 10.88% | 9.30% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | 4.47% |
| Russell 3000<sup>®</sup> Index | 20.81% | 20.32% |
| S&P 500<sup>®</sup> Index | 21.45% | 21.11% |
| Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index | 12.23% | 11.60% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/income-opportunity-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$548,481,637

* Number of Portfolio Holdings144

* Advisory Fee (net of waivers)$3,416,819

* Portfolio Turnover67%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i151574c7e2727e2f6e53aa8d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 2.7% |
| Common Stocks | 45.8% |
| Convertible Bonds | 4.5% |
| Corporate Bonds | 30.7% |
| Exchange-Traded Funds | 3.2% |
| Foreign Governments | 0.8% |
| Money Market Funds | 1.3% |
| Preferred Stocks | 2.0% |
| U.S. Government & Agencies | 9.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i592e920945b850ccca138fbb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Foreign Governments | 0.8% |
| Money Market Funds | 1.3% |
| Consumer Discretionary | 1.6% |
| Materials | 1.8% |
| Collateralized Mortgage Obligations | 2.7% |
| Exchange-Traded Funds | 3.2% |
| Consumer Staples | 3.6% |
| Real Estate | 5.0% |
| Utilities | 5.5% |
| Health Care | 6.6% |
| Industrials | 6.6% |
| Energy | 6.6% |
| Communications | 7.8% |
| U.S. Government & Agencies | 8.9% |
| Technology | 13.7% |
| Financials | 23.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;U.S. Treasury Bonds | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;JPMorgan Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;1.5% |

---

# Material Fund Changes
Effective July 1, 2025, the Fund changed its dividend frequency from quarterly to monthly.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Income Opportunity Fund - Ultra Shares (WHGOX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/income-opportunity-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WHGOX

Westwood Multi-Asset Income Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Institutional Shares (WHGHX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Multi-Asset Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/multi-asset-income-fund/**. You can also request this information by contacting us at (877) 386-3944.

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $27 | 0.26% |

---

# How did the Fund perform during the reporting period?
For the trailing period, the Westwood Multi-Asset Income Fund outperformed its representative benchmark. Equity markets benefited from renewed monetary easing as the Federal Reserve resumed its cutting cycle, supported by strong tech-led earnings despite intermittent volatility related to tariffs, geopolitical tensions, sector rotations and slowing growth. In fixed income, corporate credit remained resilient, with both investment-grade and high-yield issuers outperforming government bonds.

The Fund's outperformance was primarily driven by strong security selection within the fixed income sleeve. An overweight allocation to high-yield securities contributed meaningfully to returns, while investment-grade positions also added positively.

Within the equity sleeve, an overweight allocation to underperforming REITs was the main detractor, as these holdings lagged the broader equity market. Stock selection contributed positively and helped offset a portion of this relative underperformance.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](ic1c30c3327c056f2b826ac8f.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Westwood Multi-Asset Income Fund - Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** | **Westwood -80%Bloom US Agg/20%S&P500TR** |
| **Oct-2015** | $100000 | $100000 | $100000 | $100000 | $100000 |
| **Oct-2016** | $104750 | $104370 | $104243 | $104509 | $104475 |
| **Oct-2017** | $110275 | $105312 | $129240 | $129207 | $109849 |
| **Oct-2018** | $112395 | $103150 | $137765 | $138699 | $109706 |
| **Oct-2019** | $119423 | $115021 | $156349 | $158569 | $123264 |
| **Oct-2020** | $127951 | $122138 | $172215 | $173967 | $132287 |
| **Oct-2021** | $148031 | $121554 | $247816 | $248623 | $141818 |
| **Oct-2022** | $129704 | $102491 | $206882 | $212297 | $120176 |
| **Oct-2023** | $135248 | $102856 | $224219 | $233830 | $122978 |
| **Oct-2024** | $160906 | $113704 | $309098 | $322725 | $142229 |
| **Oct-2025** | $176056 | $120707 | $373429 | $391957 | $155294 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Multi-Asset Income Fund - Institutional Shares | 9.42% | 6.59% | 5.82% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |
| Westwood -80%Bloom US Agg/20%S&P500TR | 9.19% | 3.26% | 4.50% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/multi-asset-income-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$103,918,772

* Number of Portfolio Holdings146

* Advisory Fee (net of waivers)$42,944

* Portfolio Turnover66%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i677846a968ebe68d8a7a8812.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 2.3% |
| Common Stocks | 19.7% |
| Convertible Bonds | 4.8% |
| Corporate Bonds | 60.7% |
| Exchange-Traded Funds | 1.8% |
| Foreign Governments | 1.5% |
| Money Market Funds | 3.2% |
| Preferred Stocks | 2.3% |
| U.S. Government & Agencies | 3.6% |
| Warrant | 0.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8adc166a91eb2f15cb832cbc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.7% |
| Utilities | 1.4% |
| Foreign Governments | 1.5% |
| Consumer Staples | 1.8% |
| Exchange-Traded Funds | 1.8% |
| Materials | 2.0% |
| Collateralized Mortgage Obligations | 2.2% |
| Money Market Funds | 3.1% |
| U.S. Government & Agencies | 3.5% |
| Health Care | 4.5% |
| Consumer Discretionary | 7.8% |
| Real Estate | 9.1% |
| Industrials | 9.8% |
| Technology | 10.0% |
| Energy | 11.3% |
| Communications | 13.1% |
| Financials | 15.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| CME Ultra Long Term U.S. Treasury Bond Future | 7.4% |
| 10-Year U.S. Treasury Note Future | 4.1% |
| CME Euro Foreign Exchange Currency Future | 2.1% |
| Northern Oil & Gas, Inc., 7.875%, due 10/15/33 | 1.2% |
| Alphabet, Inc. | 1.2% |
| Kratos Defense & Security Solutions, Inc. | 1.2% |
| Icahn Enterprises, L.P. / Icahn Enterprises Financial Corporation, 10.000%, due 11/15/29 | 1.2% |
| Ford Motor Credit Company, LLC, 7.450%, due 07/16/31 | 1.1% |
| Community Health Systems, Inc., 10.875%, due 01/15/32 | 1.0% |
| Muvico, LLC, 15.000%, due 02/19/29 | 1.0% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Multi-Asset Income Fund - Institutional Shares (WHGHX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/multi-asset-income-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WHGHX

Westwood Multi-Asset Income Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

A Class Shares (WSDAX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Multi-Asset Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/multi-asset-income-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class Shares | $53 | 0.51% |

---

# How did the Fund perform during the reporting period?
For the trailing period, the Westwood Multi-Asset Income Fund underperformed its representative benchmark. Equity markets benefited from renewed monetary easing as the Federal Reserve resumed its cutting cycle, supported by strong tech-led earnings despite intermittent volatility related to tariffs, geopolitical tensions, sector rotations and slowing growth. In fixed income, corporate credit remained resilient, with both investment-grade and high-yield issuers outperforming government bonds.

The Fund's underperformance was driven primarily by the equity sleeve, as an overweight allocation to underperforming REITs lagged the broader equity market. Stock selection within the sleeve helped offset a portion of this relative underperformance,

Within the fixed income sleeve, strong security selection and an overweight allocation to high-yield securities contributed meaningfully to returns, leading to relative outperformance. Corporate and non-government securities were the largest detractors from performance in the fixed income sleeve, mitigating a portion of the overall outperformance.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](id3abbc85b5f44b7d41ea7944.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Westwood Multi-Asset Income Fund - A Class Shares** | **Bloomberg U.S. Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** | **Westwood -80%Bloom US Agg/20%S&P500TR** |
| **Oct-2015** | $9698 | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $10134 | $10437 | $10424 | $10451 | $10447 |
| **Oct-2017** | $10641 | $10531 | $12924 | $12921 | $10985 |
| **Oct-2018** | $10844 | $10315 | $13776 | $13870 | $10971 |
| **Oct-2019** | $11487 | $11502 | $15635 | $15857 | $12326 |
| **Oct-2020** | $12292 | $12214 | $17222 | $17397 | $13229 |
| **Oct-2021** | $14177 | $12155 | $24782 | $24862 | $14182 |
| **Oct-2022** | $12400 | $10249 | $20688 | $21230 | $12018 |
| **Oct-2023** | $12884 | $10286 | $22422 | $23383 | $12298 |
| **Oct-2024** | $15298 | $11370 | $30910 | $32272 | $14223 |
| **Oct-2025** | $16700 | $12071 | $37343 | $39196 | $15529 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Multi-Asset Income Fund - A Class Shares | 9.16% | 6.32% | 5.59% |
| With Load | 5.88% | 5.67% | 5.26% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |
| Westwood -80%Bloom US Agg/20%S&P500TR | 9.19% | 3.26% | 4.50% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/multi-asset-income-fund/ for current month-end performance.

#### \* Reflects the maximum sales charge applicable to A Class Shares.

# **Fund Statistics** 
* Net Assets$103,918,772

* Number of Portfolio Holdings146

* Advisory Fee (net of waivers)$42,944

* Portfolio Turnover66%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i677846a968ebe68d8a7a8812.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 2.3% |
| Common Stocks | 19.7% |
| Convertible Bonds | 4.8% |
| Corporate Bonds | 60.7% |
| Exchange-Traded Funds | 1.8% |
| Foreign Governments | 1.5% |
| Money Market Funds | 3.2% |
| Preferred Stocks | 2.3% |
| U.S. Government & Agencies | 3.6% |
| Warrant | 0.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8adc166a91eb2f15cb832cbc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.7% |
| Utilities | 1.4% |
| Foreign Governments | 1.5% |
| Consumer Staples | 1.8% |
| Exchange-Traded Funds | 1.8% |
| Materials | 2.0% |
| Collateralized Mortgage Obligations | 2.2% |
| Money Market Funds | 3.1% |
| U.S. Government & Agencies | 3.5% |
| Health Care | 4.5% |
| Consumer Discretionary | 7.8% |
| Real Estate | 9.1% |
| Industrials | 9.8% |
| Technology | 10.0% |
| Energy | 11.3% |
| Communications | 13.1% |
| Financials | 15.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| CME Ultra Long Term U.S. Treasury Bond Future | 7.4% |
| 10-Year U.S. Treasury Note Future | 4.1% |
| CME Euro Foreign Exchange Currency Future | 2.1% |
| Northern Oil & Gas, Inc., 7.875%, due 10/15/33 | 1.2% |
| Alphabet, Inc. | 1.2% |
| Kratos Defense & Security Solutions, Inc. | 1.2% |
| Icahn Enterprises, L.P. / Icahn Enterprises Financial Corporation, 10.000%, due 11/15/29 | 1.2% |
| Ford Motor Credit Company, LLC, 7.450%, due 07/16/31 | 1.1% |
| Community Health Systems, Inc., 10.875%, due 01/15/32 | 1.0% |
| Muvico, LLC, 15.000%, due 02/19/29 | 1.0% |

---

# Material Fund Changes
On February 7, 2025, the Fund converted its outstanding C Class Shares into A Class Shares and any shareholder owning C Class Shares of the Fund received A Class Shares of the Fund having an aggregate value equal to the aggregate value of the C Class Shares held immediately prior to the conversion. Following this conversion, the Fund ceased offering C Class Shares.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Multi-Asset Income Fund - A Class Shares (WSDAX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/multi-asset-income-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WSDAX

Westwood Alternative Income Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Institutional Shares (WMNIX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Alternative Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/alternative-income-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $92 | 0.89% |

---

# How did the Fund perform during the reporting period?
For the trailing period, the Westwood Alternative Income Fund outperformed its benchmark for the period. The U.S. convertible bond market benefited from a more constructive equity backdrop, improving valuations and a gradual easing of interest rate pressures as the Federal Reserve resumed its cutting cycle. New issuance activity remained steady, supported by companies seeking flexible financing structures amid uneven corporate earnings trends and elevated market volatility. Credit conditions were generally stable, though spreads stayed relatively tight, reinforcing demand for higher-quality issuers. Against this backdrop, convertible securities delivered competitive risk-adjusted returns as both their equity sensitivity and income characteristics were rewarded in a shifting macro environment.

The Fund's outperformance was driven primarily by strong results from the convertible arbitrage sleeve. Performance also benefited from net long equity exposure, rising convertible valuations and favorable credit spread positioning.

Within the yield bucket, the Fund allowed bonds to roll off without replacement, as compressed credit spreads did not present attractive risk-reward opportunities relative to other allocations.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i0583a72a6930e433e5b688ce.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Alternative Income Fund - Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** | **FTSE 1-Month Treasury Bill Index** |
| **Oct-2015** | $100000 | $100000 | $100000 |
| **Oct-2016** | $103616 | $104370 | $100175 |
| **Oct-2017** | $105849 | $105312 | $100844 |
| **Oct-2018** | $104693 | $103150 | $102473 |
| **Oct-2019** | $111569 | $115021 | $104845 |
| **Oct-2020** | $118759 | $122138 | $105587 |
| **Oct-2021** | $126340 | $121554 | $105633 |
| **Oct-2022** | $122482 | $102491 | $106525 |
| **Oct-2023** | $127965 | $102856 | $111690 |
| **Oct-2024** | $139980 | $113704 | $117844 |
| **Oct-2025** | $150938 | $120707 | $123112 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Alternative Income Fund - Institutional Shares | 7.83% | 4.91% | 4.20% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| FTSE 1-Month Treasury Bill Index | 4.47% | 3.12% | 2.10% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/alternative-income-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$132,630,966

* Number of Portfolio Holdings130

* Advisory Fee (net of waivers)$816,470

* Portfolio Turnover89%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i996ed41c8b770a172f682df5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 0.5% |
| Convertible Bonds | 87.0% |
| Corporate Bonds | 7.7% |
| Money Market Funds | 4.8% |
| Purchased Option Contracts | 0.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i97635400e271250e5a489633.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.0% |
| Consumer Staples | 1.6% |
| Real Estate | 1.7% |
| Utilities | 2.7% |
| Financials | 3.8% |
| Energy | 4.0% |
| Materials | 4.1% |
| Money Market Funds | 4.8% |
| Communications | 5.5% |
| Consumer Discretionary | 9.0% |
| Health Care | 11.0% |
| Industrials | 19.0% |
| Technology | 34.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| 5-Year U.S. Treasury Note Future | 4.7% |
| Snowflake, Inc., 0.000%, due 10/1/29 | 2.8% |
| Advanced Energy Industries, Inc., 2.500%, due 09/15/28 | 2.7% |
| Alibaba Group Holding Ltd., 0.500%, due 06/1/31 | 2.7% |
| Alnylam Pharmaceuticals, Inc., 1.000%, due 09/15/27 | 2.6% |
| Parsons Corporation, 2.625%, due 03/1/29 | 2.6% |
| Western Digital Corporation, 3.000%, due 11/15/28 | 2.4% |
| OSI Systems, Inc., 2.250%, due 08/1/29 | 2.4% |
| Seagate HDD Cayman, 3.500%, due 06/1/28 | 2.4% |
| Ionis Pharmaceuticals, Inc., 1.750%, due 06/15/28 | 2.3% |

---

# Material Fund Changes
Effective July 1, 2025, the Fund changed its dividend frequency from quarterly to monthly.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Alternative Income Fund - Institutional Shares (WMNIX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/alternative-income-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WMNIX

Westwood Alternative Income Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

A Class Shares (WMNAX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Alternative Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/alternative-income-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class Shares | $114 | 1.10% |

---

# How did the Fund perform during the reporting period?
For the trailing period, the Westwood Alternative Income Fund outperformed its benchmark for the period. The U.S. convertible bond market benefited from a more constructive equity backdrop, improving valuations and a gradual easing of interest rate pressures as the Federal Reserve resumed its cutting cycle. New issuance activity remained steady, supported by companies seeking flexible financing structures amid uneven corporate earnings trends and elevated market volatility. Credit conditions were generally stable, though spreads stayed relatively tight, reinforcing demand for higher-quality issuers. Against this backdrop, convertible securities delivered competitive risk-adjusted returns as both their equity sensitivity and income characteristics were rewarded in a shifting macro environment.

The Fund's outperformance was driven primarily by strong results from the convertible arbitrage sleeve. Performance also benefited from net long equity exposure, rising convertible valuations and favorable credit spread positioning.

Within the yield bucket, the Fund allowed bonds to roll off without replacement, as compressed credit spreads did not present attractive risk-reward opportunities relative to other allocations.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i19faa66a09f7e91622d79256.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Alternative Income Fund - A Class Shares** | **Bloomberg U.S. Aggregate Bond Index** | **FTSE 1-Month Treasury Bill Index** |
| **Mar-2020** | $9702 | $10000 | $10000 |
| **Oct-2020** | $10415 | $10307 | $10006 |
| **Oct-2021** | $11057 | $10258 | $10010 |
| **Oct-2022** | $10719 | $8649 | $10094 |
| **Oct-2023** | $11174 | $8680 | $10584 |
| **Oct-2024** | $12216 | $9595 | $11167 |
| **Oct-2025** | $13162 | $10186 | $11666 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 31, 2020)** |
| Westwood Alternative Income Fund - A Class Shares |  |  |  |
| Without Load | 7.74% | 4.79% | 5.61% |
| With Load\* | 4.50% | 4.16% | 5.04% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 0.33% |
| FTSE 1-Month Treasury Bill Index | 4.47% | 3.12% | 2.80% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/alternative-income-fund/ for current month-end performance.

#### \* Reflects the maximum sales charge applicable to A Class Shares.

# **Fund Statistics** 
* Net Assets$132,630,966

* Number of Portfolio Holdings130

* Advisory Fee (net of waivers)$816,470

* Portfolio Turnover89%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i996ed41c8b770a172f682df5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 0.5% |
| Convertible Bonds | 87.0% |
| Corporate Bonds | 7.7% |
| Money Market Funds | 4.8% |
| Purchased Option Contracts | 0.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i97635400e271250e5a489633.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.0% |
| Consumer Staples | 1.6% |
| Real Estate | 1.7% |
| Utilities | 2.7% |
| Financials | 3.8% |
| Energy | 4.0% |
| Materials | 4.1% |
| Money Market Funds | 4.8% |
| Communications | 5.5% |
| Consumer Discretionary | 9.0% |
| Health Care | 11.0% |
| Industrials | 19.0% |
| Technology | 34.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| 5-Year U.S. Treasury Note Future | 4.7% |
| Snowflake, Inc., 0.000%, due 10/1/29 | 2.8% |
| Advanced Energy Industries, Inc., 2.500%, due 09/15/28 | 2.7% |
| Alibaba Group Holding Ltd., 0.500%, due 06/1/31 | 2.7% |
| Alnylam Pharmaceuticals, Inc., 1.000%, due 09/15/27 | 2.6% |
| Parsons Corporation, 2.625%, due 03/1/29 | 2.6% |
| Western Digital Corporation, 3.000%, due 11/15/28 | 2.4% |
| OSI Systems, Inc., 2.250%, due 08/1/29 | 2.4% |
| Seagate HDD Cayman, 3.500%, due 06/1/28 | 2.4% |
| Ionis Pharmaceuticals, Inc., 1.750%, due 06/15/28 | 2.3% |

---

# Material Fund Changes
On February 7, 2025, the Fund converted its outstanding C Class Shares into A Class Shares and any shareholder owning C Class Shares of the Fund received A Class Shares of the Fund having an aggregate value equal to the aggregate value of the C Class Shares held immediately prior to the conversion. Following this conversion, the Fund ceased offering C Class Shares.

Effective July 1, 2025, the Fund changed its dividend frequency from quarterly to monthly.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Alternative Income Fund - A Class Shares (WMNAX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/alternative-income-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WMNAX

Westwood Alternative Income Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Ultra Shares (WMNUX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Alternative Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/alternative-income-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Ultra Shares | $88 | 0.85% |

---

# How did the Fund perform during the reporting period?
For the trailing period, the Westwood Alternative Income Fund outperformed its benchmark for the period. The U.S. convertible bond market benefited from a more constructive equity backdrop, improving valuations and a gradual easing of interest rate pressures as the Federal Reserve resumed its cutting cycle. New issuance activity remained steady, supported by companies seeking flexible financing structures amid uneven corporate earnings trends and elevated market volatility. Credit conditions were generally stable, though spreads stayed relatively tight, reinforcing demand for higher-quality issuers. Against this backdrop, convertible securities delivered competitive risk-adjusted returns as both their equity sensitivity and income characteristics were rewarded in a shifting macro environment.

The Fund's outperformance was driven primarily by strong results from the convertible arbitrage sleeve. Performance also benefited from net long equity exposure, rising convertible valuations and favorable credit spread positioning.

Within the yield bucket, the Fund allowed bonds to roll off without replacement, as compressed credit spreads did not present attractive risk-reward opportunities relative to other allocations.

# How has the Fund performed over the last ten years?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i9054183488a9127ceacee9e2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Alternative Income Fund - Ultra Shares** | **Bloomberg U.S. Aggregate Bond Index** | **FTSE 1-Month Treasury Bill Index** |
| **Oct-2015** | $1000000 | $1000000 | $1000000 |
| **Oct-2016** | $1037340 | $1043702 | $1001755 |
| **Oct-2017** | $1061346 | $1053120 | $1008444 |
| **Oct-2018** | $1050562 | $1031496 | $1024729 |
| **Oct-2019** | $1120288 | $1150215 | $1048453 |
| **Oct-2020** | $1193555 | $1221380 | $1055873 |
| **Oct-2021** | $1268282 | $1215540 | $1056330 |
| **Oct-2022** | $1234170 | $1024913 | $1065250 |
| **Oct-2023** | $1289734 | $1028563 | $1116901 |
| **Oct-2024** | $1412515 | $1137038 | $1178440 |
| **Oct-2025** | $1525751 | $1207067 | $1231115 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Alternative Income Fund - Ultra Shares | 8.02% | 5.03% | 4.32% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| FTSE 1-Month Treasury Bill Index | 4.47% | 3.12% | 2.10% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/alternative-income-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$132,630,966

* Number of Portfolio Holdings130

* Advisory Fee (net of waivers)$816,470

* Portfolio Turnover89%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i996ed41c8b770a172f682df5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 0.5% |
| Convertible Bonds | 87.0% |
| Corporate Bonds | 7.7% |
| Money Market Funds | 4.8% |
| Purchased Option Contracts | 0.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i97635400e271250e5a489633.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.0% |
| Consumer Staples | 1.6% |
| Real Estate | 1.7% |
| Utilities | 2.7% |
| Financials | 3.8% |
| Energy | 4.0% |
| Materials | 4.1% |
| Money Market Funds | 4.8% |
| Communications | 5.5% |
| Consumer Discretionary | 9.0% |
| Health Care | 11.0% |
| Industrials | 19.0% |
| Technology | 34.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| 5-Year U.S. Treasury Note Future | 4.7% |
| Snowflake, Inc., 0.000%, due 10/1/29 | 2.8% |
| Advanced Energy Industries, Inc., 2.500%, due 09/15/28 | 2.7% |
| Alibaba Group Holding Ltd., 0.500%, due 06/1/31 | 2.7% |
| Alnylam Pharmaceuticals, Inc., 1.000%, due 09/15/27 | 2.6% |
| Parsons Corporation, 2.625%, due 03/1/29 | 2.6% |
| Western Digital Corporation, 3.000%, due 11/15/28 | 2.4% |
| OSI Systems, Inc., 2.250%, due 08/1/29 | 2.4% |
| Seagate HDD Cayman, 3.500%, due 06/1/28 | 2.4% |
| Ionis Pharmaceuticals, Inc., 1.750%, due 06/15/28 | 2.3% |

---

# Material Fund Changes
Effective July 1, 2025, the Fund changed its dividend frequency from quarterly to monthly.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Alternative Income Fund - Ultra Shares (WMNUX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/alternative-income-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WMNUX

Westwood Salient MLP & Energy Infrastructure Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Institutional Shares (SMLPX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Salient MLP & Energy Infrastructure Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/energy-infrastructure-fund/**. You can also request this information by contacting us at (877) 386-3944.

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $109 | 1.05% |

---

# How did the Fund perform during the reporting period?
For the trailing period, the Westwood Salient MLP and Energy Infrastructure Fund underperformed its representative benchmark. The midstream energy sector experienced a period of elevated volatility driven by shifting oil and gas fundamentals, geopolitical uncertainty and changes in OPEC Plus production policy. Despite these headwinds, midstream companies generally demonstrated resilient cash flow profiles supported by long-term contracted volumes, growing LNG export activity and continued buildout of North American infrastructure. The sector also benefited from increased demand associated with the expansion of data centers and artificial intelligence-related power needs. Capital discipline, ongoing debt reduction and continued commitment to dividend growth and buybacks remained defining themes across the industry, helping to anchor investor confidence amid broader energy market fluctuations.

Allocation to two subsectors not represented in the benchmark, Oilfield Services and Equipment and Renewable Infrastructure, were the top contributors to performance. Strong stock selection within the LNG subsector further supported relative performance.

The Gathering and Processing subsector was the largest detractor for the period, with stock selection being the primary driver of underperformance. An underweight allocation to and stock selection within Crude and Refined Products relative to the benchmark also detracted from performance.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](ibdee71c3ae3d1dfd5611ba9c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Westwood Salient MLP & Energy Infrastructure Fund - Institutional Shares** | **Alerian Midstream Energy Select Index** | **Alerian MLP Index Trust** | **S&P 500<sup>®</sup> Index** |
| **Oct-2015** | $100000 | $100000 | $100000 | $100000 |
| **Oct-2016** | $97954 | $111742 | $98201 | $104509 |
| **Oct-2017** | $95171 | $118296 | $94877 | $129207 |
| **Oct-2018** | $91771 | $111145 | $95518 | $138699 |
| **Oct-2019** | $89247 | $115546 | $89446 | $158569 |
| **Oct-2020** | $62920 | $77805 | $51415 | $173967 |
| **Oct-2021** | $105355 | $140959 | $95475 | $248623 |
| **Oct-2022** | $117681 | $161420 | $124297 | $212297 |
| **Oct-2023** | $122802 | $171708 | $144932 | $233830 |
| **Oct-2024** | $170215 | $243531 | $177226 | $322725 |
| **Oct-2025** | $182430 | $264627 | $197986 | $391957 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Salient MLP & Energy Infrastructure Fund - Institutional Shares | 7.18% | 23.73% | 6.20% |
| Alerian Midstream Energy Select Index | 8.66% | 27.74% | 10.22% |
| Alerian MLP Index Trust | 11.71% | 30.95% | 7.07% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/energy-infrastructure-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$1,206,869,380

* Number of Portfolio Holdings42

* Advisory Fee (net of waivers)$10,831,551

* Portfolio Turnover52%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iaf45005f231b6dab36cc69cc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Exchange-Traded Funds | 4.1% |
| Master Limited Partnerships | 22.8% |
| MLP Related Companies | 72.9% |
| Money Market Funds | 0.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8fc3964837a0e25483429150.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 0.2% |
| Exploration & Production | 0.7% |
| Oilfield Services & Equipment | 1.5% |
| Renewable Energy Infrastructure | 4.0% |
| Affiliated Exchange-Traded Funds | 4.1% |
| Liquefied Natural Gas | 5.9% |
| Crude & Refined Products | 15.6% |
| Natural Gas Pipelines | 21.5% |
| Natural Gas Liquids Infrastructure | 23.0% |
| Gathering & Processing | 23.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;9.5% |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;7.1% |
| &nbsp;&nbsp;TC Energy Corporation | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Enterprise Products Partners, L.P. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;MPLX, L.P. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Keyera Corporation | &nbsp;&nbsp;4.3% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Salient MLP & Energy Infrastructure Fund - Institutional Shares (SMLPX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/energy-infrastructure-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-SMLPX

Westwood Salient MLP & Energy Infrastructure Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

A Class Shares (SMAPX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Salient MLP & Energy Infrastructure Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/energy-infrastructure-fund/**. You can also request this information by contacting us at (877) 386-3944.

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class Shares | $133 | 1.29% |

---

# How did the Fund perform during the reporting period?
For the trailing period, the Westwood Salient MLP and Energy Infrastructure Fund underperformed its representative benchmark. The midstream energy sector experienced a period of elevated volatility driven by shifting oil and gas fundamentals, geopolitical uncertainty and changes in OPEC Plus production policy. Despite these headwinds, midstream companies generally demonstrated resilient cash flow profiles supported by long-term contracted volumes, growing LNG export activity and continued buildout of North American infrastructure. The sector also benefited from increased demand associated with the expansion of data centers and artificial intelligence-related power needs. Capital discipline, ongoing debt reduction and continued commitment to dividend growth and buybacks remained defining themes across the industry, helping to anchor investor confidence amid broader energy market fluctuations.

Allocation to two subsectors not represented in the benchmark, Oilfield Services and Equipment and Renewable Infrastructure, were the top contributors to performance. Strong stock selection within the LNG subsector further supported relative performance.

The Gathering and Processing subsector was the largest detractor for the period, with stock selection being the primary driver of underperformance. An underweight allocation to and stock selection within Crude and Refined Products relative to the benchmark also detracted from performance.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment\*
![Growth of 10K Chart](iea07fbd8d62cf0ac44b8d53e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Westwood Salient MLP & Energy Infrastructure Fund - A Class Shares** | **Alerian Midstream Energy Select Index** | **Alerian MLP Index Trust** | **S&P 500<sup>®</sup> Index** |
| **Oct-2015** | $9446 | $10000 | $10000 | $10000 |
| **Oct-2016** | $9237 | $11174 | $9820 | $10451 |
| **Oct-2017** | $8952 | $11830 | $9488 | $12921 |
| **Oct-2018** | $8616 | $11114 | $9552 | $13870 |
| **Oct-2019** | $8361 | $11555 | $8945 | $15857 |
| **Oct-2020** | $5885 | $7781 | $5141 | $17397 |
| **Oct-2021** | $9823 | $14096 | $9547 | $24862 |
| **Oct-2022** | $10942 | $16142 | $12430 | $21230 |
| **Oct-2023** | $11399 | $17171 | $14493 | $23383 |
| **Oct-2024** | $15752 | $24353 | $17723 | $32272 |
| **Oct-2025** | $16848 | $26463 | $19799 | $39196 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Salient MLP & Energy Infrastructure Fund - A Class Shares |  |  |  |
| Without Load | 6.96% | 23.41% | 5.96% |
| With Load\* | 2.69% | 22.03% | 5.36% |
| Alerian Midstream Energy Select Index | 8.66% | 27.74% | 10.22% |
| Alerian MLP Index Trust | 11.71% | 30.95% | 7.07% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/energy-infrastructure-fund/ for current month-end performance.

#### \* Reflects the maximum sales charge applicable to A Class Shares.

# **Fund Statistics** 
* Net Assets$1,206,869,380

* Number of Portfolio Holdings42

* Advisory Fee (net of waivers)$10,831,551

* Portfolio Turnover52%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iaf45005f231b6dab36cc69cc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Exchange-Traded Funds | 4.1% |
| Master Limited Partnerships | 22.8% |
| MLP Related Companies | 72.9% |
| Money Market Funds | 0.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8fc3964837a0e25483429150.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 0.2% |
| Exploration & Production | 0.7% |
| Oilfield Services & Equipment | 1.5% |
| Renewable Energy Infrastructure | 4.0% |
| Affiliated Exchange-Traded Funds | 4.1% |
| Liquefied Natural Gas | 5.9% |
| Crude & Refined Products | 15.6% |
| Natural Gas Pipelines | 21.5% |
| Natural Gas Liquids Infrastructure | 23.0% |
| Gathering & Processing | 23.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;9.5% |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;7.1% |
| &nbsp;&nbsp;TC Energy Corporation | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Enterprise Products Partners, L.P. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;MPLX, L.P. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Keyera Corporation | &nbsp;&nbsp;4.3% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Salient MLP & Energy Infrastructure Fund - A Class Shares (SMAPX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/energy-infrastructure-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-SMAPX

Westwood Salient MLP & Energy Infrastructure Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

C Class Shares (SMFPX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Salient MLP & Energy Infrastructure Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/energy-infrastructure-fund/**. You can also request this information by contacting us at (877) 386-3944.

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class Shares | $211 | 2.05% |

---

# How did the Fund perform during the reporting period?
For the trailing period, the Westwood Salient MLP and Energy Infrastructure Fund underperformed its representative benchmark. The midstream energy sector experienced a period of elevated volatility driven by shifting oil and gas fundamentals, geopolitical uncertainty and changes in OPEC Plus production policy. Despite these headwinds, midstream companies generally demonstrated resilient cash flow profiles supported by long-term contracted volumes, growing LNG export activity and continued buildout of North American infrastructure. The sector also benefited from increased demand associated with the expansion of data centers and artificial intelligence-related power needs. Capital discipline, ongoing debt reduction and continued commitment to dividend growth and buybacks remained defining themes across the industry, helping to anchor investor confidence amid broader energy market fluctuations.

Allocation to two subsectors not represented in the benchmark, Oilfield Services and Equipment and Renewable Infrastructure, were the top contributors to performance. Strong stock selection within the LNG subsector further supported relative performance.

The Gathering and Processing subsector was the largest detractor for the period, with stock selection being the primary driver of underperformance. An underweight allocation to and stock selection within Crude and Refined Products relative to the benchmark also detracted from performance.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i586fe9b47dad6a0c7ae019b6.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Westwood Salient MLP & Energy Infrastructure Fund - C Class Shares** | **Alerian Midstream Energy Select Index** | **Alerian MLP Index Trust** | **S&P 500<sup>®</sup> Index** |
| **Oct-2015** | $10000 | $10000 | $10000 | $10000 |
| **Oct-2016** | $9708 | $11174 | $9820 | $10451 |
| **Oct-2017** | $9332 | $11830 | $9488 | $12921 |
| **Oct-2018** | $8914 | $11114 | $9552 | $13870 |
| **Oct-2019** | $8574 | $11555 | $8945 | $15857 |
| **Oct-2020** | $5998 | $7781 | $5141 | $17397 |
| **Oct-2021** | $9926 | $14096 | $9547 | $24862 |
| **Oct-2022** | $10976 | $16142 | $12430 | $21230 |
| **Oct-2023** | $11346 | $17171 | $14493 | $23383 |
| **Oct-2024** | $15568 | $24353 | $17723 | $32272 |
| **Oct-2025** | $16521 | $26463 | $19799 | $39196 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Salient MLP & Energy Infrastructure Fund - C Class Shares |  |  |  |
| Without CDSC | 6.12% | 22.46% | 5.15% |
| With CDSC | 5.12% | 22.46% | 5.15% |
| Alerian Midstream Energy Select Index | 8.66% | 27.74% | 10.22% |
| Alerian MLP Index Trust | 11.71% | 30.95% | 7.07% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/energy-infrastructure-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$1,206,869,380

* Number of Portfolio Holdings42

* Advisory Fee (net of waivers)$10,831,551

* Portfolio Turnover52%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iaf45005f231b6dab36cc69cc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Exchange-Traded Funds | 4.1% |
| Master Limited Partnerships | 22.8% |
| MLP Related Companies | 72.9% |
| Money Market Funds | 0.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8fc3964837a0e25483429150.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 0.2% |
| Exploration & Production | 0.7% |
| Oilfield Services & Equipment | 1.5% |
| Renewable Energy Infrastructure | 4.0% |
| Affiliated Exchange-Traded Funds | 4.1% |
| Liquefied Natural Gas | 5.9% |
| Crude & Refined Products | 15.6% |
| Natural Gas Pipelines | 21.5% |
| Natural Gas Liquids Infrastructure | 23.0% |
| Gathering & Processing | 23.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;9.5% |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;7.1% |
| &nbsp;&nbsp;TC Energy Corporation | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Enterprise Products Partners, L.P. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;MPLX, L.P. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Keyera Corporation | &nbsp;&nbsp;4.3% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Salient MLP & Energy Infrastructure Fund - C Class Shares (SMFPX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/energy-infrastructure-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-SMFPX

Westwood Salient MLP & Energy Infrastructure Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Ultra Shares (SMRPX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Salient MLP & Energy Infrastructure Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/energy-infrastructure-fund/**. You can also request this information by contacting us at (877) 386-3944.

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Ultra Shares | $98 | 0.95% |

---

# How did the Fund perform during the reporting period?
For the trailing period, the Westwood Salient MLP and Energy Infrastructure Fund underperformed its representative benchmark. The midstream energy sector experienced a period of elevated volatility driven by shifting oil and gas fundamentals, geopolitical uncertainty and changes in OPEC Plus production policy. Despite these headwinds, midstream companies generally demonstrated resilient cash flow profiles supported by long-term contracted volumes, growing LNG export activity and continued buildout of North American infrastructure. The sector also benefited from increased demand associated with the expansion of data centers and artificial intelligence-related power needs. Capital discipline, ongoing debt reduction and continued commitment to dividend growth and buybacks remained defining themes across the industry, helping to anchor investor confidence amid broader energy market fluctuations.

Allocation to two subsectors not represented in the benchmark, Oilfield Services and Equipment and Renewable Infrastructure, were the top contributors to performance. Strong stock selection within the LNG subsector further supported relative performance.

The Gathering and Processing subsector was the largest detractor for the period, with stock selection being the primary driver of underperformance. An underweight allocation to and stock selection within Crude and Refined Products relative to the benchmark also detracted from performance.

# How has the Fund performed since inception?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](ie8d58938009ce9d7d8ba9c48.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Westwood Salient MLP & Energy Infrastructure Fund - Ultra Shares** | **Alerian Midstream Energy Select Index** | **Alerian MLP Index Trust** | **S&P 500<sup>®</sup> Index** |
| **Jan-2016** | $1000000 | $1000000 | $1000000 | $1000000 |
| **Oct-2016** | $1288387 | $1315758 | $1090423 | $1074895 |
| **Oct-2017** | $1252457 | $1392935 | $1053510 | $1328918 |
| **Oct-2018** | $1208627 | $1308727 | $1060627 | $1426544 |
| **Oct-2019** | $1176266 | $1360544 | $993204 | $1630913 |
| **Oct-2020** | $831752 | $916151 | $570910 | $1789283 |
| **Oct-2021** | $1390665 | $1659790 | $1060154 | $2557135 |
| **Oct-2022** | $1554379 | $1900716 | $1380199 | $2183511 |
| **Oct-2023** | $1623516 | $2021854 | $1609321 | $2404980 |
| **Oct-2024** | $2252081 | $2867565 | $1967921 | $3319283 |
| **Oct-2025** | $2415729 | $3115965 | $2198434 | $4031351 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (January 4, 2016)** |
| Westwood Salient MLP & Energy Infrastructure Fund - Ultra Shares | 7.27% | 23.77% | 9.39% |
| Alerian Midstream Energy Select Index | 8.66% | 27.74% | 12.26% |
| Alerian MLP Index Trust | 11.71% | 30.95% | 8.35% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 15.25% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/energy-infrastructure-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$1,206,869,380

* Number of Portfolio Holdings42

* Advisory Fee (net of waivers)$10,831,551

* Portfolio Turnover52%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iaf45005f231b6dab36cc69cc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Exchange-Traded Funds | 4.1% |
| Master Limited Partnerships | 22.8% |
| MLP Related Companies | 72.9% |
| Money Market Funds | 0.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8fc3964837a0e25483429150.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 0.2% |
| Exploration & Production | 0.7% |
| Oilfield Services & Equipment | 1.5% |
| Renewable Energy Infrastructure | 4.0% |
| Affiliated Exchange-Traded Funds | 4.1% |
| Liquefied Natural Gas | 5.9% |
| Crude & Refined Products | 15.6% |
| Natural Gas Pipelines | 21.5% |
| Natural Gas Liquids Infrastructure | 23.0% |
| Gathering & Processing | 23.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;9.5% |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;7.1% |
| &nbsp;&nbsp;TC Energy Corporation | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Enterprise Products Partners, L.P. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;MPLX, L.P. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Keyera Corporation | &nbsp;&nbsp;4.3% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Salient MLP & Energy Infrastructure Fund - Ultra Shares (SMRPX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/energy-infrastructure-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-SMRPX

Westwood Real Estate Income Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Institutional Shares (KIFYX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Real Estate Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/real-estate-income-fund/**. You can also request this information by contacting us at (877) 386-3944.

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $84 | 0.85% |

---

# How did the Fund perform during the reporting period?
For the trailing period, the Westwood Real Estate Income Fund underperformed its benchmark. The REIT common equity and REIT preferred markets navigated a challenging environment shaped by interest rate volatility, uneven sector fundamentals and shifting expectations for economic growth. Office and Industrial properties continued to face headwinds from oversupply, evolving work patterns and slower leasing activity, while Residential and Retail sectors showed more stability amid steady demand and improving consumer trends. Preferred securities remained comparatively resilient, supported by their income profiles and strong issuer balance sheets, even as common equity valuations fluctuated in response to changes in Treasury yields and policy signals.

REIT preferred securities remained relatively stable despite the broader sector uncertainty and were the largest contributor to relative performance. Strong selection within preferreds drove results and contributed positively to performance.

The Fund's allocation to common equity was the largest detractor from performance, as the off-benchmark exposure detracted from relative performance for the period.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i3a7395a14a9b9d555e7beae4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Real Estate Income Fund - Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA Fixed Rate Preferred Securities Index** |
| **Oct-2015** | $100000 | $100000 | $100000 |
| **Oct-2016** | $110421 | $104370 | $107230 |
| **Oct-2017** | $114396 | $105312 | $114282 |
| **Oct-2018** | $111558 | $103150 | $112872 |
| **Oct-2019** | $124384 | $115021 | $127284 |
| **Oct-2020** | $109349 | $122138 | $132415 |
| **Oct-2021** | $137123 | $121554 | $140728 |
| **Oct-2022** | $115971 | $102491 | $117783 |
| **Oct-2023** | $120824 | $102856 | $120418 |
| **Oct-2024** | $152092 | $113704 | $144981 |
| **Oct-2025** | $149039 | $120707 | $150050 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Real Estate Income Fund - Institutional Shares | -2.01% | 6.39% | 4.07% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA Fixed Rate Preferred Securities Index | 3.50% | 2.53% | 4.14% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/real-estate-income-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$257,989,293

* Number of Portfolio Holdings52

* Advisory Fee $1,824,271

* Portfolio Turnover67%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iff884bc3ec13349fea0521ea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 22.8% |
| Money Market Funds | 5.4% |
| Preferred Stocks | 71.8% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i4145fe82c17f7b1b745442df.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Industries | 5.8% |
| Specialty Finance | 2.9% |
| Healthcare | 3.0% |
| Industrial | 3.5% |
| Banking | 3.9% |
| Mortgage | 4.0% |
| Home Construction | 4.1% |
| Data Centers | 4.2% |
| Shopping Centers | 4.2% |
| Retail | 4.6% |
| Money Market Funds | 5.4% |
| Office | 5.8% |
| Diversified | 6.3% |
| Storage | 6.3% |
| Specialized | 7.6% |
| Residential | 10.6% |
| Hotels | 18.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Hovnanian Enterprises, Inc., 7.63% - Series A | 4.1% |
| KKR Real Estate Finance Trust, Inc., 6.50% - Series A | 4.0% |
| CTO Realty Growth, Inc., 6.38% - Series A | 3.6% |
| RLJ Lodging Trust, 7.80% - Series A | 3.6% |
| LXP Industrial Trust, 6.50% - Series C | 3.5% |
| Pebblebrook Hotel Trust, 5.70% - Series H | 3.3% |
| EPR Properties, 9.00% - Series E | 3.3% |
| National Storage Affiliates Trust, 6.00% - Series A | 3.3% |
| COPT Defense Properties | 3.3% |
| Saul Centers, Inc., 6.13% - Series D | 3.1% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Real Estate Income Fund - Institutional Shares (KIFYX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/real-estate-income-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-KIFYX

Westwood Real Estate Income Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

A Class Shares (KIFAX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Real Estate Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/real-estate-income-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class Shares | $113 | 1.14% |

---

# How did the Fund perform during the reporting period?
For the trailing period, the Westwood Real Estate Income Fund underperformed its benchmark. The REIT common equity and REIT preferred markets navigated a challenging environment shaped by interest rate volatility, uneven sector fundamentals and shifting expectations for economic growth. Office and Industrial properties continued to face headwinds from oversupply, evolving work patterns and slower leasing activity, while Residential and Retail sectors showed more stability amid steady demand and improving consumer trends. Preferred securities remained comparatively resilient, supported by their income profiles and strong issuer balance sheets, even as common equity valuations fluctuated in response to changes in Treasury yields and policy signals.

REIT preferred securities remained relatively stable despite the broader sector uncertainty and were the largest contributor to relative performance. Strong selection within preferreds drove results and contributed positively to performance.

The Fund's allocation to common equity was the largest detractor from performance, as the off-benchmark exposure detracted from relative performance for the period.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i70246819b509c8cb688269fc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Real Estate Income Fund - A Class Shares** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA Fixed Rate Preferred Securities Index** |
| **Oct-2015** | $9425 | $10000 | $10000 |
| **Oct-2016** | $10363 | $10437 | $10723 |
| **Oct-2017** | $10696 | $10531 | $11428 |
| **Oct-2018** | $10394 | $10315 | $11287 |
| **Oct-2019** | $11542 | $11502 | $12728 |
| **Oct-2020** | $10106 | $12214 | $13241 |
| **Oct-2021** | $12626 | $12155 | $14073 |
| **Oct-2022** | $10633 | $10249 | $11778 |
| **Oct-2023** | $11051 | $10286 | $12042 |
| **Oct-2024** | $13866 | $11370 | $14498 |
| **Oct-2025** | $13547 | $12071 | $15005 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Real Estate Income Fund - A Class Shares |  |  |  |
| Without Load | -2.30% | 6.04% | 3.69% |
| With Load\* | -5.25% | 4.79% | 3.08% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA Fixed Rate Preferred Securities Index | 3.50% | 2.53% | 4.14% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/real-estate-income-fund/ for current month-end performance.

#### \* Reflects the maximum sales charge applicable to A Class Shares.

# **Fund Statistics** 
* Net Assets$257,989,293

* Number of Portfolio Holdings52

* Advisory Fee $1,824,271

* Portfolio Turnover67%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iff884bc3ec13349fea0521ea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 22.8% |
| Money Market Funds | 5.4% |
| Preferred Stocks | 71.8% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i4145fe82c17f7b1b745442df.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Industries | 5.8% |
| Specialty Finance | 2.9% |
| Healthcare | 3.0% |
| Industrial | 3.5% |
| Banking | 3.9% |
| Mortgage | 4.0% |
| Home Construction | 4.1% |
| Data Centers | 4.2% |
| Shopping Centers | 4.2% |
| Retail | 4.6% |
| Money Market Funds | 5.4% |
| Office | 5.8% |
| Diversified | 6.3% |
| Storage | 6.3% |
| Specialized | 7.6% |
| Residential | 10.6% |
| Hotels | 18.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Hovnanian Enterprises, Inc., 7.63% - Series A | 4.1% |
| KKR Real Estate Finance Trust, Inc., 6.50% - Series A | 4.0% |
| CTO Realty Growth, Inc., 6.38% - Series A | 3.6% |
| RLJ Lodging Trust, 7.80% - Series A | 3.6% |
| LXP Industrial Trust, 6.50% - Series C | 3.5% |
| Pebblebrook Hotel Trust, 5.70% - Series H | 3.3% |
| EPR Properties, 9.00% - Series E | 3.3% |
| National Storage Affiliates Trust, 6.00% - Series A | 3.3% |
| COPT Defense Properties | 3.3% |
| Saul Centers, Inc., 6.13% - Series D | 3.1% |

---

# Material Fund Changes
On February 7, 2025, the Fund converted its outstanding C Class Shares into A Class Shares and any shareholder owning C Class Shares of the Fund received A Class Shares of the Fund having an aggregate value equal to the aggregate value of the C Class Shares held immediately prior to the conversion. Following this conversion, the Fund ceased offering C Class Shares.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Real Estate Income Fund - A Class Shares (KIFAX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/real-estate-income-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-KIFAX

Westwood Broadmark Tactical Growth Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Institutional Shares (FTGWX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Broadmark Tactical Growth Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/tactical-growth-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $132 | 1.27% |

---

# How did the Fund perform during the reporting period?
The Westwood Broadmark Tactical Growth Fund underperformed its primary and representative benchmarks, the S&P 500<sup>®</sup> Index and HFRX Equity Hedge Index, in the reporting period. Equity markets benefited from monetary easing, with the Federal Reserve cutting rates in September, resuming the easing cycle it started in December 2024. Strong tech-driven earnings drove stock markets to new highs despite intermittent volatility from tariffs, geopolitical tensions, sector rotation and slowing growth.

Throughout the reporting period, exposure to the market was consistently trimmed in response to tariff and geopolitical tension-induced volatility, later being increased throughout the end of the second and third quarters. Therefore, key to our discipline, the Fund was able to sidestep some of the decline seen in the S&P 500<sup>®</sup> Index in the first half of the period.

With regard to our four-pillar investment process, for much of the period, the valuation pillar pointed to equity valuations being elevated compared to historical norms, as the median S&P 500<sup>®</sup> Index price-earnings ratio reached the historical top quintile coincident with markets hitting all-time highs. Monetary factors and credit conditions improved throughout the period as interest rates declined, the Fed resumed the rate cut cycle and credit spreads narrowed.

The investor sentiment pillar was mixed for the majority of the period, entering negative territory near the end of the period. The momentum pillar followed the same trend, seeing significant deterioration in breadth toward the end of the period, while volume models remained strong.

The team would raise exposure once again if our volume and breadth momentum models improved, in addition to improvement in equity valuation. The team would further decrease exposure if our volume and breadth momentum models weakened further, investor sentiment continued to worsen or monetary policy and credit conditions deteriorated.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i15c82aae4286b3a59f662629.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Broadmark Tactical Growth Fund - Institutional Shares** | **HFRX Equity Hedge Index** | **S&P 500<sup>®</sup> Index** |
| **Oct-2015** | $100000 | $100000 | $100000 |
| **Oct-2016** | $98241 | $97429 | $104509 |
| **Oct-2017** | $111317 | $106867 | $129207 |
| **Oct-2018** | $112435 | $103674 | $138699 |
| **Oct-2019** | $114779 | $106974 | $158569 |
| **Oct-2020** | $122266 | $105433 | $173967 |
| **Oct-2021** | $141512 | $127510 | $248623 |
| **Oct-2022** | $130416 | $123236 | $212297 |
| **Oct-2023** | $131521 | $126803 | $233830 |
| **Oct-2024** | $139994 | $141607 | $322725 |
| **Oct-2025** | $152096 | $155857 | $391957 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Broadmark Tactical Growth Fund - Institutional Shares | 8.64% | 4.46% | 4.28% |
| HFRX Equity Hedge Index | 10.06% | 8.13% | 4.54% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/tactical-growth-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$169,386,840

* Number of Portfolio Holdings8

* Advisory Fee $1,805,385

* Portfolio Turnover179%

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic02600ed25b332c50b215cd5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 67.1% |
| Money Market Funds | 32.9% |

---

# Material Fund Changes
Effective June 13, 2025, Mr. J. Dyer Kennedy, Vice President and Portfolio Manager of Broadmark Asset Management, LLC, investment sub-adviser to the Fund, no longer serves as a Portfolio Manager of the Fund. Mr. Ricardo Cortez, Mr. Richard Damico and Mr. Adrian Helfert remain as Co-Portfolio Managers of the Fund and no changes to the Fund's investment objectives or principal investment strategies are contemplated at this time.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Broadmark Tactical Growth Fund - Institutional Shares (FTGWX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/tactical-growth-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-FTGWX

Westwood Broadmark Tactical Growth Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

A Class Shares (FTAGX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Broadmark Tactical Growth Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/tactical-growth-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class Shares | $161 | 1.55% |

---

# How did the Fund perform during the reporting period?
The Westwood Broadmark Tactical Growth Fund underperformed its primary and representative benchmarks, the S&P 500<sup>®</sup> Index and HFRX Equity Hedge Index, in the reporting period. Equity markets benefited from monetary easing, with the Federal Reserve cutting rates in September, resuming the easing cycle it started in December 2024. Strong tech-driven earnings drove stock markets to new highs despite intermittent volatility from tariffs, geopolitical tensions, sector rotation and slowing growth.

Throughout the reporting period, exposure to the market was consistently trimmed in response to tariff and geopolitical tension-induced volatility, later being increased throughout the end of the second and third quarters. Therefore, key to our discipline, the Fund was able to sidestep some of the decline seen in the S&P 500<sup>®</sup> Index in the first half of the period.

With regard to our four-pillar investment process, for much of the period, the valuation pillar pointed to equity valuations being elevated compared to historical norms, as the median S&P 500<sup>®</sup> Index price-earnings ratio reached the historical top quintile coincident with markets hitting all-time highs. Monetary factors and credit conditions improved throughout the period as interest rates declined, the Fed resumed the rate cut cycle and credit spreads narrowed.

The investor sentiment pillar was mixed for the majority of the period, entering negative territory near the end of the period. The momentum pillar followed the same trend, seeing significant deterioration in breadth toward the end of the period, while volume models remained strong.

The team would raise exposure once again if our volume and breadth momentum models improved, in addition to improvement in equity valuation. The team would further decrease exposure if our volume and breadth momentum models weakened further, investor sentiment continued to worsen or monetary policy and credit conditions deteriorated.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4286cb939356ed71dec37de6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Broadmark Tactical Growth Fund - A Class Shares** | **HFRX Equity Hedge Index** | **S&P 500<sup>®</sup> Index** |
| **Oct-2015** | $9426 | $10000 | $10000 |
| **Oct-2016** | $9216 | $9743 | $10451 |
| **Oct-2017** | $10392 | $10687 | $12921 |
| **Oct-2018** | $10453 | $10367 | $13870 |
| **Oct-2019** | $10618 | $10697 | $15857 |
| **Oct-2020** | $11267 | $10543 | $17397 |
| **Oct-2021** | $12990 | $12751 | $24862 |
| **Oct-2022** | $11920 | $12324 | $21230 |
| **Oct-2023** | $11990 | $12680 | $23383 |
| **Oct-2024** | $12726 | $14161 | $32272 |
| **Oct-2025** | $13788 | $15586 | $39196 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Broadmark Tactical Growth Fund - A Class Shares |  |  |  |
| Without Load | 8.35% | 4.12% | 3.88% |
| With Load\* | 4.00% | 2.90% | 3.26% |
| HFRX Equity Hedge Index | 10.06% | 8.13% | 4.54% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/tactical-growth-fund/ for current month-end performance.

#### \* Reflects the maximum sales charge applicable to A Class Shares.

# **Fund Statistics** 
* Net Assets$169,386,840

* Number of Portfolio Holdings8

* Advisory Fee $1,805,385

* Portfolio Turnover179%

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic02600ed25b332c50b215cd5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 67.1% |
| Money Market Funds | 32.9% |

---

# Material Fund Changes
Effective June 13, 2025, Mr. J. Dyer Kennedy, Vice President and Portfolio Manager of Broadmark Asset Management, LLC, investment sub-adviser to the Fund, no longer serves as a Portfolio Manager of the Fund. Mr. Ricardo Cortez, Mr. Richard Damico and Mr. Adrian Helfert remain as Co-Portfolio Managers of the Fund and no changes to the Fund's investment objectives or principal investment strategies are contemplated at this time.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Broadmark Tactical Growth Fund - A Class Shares (FTAGX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/tactical-growth-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-FTAGX

Westwood Broadmark Tactical Growth Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

C Class Shares (FTGOX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Broadmark Tactical Growth Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/tactical-growth-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class Shares | $229 | 2.21% |

---

# How did the Fund perform during the reporting period?
The Westwood Broadmark Tactical Growth Fund underperformed its primary and representative benchmarks, the S&P 500<sup>®</sup> Index and HFRX Equity Hedge Index, in the reporting period. Equity markets benefited from monetary easing, with the Federal Reserve cutting rates in September, resuming the easing cycle it started in December 2024. Strong tech-driven earnings drove stock markets to new highs despite intermittent volatility from tariffs, geopolitical tensions, sector rotation and slowing growth.

Throughout the reporting period, exposure to the market was consistently trimmed in response to tariff and geopolitical tension-induced volatility, later being increased throughout the end of the second and third quarters. Therefore, key to our discipline, the Fund was able to sidestep some of the decline seen in the S&P 500<sup>®</sup> Index in the first half of the period.

With regard to our four-pillar investment process, for much of the period, the valuation pillar pointed to equity valuations being elevated compared to historical norms, as the median S&P 500<sup>®</sup> Index price-earnings ratio reached the historical top quintile coincident with markets hitting all-time highs. Monetary factors and credit conditions improved throughout the period as interest rates declined, the Fed resumed the rate cut cycle and credit spreads narrowed.

The investor sentiment pillar was mixed for the majority of the period, entering negative territory near the end of the period. The momentum pillar followed the same trend, seeing significant deterioration in breadth toward the end of the period, while volume models remained strong.

The team would raise exposure once again if our volume and breadth momentum models improved, in addition to improvement in equity valuation. The team would further decrease exposure if our volume and breadth momentum models weakened further, investor sentiment continued to worsen or monetary policy and credit conditions deteriorated.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i02bdf4593cd5b91b2a06c568.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Broadmark Tactical Growth Fund - C Class Shares** | **HFRX Equity Hedge Index** | **S&P 500<sup>®</sup> Index** |
| **Oct-2015** | $10000 | $10000 | $10000 |
| **Oct-2016** | $9734 | $9743 | $10451 |
| **Oct-2017** | $10924 | $10687 | $12921 |
| **Oct-2018** | $10910 | $10367 | $13870 |
| **Oct-2019** | $11028 | $10697 | $15857 |
| **Oct-2020** | $11639 | $10543 | $17397 |
| **Oct-2021** | $13348 | $12751 | $24862 |
| **Oct-2022** | $12181 | $12324 | $21230 |
| **Oct-2023** | $12166 | $12680 | $23383 |
| **Oct-2024** | $12824 | $14161 | $32272 |
| **Oct-2025** | $13804 | $15586 | $39196 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Broadmark Tactical Growth Fund - C Class Shares |  |  |  |
| Without CDSC | 7.65% | 3.47% | 3.28% |
| With CDSC | 6.65% | 3.47% | 3.28% |
| HFRX Equity Hedge Index | 10.06% | 8.13% | 4.54% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/tactical-growth-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$169,386,840

* Number of Portfolio Holdings8

* Advisory Fee $1,805,385

* Portfolio Turnover179%

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic02600ed25b332c50b215cd5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 67.1% |
| Money Market Funds | 32.9% |

---

# Material Fund Changes
Effective June 13, 2025, Mr. J. Dyer Kennedy, Vice President and Portfolio Manager of Broadmark Asset Management, LLC, investment sub-adviser to the Fund, no longer serves as a Portfolio Manager of the Fund. Mr. Ricardo Cortez, Mr. Richard Damico and Mr. Adrian Helfert remain as Co-Portfolio Managers of the Fund and no changes to the Fund's investment objectives or principal investment strategies are contemplated at this time.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Broadmark Tactical Growth Fund - C Class Shares (FTGOX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/tactical-growth-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-FTGOX

Westwood Broadmark Tactical Plus Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

Institutional Shares (SBTIX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Broadmark Tactical Plus Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/tactical-plus-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $134 | 1.35% |

---

# How did the Fund perform during the reporting period?
The Westwood Broadmark Tactical Plus Fund underperformed its primary and representative benchmarks, the S&P 500<sup>®</sup> Index and HFRX Equity Hedge Index, in the reporting period. Equity markets benefited from monetary easing, with the Federal Reserve cutting rates in September, resuming the easing cycle it started in December 2024. Strong tech-driven earnings drove stock markets to new highs despite intermittent volatility from tariffs, geopolitical tensions, sector rotation and slowing growth.

Throughout the reporting period exposure to the market was consistently trimmed in response to tariff and geopolitical tension-induced volatility, later being increased throughout the end of the second and third quarters. The team took opportunistic short positions where possible, with one such case in April in response to deteriorating breadth and volume momentum.

With regard to our four-pillar investment process, for much of the period, the valuation pillar pointed to equity valuations being elevated compared to historical norms, as the median S&P 500<sup>®</sup> Index price-earnings ratio reached the historical top quintile coincident with the markets hitting all-time highs. Monetary factors and credit conditions improved throughout the period as interest rates declined, the Fed resumed the rate cut cycle and credit spreads narrowed.

The investor sentiment pillar was mixed for most of the period, entering negative territory near the end of the period. The momentum pillar followed the same trend, seeing significant deterioration in breadth toward the end of the period, while volume models remained strong.

The team would raise exposure once again if our volume and breadth momentum models improved, in addition to improvement in equity valuation. The team would further decrease exposure if our volume and breadth momentum models weakened further, investor sentiment continued to worsen or monetary policy and credit conditions deteriorated.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i0aade222c4c3d069a2047dd7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Broadmark Tactical Plus Fund - Institutional Shares** | **HFRX Equity Hedge Index** | **S&P 500<sup>®</sup> Index** |
| **Oct-2015** | $100000 | $100000 | $100000 |
| **Oct-2016** | $95705 | $97429 | $104509 |
| **Oct-2017** | $110089 | $106867 | $129207 |
| **Oct-2018** | $114704 | $103674 | $138699 |
| **Oct-2019** | $121970 | $106974 | $158569 |
| **Oct-2020** | $128231 | $105433 | $173967 |
| **Oct-2021** | $143751 | $127510 | $248623 |
| **Oct-2022** | $140273 | $123236 | $212297 |
| **Oct-2023** | $147206 | $126803 | $233830 |
| **Oct-2024** | $147812 | $141607 | $322725 |
| **Oct-2025** | $145449 | $155857 | $391957 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Broadmark Tactical Plus Fund - Institutional Shares | -1.60% | 2.55% | 3.82% |
| HFRX Equity Hedge Index | 10.06% | 8.13% | 4.54% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/tactical-plus-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$62,403,559

* Number of Portfolio Holdings5

* Advisory Fee (net of waivers)$581,110

* Portfolio Turnover670%

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4e125e2a4480e461d0579602.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 12.1% |
| Money Market Funds | 87.9% |
| Purchased Option Contracts | 0.0% |

---

# Material Fund Changes
Effective June 13, 2025, Mr. J. Dyer Kennedy, Vice President and Portfolio Manager of Broadmark Asset Management, LLC, investment sub-adviser to the Fund, no longer serves as a Portfolio Manager of the Fund. Mr. Ricardo Cortez, Mr. Richard Damico and Mr. Adrian Helfert remain as Co-Portfolio Managers of the Fund and no changes to the Fund's investment objectives or principal investment strategies are contemplated at this time.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Broadmark Tactical Plus Fund - Institutional Shares (SBTIX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/tactical-plus-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-SBTIX

Westwood Broadmark Tactical Plus Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

A Class Shares (SBTAX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Broadmark Tactical Plus Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/tactical-plus-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class Shares | $159 | 1.60% |

---

# How did the Fund perform during the reporting period?
The Westwood Broadmark Tactical Plus Fund underperformed its primary and representative benchmarks, the S&P 500<sup>®</sup> Index and HFRX Equity Hedge Index, in the reporting period. Equity markets benefited from monetary easing, with the Federal Reserve cutting rates in September, resuming the easing cycle it started in December 2024. Strong tech-driven earnings drove stock markets to new highs despite intermittent volatility from tariffs, geopolitical tensions, sector rotation and slowing growth.

Throughout the reporting period exposure to the market was consistently trimmed in response to tariff and geopolitical tension-induced volatility, later being increased throughout the end of the second and third quarters. The team took opportunistic short positions where possible, with one such case in April in response to deteriorating breadth and volume momentum.

With regard to our four-pillar investment process, for much of the period, the valuation pillar pointed to equity valuations being elevated compared to historical norms, as the median S&P 500<sup>®</sup> Index price-earnings ratio reached the historical top quintile coincident with the markets hitting all-time highs. Monetary factors and credit conditions improved throughout the period as interest rates declined, the Fed resumed the rate cut cycle and credit spreads narrowed.

The investor sentiment pillar was mixed for most of the period, entering negative territory near the end of the period. The momentum pillar followed the same trend, seeing significant deterioration in breadth toward the end of the period, while volume models remained strong.

The team would raise exposure once again if our volume and breadth momentum models improved, in addition to improvement in equity valuation. The team would further decrease exposure if our volume and breadth momentum models weakened further, investor sentiment continued to worsen or monetary policy and credit conditions deteriorated.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i10a823774e37ab06c461ec60.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Broadmark Tactical Plus Fund - A Class Shares** | **HFRX Equity Hedge Index** | **S&P 500<sup>®</sup> Index** |
| **Oct-2015** | $9453 | $10000 | $10000 |
| **Oct-2016** | $9038 | $9743 | $10451 |
| **Oct-2017** | $10374 | $10687 | $12921 |
| **Oct-2018** | $10783 | $10367 | $13870 |
| **Oct-2019** | $11431 | $10697 | $15857 |
| **Oct-2020** | $11995 | $10543 | $17397 |
| **Oct-2021** | $13409 | $12751 | $24862 |
| **Oct-2022** | $13047 | $12324 | $21230 |
| **Oct-2023** | $13663 | $12680 | $23383 |
| **Oct-2024** | $13678 | $14161 | $32272 |
| **Oct-2025** | $13440 | $15586 | $39196 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Broadmark Tactical Plus Fund - A Class Shares |  |  |  |
| Without Load | -1.74% | 2.30% | 3.58% |
| With Load\* | -4.65% | 1.14% | 3.00% |
| HFRX Equity Hedge Index | 10.06% | 8.13% | 4.54% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/tactical-plus-fund/ for current month-end performance.

#### \* Reflects the maximum sales charge applicable to A Class Shares.

# **Fund Statistics** 
* Net Assets$62,403,559

* Number of Portfolio Holdings5

* Advisory Fee (net of waivers)$581,110

* Portfolio Turnover670%

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4e125e2a4480e461d0579602.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 12.1% |
| Money Market Funds | 87.9% |
| Purchased Option Contracts | 0.0% |

---

# Material Fund Changes
On February 7, 2025, the Fund converted its outstanding C Class Shares into A Class Shares and any shareholder owning C Class Shares of the Fund received A Class Shares of the Fund having an aggregate value equal to the aggregate value of the C Class Shares held immediately prior to the conversion. Following this conversion, the Fund ceased offering C Class Shares.

Effective June 13, 2025, Mr. J. Dyer Kennedy, Vice President and Portfolio Manager of Broadmark Asset Management, LLC, investment sub-adviser to the Fund, no longer serves as a Portfolio Manager of the Fund. Mr. Ricardo Cortez, Mr. Richard Damico and Mr. Adrian Helfert remain as Co-Portfolio Managers of the Fund and no changes to the Fund's investment objectives or principal investment strategies are contemplated at this time.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Broadmark Tactical Plus Fund - A Class Shares (SBTAX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/tactical-plus-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-SBTAX

Westwood Broadmark Tactical Plus Fund

![Image](i19669c20ef514e20a9b936fb.jpg)

F Class Shares (BTPIX)

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Broadmark Tactical Plus Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/tactical-plus-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| F Class Shares | $103 | 1.04% |

---

# How did the Fund perform during the reporting period?
The Westwood Broadmark Tactical Plus Fund underperformed its primary and representative benchmarks, the S&P 500<sup>®</sup> Index and HFRX Equity Hedge Index, in the reporting period. Equity markets benefited from monetary easing, with the Federal Reserve cutting rates in September, resuming the easing cycle it started in December 2024. Strong tech-driven earnings drove stock markets to new highs despite intermittent volatility from tariffs, geopolitical tensions, sector rotation and slowing growth.

Throughout the reporting period exposure to the market was consistently trimmed in response to tariff and geopolitical tension-induced volatility, later being increased throughout the end of the second and third quarters. The team took opportunistic short positions where possible, with one such case in April in response to deteriorating breadth and volume momentum.

With regard to our four-pillar investment process, for much of the period, the valuation pillar pointed to equity valuations being elevated compared to historical norms, as the median S&P 500<sup>®</sup> Index price-earnings ratio reached the historical top quintile coincident with the markets hitting all-time highs. Monetary factors and credit conditions improved throughout the period as interest rates declined, the Fed resumed the rate cut cycle and credit spreads narrowed.

The investor sentiment pillar was mixed for most of the period, entering negative territory near the end of the period. The momentum pillar followed the same trend, seeing significant deterioration in breadth toward the end of the period, while volume models remained strong.

The team would raise exposure once again if our volume and breadth momentum models improved, in addition to improvement in equity valuation. The team would further decrease exposure if our volume and breadth momentum models weakened further, investor sentiment continued to worsen or monetary policy and credit conditions deteriorated.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0d617fee8bfe78c88cd2d835.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Broadmark Tactical Plus Fund - F Class Shares** | **HFRX Equity Hedge Index** | **S&P 500<sup>®</sup> Index** |
| **Oct-2015** | $10000 | $10000 | $10000 |
| **Oct-2016** | $9606 | $9743 | $10451 |
| **Oct-2017** | $11077 | $10687 | $12921 |
| **Oct-2018** | $11585 | $10367 | $13870 |
| **Oct-2019** | $12353 | $10697 | $15857 |
| **Oct-2020** | $13027 | $10543 | $17397 |
| **Oct-2021** | $14643 | $12751 | $24862 |
| **Oct-2022** | $14331 | $12324 | $21230 |
| **Oct-2023** | $15089 | $12680 | $23383 |
| **Oct-2024** | $15198 | $14161 | $32272 |
| **Oct-2025** | $15009 | $15586 | $39196 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Broadmark Tactical Plus Fund - F Class Shares | -1.24% | 2.87% | 4.14% |
| HFRX Equity Hedge Index | 10.06% | 8.13% | 4.54% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

#### Past performance does not guarantee future results. Call (877) 386-3944 or visit https://westwoodgroup.com/product/tactical-plus-fund/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$62,403,559

* Number of Portfolio Holdings5

* Advisory Fee (net of waivers)$581,110

* Portfolio Turnover670%

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4e125e2a4480e461d0579602.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 12.1% |
| Money Market Funds | 87.9% |
| Purchased Option Contracts | 0.0% |

---

# Material Fund Changes
Effective June 13, 2025, Mr. J. Dyer Kennedy, Vice President and Portfolio Manager of Broadmark Asset Management, LLC, investment sub-adviser to the Fund, no longer serves as a Portfolio Manager of the Fund. Mr. Ricardo Cortez, Mr. Richard Damico and Mr. Adrian Helfert remain as Co-Portfolio Managers of the Fund and no changes to the Fund's investment objectives or principal investment strategies are contemplated at this time.

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Broadmark Tactical Plus Fund - F Class Shares (BTPIX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/tactical-plus-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-BTPIX

Westwood Salient Enhanced Midstream Income ETF

![Image](i19669c20ef514e20a9b936fb.jpg)

(MDST) NYSE

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Salient Enhanced Midstream Income ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/westwood-salient-enhanced-midstream-income/**. You can also request this information by contacting us at (800) 994-0755. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Westwood Salient Enhanced Midstream Income ETF | $83 | 0.80% |

---

# How did the Fund perform during the reporting period?
During the trailing period, the Westwood Salient Enhanced Midstream Income ETF underperformed its representative benchmark. The midstream energy sector experienced a period of elevated volatility driven by shifting oil and gas fundamentals, geopolitical uncertainty and changes in OPEC Plus production policy. Despite these headwinds, midstream companies generally demonstrated resilient cash flow profiles supported by long-term contracted volumes, growing Liquid Natural Gas export activity and continued buildout of North American infrastructure. The sector also benefited from increased demand associated with the expansion of data centers and artificial intelligence-related power needs. Capital discipline, ongoing debt reduction and continued commitment to dividend growth and buybacks remained defining themes across the industry, helping to anchor investor confidence amid broader energy market fluctuations.

Underperformance relative to the benchmark was primarily driven by negative stock selection in the Gathering and Processing subsector, along with the impact of the covered call overlay, which limited participation in sharp short-term rallies despite the income generated. Strong selection in the Liquid Natural Gas subsector helped offset a portion of the underperformance and resulted in positive overall selection. In addition, an underweight allocation to the underperforming Natural Gas Liquids Infrastructure subsector contributed positively, as this area generated the second weakest absolute returns for the period.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](id7ba5c34a4c726070823e0cc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Salient Enhanced Midstream Income ETF - NAV** | **S&P 500<sup>®</sup> Index** | **Alerian Midstream Energy Select Index** |
| **04/08/24** | $10000 | $10000 | $10000 |
| **10/31/24** | $11005 | $11049 | $11850 |
| **10/31/25** | $11878 | $13419 | $12876 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (April 8, 2024)** |
| Westwood Salient Enhanced Midstream Income ETF - NAV | 7.93% | 11.63% |
| S&P 500<sup>®</sup> Index | 21.45% | 20.68% |
| Alerian Midstream Energy Select Index | 8.66% | 17.54% |

---

#### Past performance does not guarantee future results. Call (800) 994-0755 or visit https://westwoodgroup.com/product/westwood-salient-enhanced-midstream-income/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$151,616,623

* Number of Portfolio Holdings103

* Advisory Fee $779,068

* Portfolio Turnover12%

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i4863a134a80a94df67a36960.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Liquefied Natural Gas | 5.7% |
| Natural Gas Pipelines | 20.3% |
| Crude & Refined Products | 24.1% |
| Gathering & Processing | 25.1% |
| Natural Gas Liquids Infrastructure | 25.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;8.8% |
| &nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;8.8% |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;7.4% |
| &nbsp;&nbsp;Enterprise Products Partners, L.P. | &nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;TC Energy Corporation | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;MPLX, L.P. | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Pembina Pipeline Corporation | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;4.9% |

---

# Material Fund Changes
Effective December 12, 2025, for its services, the Sub-Adviser is paid fee by the Adviser, which fee is calculated daily and paid monthly, at an annual rate based on the average daily net assets of each Fund at the following rate: 0.05% of the Fund's first $100 million of average daily net assets; 0.04% of the Fund's next $250 million of average daily net assets; and 0.02% of the Fund's average daily net assets over $350 million (subject to a minimum of $35,000 per year per Fund on the first six Westwood-managed funds that use the Sub-Adviser as well as subject to a maximum cap).

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Salient Enhanced Midstream Income ETF - Fund (MDST)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/westwood-salient-enhanced-midstream-income/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-MDST

Westwood Salient Enhanced Energy Income ETF

![Image](i19669c20ef514e20a9b936fb.jpg)

(WEEI) NASDAQ Stock Market, LLC

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood Salient Enhanced Energy Income ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/salient-enhanced-energy-income/**. You can also request this information by contacting us at (800) 994-0755. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Westwood Salient Enhanced Energy Income ETF | $87 | 0.85% |

---

# How did the Fund perform during the reporting period?
For the trailing period, the Westwood Salient Enhanced Energy Income ETF outperformed its representative benchmark. The broader energy sector experienced elevated volatility driven by shifting oil and gas fundamentals, geopolitical uncertainty and continued adjustments in OPEC Plus production policy. Upstream producers and integrated energy companies faced fluctuating commodity prices and evolving global demand expectations, while refiners managed mixed margins amid changing product demand and periodic supply dislocations. The sector also saw incremental support from the expansion of data centers and artificial intelligence-related power needs, which continued to reinforce long-term demand for reliable energy sources. At the same time, new policy initiatives promoting nuclear energy development added another dimension to the evolving power mix and highlighted the growing focus on future capacity planning.

The Fund's outperformance relative to its benchmark was primarily driven by the covered call overlay, which provided downside protection during periods of market volatility and contributed positively through income generated from call writing. This income more than offset the negative stock selection within the portfolio. Stock selection within the Exploration and Production subsector was the largest detractor; however, an overweight allocation to the Refining subsector, the strongest performing area on an absolute basis, helped offset these results and led to only modest underperformance relative to the benchmark holdings.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i04fcee5c8cfa6c625c32fca1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Salient Enhanced Energy Income ETF - NAV** | **S&P 500<sup>®</sup> Index** | **S&P Energy Select Sector Index** |
| **04/30/24** | $10000 | $10000 | $10000 |
| **10/31/24** | $9813 | $11408 | $9631 |
| **10/31/25** | $10262 | $13855 | $9904 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (April 30, 2024)** |
| Westwood Salient Enhanced Energy Income ETF - NAV | 4.57% | 1.73% |
| S&P 500<sup>®</sup> Index | 21.45% | 24.21% |
| S&P Energy Select Sector Index | 2.83% | -0.64% |

---

#### Past performance does not guarantee future results. Call (800) 994-0755 or visit https://westwoodgroup.com/product/salient-enhanced-energy-income/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$29,720,126

* Number of Portfolio Holdings98

* Advisory Fee $150,328

* Portfolio Turnover11%

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5e186bc69c7b602fee4622b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.9% |
| Gathering & Processing | 2.6% |
| Natural Gas Liquids Infrastructure | 3.1% |
| Natural Gas Pipelines | 9.0% |
| Oilfield Services & Equipment | 9.4% |
| Refining | 12.8% |
| Exploration & Production | 64.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;22.0% |
| &nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;17.1% |
| &nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Marathon Petroleum Corporation | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Valero Energy Corporation | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Schlumberger Ltd. | &nbsp;&nbsp;3.9% |

---

# Material Fund Changes
Effective December 12, 2025, for its services, the Sub-Adviser is paid fee by the Adviser, which fee is calculated daily and paid monthly, at an annual rate based on the average daily net assets of each Fund at the following rate: 0.05% of the Fund's first $100 million of average daily net assets; 0.04% of the Fund's next $250 million of average daily net assets; and 0.02% of the Fund's average daily net assets over $350 million (subject to a minimum of $35,000 per year per Fund on the first six Westwood-managed funds that use the Sub-Adviser as well as subject to a maximum cap).

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood Salient Enhanced Energy Income ETF - Fund (WEEI)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/salient-enhanced-energy-income/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-WEEI

Westwood LBRTY Global Equity ETF

![Image](i19669c20ef514e20a9b936fb.jpg)

(BFRE) NYSE Arca, Inc.

Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Westwood LBRTY Global Equity ETF (the "Fund") for the period of March 26, 2025 to October 31, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/westwood-lbrty-global-equity-index/**. You can also request this information by contacting us at (800) 994-0755. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Westwood LBRTY Global Equity ETF | $33 | 0.50% |

---

# How did the Fund perform during the reporting period?
*Please Note: The Westwood LBRTY Global Equity ETF reporting period referenced below has a start date of March 26, 2025, which is the inception date of the Fund.*

During the reporting period, the Westwood LBRTY Global Equity ETF outperformed relative to the MSCI ACWI Index and underperformed the underlying TOBAM LBRTY All World Equity Index. Both domestic and global equities suffered from intermittent volatility due to tariffs, geopolitical tensions and growth concerns during the period.

The Fund has a large exposure to U.S. equities, and as such, benefited from domestic monetary easing as the Federal Reserve resumed the cutting cycle in September 2025 in addition to strong tech-driven earnings.

On an absolute basis, the best-performing sectors were Information Technology and Communication Services, led by stocks involved in artificial intelligence (AI), as the tech-driven boom in large-cap stocks drove returns for the period. The Utilities sector also provided strong returns, supported by companies in the U.S. and Europe delivering power for AI data centers.

Leading detractors to absolute performance were the Real Estate, Health Care and Energy sectors. Selected REITs in the U.S. were detractors to return, while exposure to a large health care insurer and a drug maker impacted returns in that sector. Falling oil prices and the general turn to natural gas and non-traditional sources impacted the companies in our energy portfolio.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1d144bbfea1dbb2a0f14b3a7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood LBRTY Global Equity ETF - NAV** | **MSCI ACWI Index Net** | **TOBAM LBRTY<sup>®</sup> All World Equity Index** |
| **03/26/25** | $10000 | $10000 | $10000 |
| **10/31/25** | $12048 | $12008 | $12083 |

---

# **Average Annual Total Returns as of 10/31/2025** 

---

| | |
|:---|:---|
| | **Since Inception (March 26, 2025)** |
| Westwood LBRTY Global Equity ETF - NAV | 20.48% |
| MSCI ACWI Index Net | 20.08% |
| TOBAM LBRTY<sup>®</sup> All World Equity Index | 20.83% |

---

#### Past performance does not guarantee future results. Call (800) 994-0755 or visit https://westwoodgroup.com/product/westwood-lbrty-global-equity-index/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$2,220,792

* Number of Portfolio Holdings193

* Advisory Fee $7,935

* Portfolio Turnover23%

# What did the Fund invest in?

# Country Weighting (% of net assets)
![Group By Sector Chart](i918434d06c93248807adf216.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 2.3% |
| Denmark | 0.9% |
| Ireland | 0.9% |
| Netherlands | 1.1% |
| Germany | 1.4% |
| Switzerland | 1.7% |
| France | 2.1% |
| United Kingdom | 2.3% |
| Canada | 3.9% |
| Japan | 4.6% |
| United States | 78.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;2.1% |

---

# Material Fund Changes
Effective December 12, 2025, for its services, the Sub-Adviser is paid fee by the Adviser, which fee is calculated daily and paid monthly, at an annual rate based on the average daily net assets of each Fund at the following rate: 0.05% of the Fund's first $100 million of average daily net assets; 0.04% of the Fund's next $250 million of average daily net assets; and 0.02% of the Fund's average daily net assets over $350 million (subject to a minimum of $35,000 per year per Fund on the first six Westwood-managed funds that use the Sub-Adviser as well as subject to a maximum cap).

![Image](i3213d9809332d44cc4e51c2c.jpg)

#### Westwood LBRTY Global Equity ETF - Fund (BFRE)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://westwoodgroup.com/product/westwood-lbrty-global-equity-index/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-BFRE

(b) Not applicable

**Item 2.** **Code of Ethics.**

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 12(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

**Item 3.** **Audit Committee Financial Expert.**

The registrant's board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. The name of the audit committee financial expert is Janine L. Cohen. Ms. Cohen is "independent" for purposes of this Item.

**Item 4.** **Principal Accountant Fees and Services.**

(a) <u>Audit Fees</u>. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant's
 annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings
 or engagements were $254,800 and $247,600 with respect to the registrant's fiscal years ended October 31, 2025 and 2024, respectively.

(b) <u>Audit-Related Fees</u>. No fees were billed in either of the last two fiscal years for assurance and related services by the principal accountant
 that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under
 paragraph (a) of this Item.

(c) <u>Tax Fees</u>. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice,
 and tax planning were $53,400 and $52,400 with respect to the registrant's fiscal years ended October 31, 2025 and 2024, respectively.
 The services comprising these fees are the preparation of the registrant's federal income and excise tax returns.

(d) <u>All Other Fees</u>. No fees were billed in either of the last two fiscal years for products and services provided by the principal accountant,
 other than the services reported in paragraphs (a) through (c) of this Item.

(e)(1) The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(e)(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less
 than 50% of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the
 most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent
 employees.

(g) During
 the fiscal years ended October 31, 2025 and 2024, aggregate non-audit fees of $53,400 and $52,400, respectively, were billed by the
 registrant's accountant for services rendered to the registrant. No non-audit fees were billed in either of the last two fiscal
 years by the registrant's accountant for services rendered to the registrant's investment adviser (not including any sub-adviser
 whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling,
 controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(h) The
 principal accountant has not provided any non-audit services to the registrant's investment adviser (not including any sub-adviser
 whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling,
 controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

(i) Not
 applicable

(j) Not
 applicable

**Item 5.** **Audit Committee of Listed Registrants.**

Certain series of the registrant that appear in the shareholder report included in Item 1 listed issuers as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and have a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. All of the Board's independent trustees are members of the audit committee.

**Item 6.** **Investments.**

(a) The Registrant(s) schedule(s) of
 investments is included in the Financial Statements under Item 7 of this form.

(b) Not applicable

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies**

(a) ---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](img_001.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Quality Value Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Quality MidCap Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Quality SMidCap Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Quality SmallCap Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Quality AllCap Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Income Opportunity Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Multi-Asset Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Alternative Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Salient MLP & Energy Infrastructure Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Real Estate Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Broadmark Tactical Growth Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Broadmark Tactical Plus Fund** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annual Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**and Additional Information** | **October 31, 2025** |

---

---

| |
|:---|
| **Investment Adviser:** |
| **Westwood Management Corp.** |

---

**WESTWOOD FUNDS**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;Westwood Quality Value Fund | 1 |
| &nbsp;&nbsp;&nbsp;Westwood Quality MidCap Fund | 3 |
| &nbsp;&nbsp;&nbsp;Westwood Quality SMidCap Fund | 5 |
| &nbsp;&nbsp;&nbsp;Westwood Quality SmallCap Fund | 7 |
| &nbsp;&nbsp;&nbsp;Westwood Quality AllCap Fund | 9 |
| &nbsp;&nbsp;&nbsp;Westwood Income Opportunity Fund | 11 |
| &nbsp;&nbsp;&nbsp;Westwood Multi-Asset Income Fund | 17 |
| &nbsp;&nbsp;&nbsp;Westwood Alternative Income Fund | 23 |
| &nbsp;&nbsp;&nbsp;Westwood Salient MLP & Energy Infrastructure Fund | 29 |
| &nbsp;&nbsp;&nbsp;Westwood Real Estate Income Fund | 32 |
| &nbsp;&nbsp;&nbsp;Westwood Broadmark Tactical Growth Fund | 34 |
| &nbsp;&nbsp;&nbsp;Westwood Broadmark Tactical Plus Fund | 35 |
| Statements of Assets and Liabilities | 36 |
| Statements of Operations | 41 |
| Statements of Changes in Net Assets | 46 |
| Financial Highlights | 58 |
| Notes to Financial Statements | 81 |
| Report of Independent Registered Public Accounting Firm | 115 |
| Additional Information | 117 |
| Other Federal Tax Information | 121 |

---

**WESTWOOD QUALITY VALUE FUND**

**OCTOBER 31, 2025**

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCKS — 99.1%** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Communications — 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services — 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 19134 | $5380289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 5856 | 3796738 |
|  |  | 9177027 |
| &nbsp;&nbsp;&nbsp;*Telecommunications — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 14999 | 3150540 |
| **Consumer Discretionary — 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 28871 | 7050876 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | 12306 | 3672479 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 9089 | 3450093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 38190 | 3606664 |
|  |  | 7056757 |
| **Consumer Staples — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Beverages — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 24572 | 3589724 |
| &nbsp;&nbsp;&nbsp;*Food — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey Company (The) | 21534 | 3652812 |
| &nbsp;&nbsp;&nbsp;*Household Products — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | 31877 | 2795294 |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 18398 | 1861510 |
| **Energy — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 24691 | 3894264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 33288 | 3806816 |
|  |  | 7701080 |
| **Financials — 20.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Company, Inc. | 25822 | 3055517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 11549 | 4357553 |
|  |  | 7413070 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;*Banking — 8.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 29644 | $3650362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 12667 | 3940957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Corporation | 37488 | 3323312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | 49130 | 4272836 |
|  |  | 15187467 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 20743 | 3034493 |
| &nbsp;&nbsp;&nbsp;*Insurance — 6.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company | 14900 | 3717401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 7594 | 3626439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation (The) | 18367 | 3783602 |
|  |  | 11127442 |
| **Health Care — 11.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 20670 | 3903943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Company, Inc. | 41387 | 3558454 |
|  |  | 7462397 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation | 5466 | 4434785 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 34928 | 4317799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 7887 | 4475005 |
|  |  | 8792804 |
| **Industrials — 12.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation | 5468 | 1885913 |
| &nbsp;&nbsp;&nbsp;*Commercial Support Services — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management, Inc. | 15101 | 3016727 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | 8461 | 3976670 |
| &nbsp;&nbsp;&nbsp;*Engineering & Construction — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corporation <sup>(a)</sup> | 4763 | 2012272 |
| &nbsp;&nbsp;&nbsp;*Machinery — 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Company | 7527 | 3474689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veralto Corporation | 34628 | 3417091 |
|  |  | 6891780 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corporation | 114152 | 4111755 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD QUALITY VALUE FUND**

**OCTOBER 31, 2025**

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Materials — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Construction Materials — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 13249 | $1855522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 16202 | 3440009 |
|  |  | 5295531 |
| &nbsp;&nbsp;&nbsp;*Containers & Packaging — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corporation of America | 19023 | 3723943 |
| **Real Estate — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*REITs — 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corporation | 46684 | 3408399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | 31679 | 3931047 |
|  |  | 7339446 |
| **Technology — 13.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 17894 | 2889165 |
| &nbsp;&nbsp;&nbsp;*Software — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 7315 | 3787780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 12360 | 3218668 |
|  |  | 7006448 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 18218 | 4925601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell Technologies, Inc. - Class C | 24021 | 3891642 |
|  |  | 8817243 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | 7776 | 1944778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 10973 | 3738940 |
|  |  | 5683718 |
| **Utilities — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 5.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 44810 | 3647534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Company (The) | 37794 | 3554148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 32327 | 3611895 |
|  |  | 10813577 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $150,751,460) |  | $180624745 |

---

**MONEY MARKET FUNDS — 1.4%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| First American Government Obligations Fund - Class U, 4.05% <sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,562,731) | 2562731 | $2562731 |
| **Investments at Value — 100.5%<br> (Cost $153,314,191)** |  | $183187476 |
| **Liabilities in Excess of Other Assets — (0.5%)** |  | (842019) |
| **Net Assets — 100.0%** |  | $182345457 |

---

plc - Public Limited Company

<sup>(a)</sup> Non-income producing security. <br><sup>(b)</sup> The rate shown is the 7-day effective yield as of October 31, 2025.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD QUALITY MIDCAP FUND**

**OCTOBER 31, 2025**

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCKS — 98.8%** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Consumer Discretionary — 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Home Construction — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 193 | $26045 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 208 | 34024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 184 | 27293 |
|  |  | 61317 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 86 | 27011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 386 | 36454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. <sup>(a)</sup> | 69 | 35872 |
|  |  | 99337 |
| **Consumer Staples — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Food — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Company, Inc. | 374 | 23996 |
| &nbsp;&nbsp;&nbsp;*Household Products — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | 279 | 24465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interparfums, Inc. | 314 | 27993 |
|  |  | 52458 |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup> | 376 | 33186 |
| **Energy — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 6.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corporation | 411 | 37286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 219 | 31359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Corporation <sup>(a)</sup> | 145 | 26971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corporation | 2219 | 27871 |
|  |  | 123487 |
| **Financials — 15.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | 2265 | 35719 |
| &nbsp;&nbsp;&nbsp;*Banking — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 212 | 26106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 569 | 23243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Corporation | 269 | 23847 |
|  |  | 73196 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 198 | 28966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | 81 | 25860 |
|  |  | 54826 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;*Insurance — 6.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | 465 | $36716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company | 93 | 23203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 378 | 30142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | 78 | 24532 |
|  |  | 114593 |
| **Health Care — 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc. <sup>(a)</sup> | 355 | 22436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation | 22 | 17849 |
|  |  | 40285 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avantor, Inc. <sup>(a)</sup> | 1282 | 15153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper Companies, Inc. (The) <sup>(a)</sup> | 518 | 36214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 227 | 22827 |
|  |  | 74194 |
| **Industrials — 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 98 | 20934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | 64 | 30080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 104 | 25304 |
|  |  | 76318 |
| &nbsp;&nbsp;&nbsp;*Machinery — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 209 | 32819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veralto Corporation | 253 | 24966 |
|  |  | 57785 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corporation | 1104 | 39766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services, Inc. | 224 | 37825 |
|  |  | 77591 |
| **Materials — 14.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals — 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. <sup>(a)</sup> | 1261 | 35901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | 576 | 35389 |
|  |  | 71290 |
| &nbsp;&nbsp;&nbsp;*Construction Materials — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 192 | 26889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 156 | 33122 |
|  |  | 60011 |
| &nbsp;&nbsp;&nbsp;*Containers & Packaging — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 282 | 27405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corporation of America | 184 | 36020 |
|  |  | 63425 |
| &nbsp;&nbsp;&nbsp;*Metals & Mining — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco Corporation | 257 | 26268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corporation | 994 | 34999 |
|  |  | 61267 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD QUALITY MIDCAP FUND**

**OCTOBER 31, 2025**

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Real Estate — 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*REITs — 9.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corporation | 495 | $36140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 356 | 34243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 1886 | 33854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | 544 | 40142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Company | 1042 | 23966 |
|  |  | 168345 |
| **Technology — 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 558 | 52307 |
| &nbsp;&nbsp;&nbsp;*Software — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasystems, Inc. | 613 | 39018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corporation <sup>(a)</sup> | 1472 | 34165 |
|  |  | 73183 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | 69 | 38795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corporation | 205 | 32671 |
|  |  | 71466 |
| **Utilities — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 6.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corporation | 376 | 25124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corporation | 502 | 36922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Company | 175 | 23720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy, Inc. | 347 | 26653 |
|  |  | 112419 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,580,292) |  | $1758046 |

---

**MONEY MARKET FUNDS — 1.8%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| First American Treasury Obligations Fund - Class X, 3.98% <sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $31,706) | 31706 | $31706 |
| **Investments at Value — 100.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,611,998) |  | $1789752 |
| **Liabilities in Excess of Other Assets — (0.6%)** |  | (10994) |
| **Net Assets — 100.0%** |  | $1778758 |

---

<sup>(a)</sup> Non-income producing security. <br><sup>(b)</sup> The rate shown is the 7-day effective yield as of October 31, 2025.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD QUALITY SMIDCAP FUND**

**OCTOBER 31, 2025**

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCKS — 98.2%** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Communications — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Entertainment Content — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Music Group Corporation - Class A | 45379 | $1450313 |
| **Consumer Discretionary — 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Automotive — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing Company <sup>(a)</sup> | 12448 | 1907158 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 5.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. (The) | 29140 | 1451172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 3703 | 1475497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 8517 | 1393211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 6590 | 977495 |
|  |  | 5297375 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 29455 | 1410600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 6163 | 1935675 |
|  |  | 3346275 |
| **Consumer Staples — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Household Products — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interparfums, Inc. | 17765 | 1583750 |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup> | 17049 | 1504744 |
| &nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corporation <sup>(a)</sup> | 13479 | 978845 |
| **Energy — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corporation | 15110 | 1370779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Corporation <sup>(a)</sup> | 5645 | 1050027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corporation | 154974 | 1946473 |
|  |  | 4367279 |
| **Financials — 16.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Banking — 9.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 18914 | 2329070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 45843 | 1872686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Corporation | 27404 | 2429365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corporation | 15580 | 2025712 |
|  |  | 8656833 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A | 4423 | 1302839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | 4429 | 1414002 |
|  |  | 2716841 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;*Insurance — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury General Corporation | 18106 | $1399594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 5971 | 1517171 |
|  |  | 2916765 |
| &nbsp;&nbsp;&nbsp;*Specialty Finance — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marex Group plc | 41437 | 1257613 |
| **Health Care — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc. <sup>(a)</sup> | 23332 | 1474583 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avantor, Inc. <sup>(a)</sup> | 65211 | 770794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper Companies, Inc. (The) <sup>(a)</sup> | 13224 | 924490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corporation <sup>(a)</sup> | 21845 | 1410531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teleflex, Inc. | 8310 | 1034346 |
|  |  | 4140161 |
| **Industrials — 15.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense — 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR Corporation <sup>(a)</sup> | 24201 | 2037966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>(a)</sup> | 14535 | 1316871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc. - Class A | 4784 | 980003 |
|  |  | 4334840 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 4490 | 959109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | 3252 | 1528440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 5670 | 1379568 |
|  |  | 3867117 |
| &nbsp;&nbsp;&nbsp;*Industrial Intermediate Products — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timken Company (The) | 23622 | 1854563 |
| &nbsp;&nbsp;&nbsp;*Machinery — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 12399 | 1947015 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO, Inc. <sup>(a)</sup> | 10553 | 1518260 |
| &nbsp;&nbsp;&nbsp;*Transportation Equipment — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Bird Corporation <sup>(a)</sup> | 22221 | 1110161 |
| **Materials — 16.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. <sup>(a)</sup> | 67369 | 1917995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensient Technologies Corporation | 21840 | 2059294 |
|  |  | 3977289 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD QUALITY SMIDCAP FUND**

**OCTOBER 31, 2025**

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Materials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;*Construction Materials — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 14742 | $2064617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 8629 | 1832109 |
|  |  | 3896726 |
| &nbsp;&nbsp;&nbsp;*Containers & Packaging — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 16707 | 1623586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corporation of America | 10007 | 1958971 |
|  |  | 3582557 |
| &nbsp;&nbsp;&nbsp;*Forestry, Paper & Wood Products — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Company | 12888 | 908475 |
| &nbsp;&nbsp;&nbsp;*Metals & Mining — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corporation | 42564 | 1498678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 8362 | 1461594 |
|  |  | 2960272 |
| **Real Estate — 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Real Estate Services — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmark Group, Inc. - Class A | 63044 | 1124074 |
| &nbsp;&nbsp;&nbsp;*REITs — 8.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | 40889 | 1069656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COPT Defense Properties | 51542 | 1451938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 14766 | 1420342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic Corporation | 47551 | 1902040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 45402 | 1876011 |
|  |  | 7719987 |
| **Technology — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>(a)</sup> | 8964 | 921858 |
| &nbsp;&nbsp;&nbsp;*Software — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackLine, Inc. <sup>(a)</sup> | 12596 | 721121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasystems, Inc. | 23795 | 1514552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corporation <sup>(a)</sup> | 82706 | 1919606 |
|  |  | 4155279 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amdocs Ltd. | 11338 | 955340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | 2493 | 1401689 |
|  |  | 2357029 |
| **Utilities — 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avista Corporation | 50181 | 1909387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDACORP, Inc. | 17963 | 2317586 |
|  |  | 4226973 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Utilities — continued** |  |  |
| &nbsp;&nbsp;&nbsp;*Gas & Water Utilities — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Fuel Gas Company | 24159 | $1906387 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $84,882,883) |  | $93967397 |
| **MONEY MARKET FUNDS — 2.8%** | **MONEY MARKET FUNDS — 2.8%** | **MONEY MARKET FUNDS — 2.8%** |
| First American Government Obligations Fund - Class U, 4.05% <sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,684,372) | 2684372 | $2684372 |
| **Investments at Value — 101.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $87,567,255) |  | $96651769 |
| **Liabilities in Excess of Other Assets — (1.0%)** |  | (925392) |
| **Net Assets — 100.0%** |  | $95726377 |

---

plc - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security. <br><sup>(b)</sup> The rate shown is the 7-day effective yield as of October 31, 2025.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD QUALITY SMALLCAP FUND**

**OCTOBER 31, 2025**

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCKS — 98.7%** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Consumer Discretionary — 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Home Construction — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Communities, Inc. | 313756 | $18637106 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. (The) | 273766 | 13633547 |
| &nbsp;&nbsp;&nbsp;*Leisure Products — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc. <sup>(a)</sup> | 565899 | 19234907 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 376266 | 18019379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>(a)</sup> | 52954 | 10042726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonic Automotive, Inc. - Class A | 158128 | 10045872 |
|  |  | 38107977 |
| **Consumer Staples — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Food — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J & J Snack Foods Corporation | 97141 | 8222986 |
| &nbsp;&nbsp;&nbsp;*Household Products — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Garden & Pet Company - Class A <sup>(a)</sup> | 303626 | 8443839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interparfums, Inc. | 198736 | 17717314 |
|  |  | 26161153 |
| **Energy — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Corporation <sup>(a)</sup> | 54306 | 10101459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinity Natural Resources, Inc. - Class A <sup>(a)</sup> | 513629 | 5896461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Oil and Gas, Inc. | 737786 | 16327204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy Company | 930595 | 19440130 |
|  |  | 51765254 |
| **Financials — 23.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Banking — 18.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corporation | 558353 | 18157640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Corporation | 320861 | 19376796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City Holding Company | 156755 | 18478279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coastal Financial Corporation <sup>(a)</sup> | 92399 | 9840493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FB Financial Corporation | 334843 | 18084870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Bancorp | 376929 | 18296134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank Holdings Corporation - Class A | 385962 | 13763405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renasant Corporation | 564014 | 18967791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | 640749 | 19414695 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;*Banking — continued* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simmons First National Corporation - Class A | 1084039 | $18840598 |
|  |  | 173220701 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perella Weinberg Partners | 503247 | 9400654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | 58575 | 18700654 |
|  |  | 28101308 |
| &nbsp;&nbsp;&nbsp;*Insurance — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. (The) <sup>(a)</sup> | 686903 | 15180556 |
| **Health Care — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | 310545 | 18819027 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONMED Corporation | 376648 | 16572512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. <sup>(a)</sup> | 207822 | 18192738 |
|  |  | 34765250 |
| **Industrials — 20.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR Corporation <sup>(a)</sup> | 221184 | 18625905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc. - Class A | 92332 | 18914210 |
|  |  | 37540115 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | 444740 | 20226775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hayward Holdings Inc. <sup>(a)</sup> | 1117367 | 18961718 |
|  |  | 39188493 |
| &nbsp;&nbsp;&nbsp;*Engineering & Construction — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. <sup>(a)</sup> | 214698 | 19513901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MYR Group, Inc. <sup>(a)</sup> | 2862 | 623058 |
|  |  | 20136959 |
| &nbsp;&nbsp;&nbsp;*Industrial Intermediate Products — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AZZ, Inc. | 142787 | 14257282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standex International Corporation | 81991 | 19122761 |
|  |  | 33380043 |
| &nbsp;&nbsp;&nbsp;*Machinery — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 102831 | 18377956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc. <sup>(a)</sup> | 403519 | 11593101 |
|  |  | 29971057 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ArcBest Corporation | 185715 | 13802339 |
| &nbsp;&nbsp;&nbsp;*Transportation Equipment — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Bird Corporation <sup>(a)</sup> | 339072 | 16940037 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD QUALITY SMALLCAP FUND**

**OCTOBER 31, 2025**

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Materials — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals — 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawkins, Inc. | 89283 | $12664793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innospec, Inc. | 127817 | 9404775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensient Technologies Corporation | 183044 | 17259219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stepan Company | 210493 | 9124872 |
|  |  | 48453659 |
| &nbsp;&nbsp;&nbsp;*Construction Materials — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knife River Corporation <sup>(a)</sup> | 239562 | 14483918 |
| &nbsp;&nbsp;&nbsp;*Forestry, Paper & Wood Products — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Company | 131573 | 9274581 |
| **Real Estate — 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Real Estate Services — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmark Group, Inc. - Class A | 640880 | 11426890 |
| &nbsp;&nbsp;&nbsp;*REITs — 9.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COPT Defense Properties | 679928 | 19153572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | 818037 | 19338395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic Corporation | 458229 | 18329160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | 1048017 | 9274950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Edge Properties | 1007491 | 19374052 |
|  |  | 85470129 |
| **Technology — 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 228431 | 9568975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeco Instruments, Inc. <sup>(a)</sup> | 641724 | 18449565 |
|  |  | 28018540 |
| &nbsp;&nbsp;&nbsp;*Software — 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackLine, Inc. <sup>(a)</sup> | 333575 | 19097169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc. <sup>(a)</sup> | 198227 | 9108530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corporation - Class A <sup>(a)</sup> | 810989 | 18823055 |
|  |  | 47028754 |
| **Utilities — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avista Corporation | 493704 | 18785437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 249146 | 14866542 |
|  |  | 33651979 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $822,308,553) |  | $914617265 |

---

**MONEY MARKET FUNDS — 0.8%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| First American Government Obligations Fund - Class U, 4.05% <sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,368,599) | 7368599 | $7368599 |
| **Investments at Value — 99.5%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $829,677,152) |  | $921985864 |
| **Other Assets in Excess of Liabilities — 0.5%** |  | 4825031 |
| **Net Assets — 100.0%** |  | $926810895 |

---

<sup>(a)</sup> Non-income producing security. <br><sup>(b)</sup> The rate shown is the 7-day effective yield as of October 31, 2025.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD QUALITY ALLCAP FUND**

**OCTOBER 31, 2025**

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCKS — 98.7%** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Communications — 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Entertainment Content — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | 3834 | $431785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Music Group Corporation - Class A | 10297 | 329092 |
|  |  | 760877 |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 1711 | 481116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 603 | 390955 |
|  |  | 872071 |
| &nbsp;&nbsp;&nbsp;*Telecommunications — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 1857 | 390063 |
| **Consumer Discretionary — 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 2495 | 609329 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 848 | 337894 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 4290 | 405147 |
| &nbsp;&nbsp;&nbsp;*Wholesale - Discretionary — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool Corporation | 715 | 190948 |
| **Consumer Staples — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup> | 4407 | 388962 |
| &nbsp;&nbsp;&nbsp;*Tobacco & Cannabis — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 3505 | 505876 |
| **Energy — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 2989 | 427995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 3404 | 360279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corporation | 5527 | 296137 |
|  |  | 1084411 |
| **Financials — 17.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 3126 | 388593 |
| &nbsp;&nbsp;&nbsp;*Banking — 8.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | 8983 | 480141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 7489 | 305926 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;*Banking — continued* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 2145 | $667352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Corporation | 4646 | 411868 |
|  |  | 1865287 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A | 966 | 284545 |
| &nbsp;&nbsp;&nbsp;*Insurance — 5.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 2243 | 178857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International General Insurance Holdings Ltd. | 14010 | 298413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury General Corporation | 5163 | 399100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation (The) | 1951 | 401906 |
|  |  | 1278276 |
| **Health Care — 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 3397 | 641591 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation | 570 | 462464 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 5.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 4659 | 575946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon, Inc. | 2698 | 199355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 849 | 481714 |
|  |  | 1257015 |
| **Industrials — 11.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The) <sup>(a)</sup> | 1535 | 308566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation | 965 | 332828 |
|  |  | 641394 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | 1041 | 489270 |
| &nbsp;&nbsp;&nbsp;*Machinery — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veralto Corporation | 3112 | 307092 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corporation | 12535 | 451511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO, Inc. <sup>(a)</sup> | 1643 | 236378 |
|  |  | 687889 |
| &nbsp;&nbsp;&nbsp;*Transportation Equipment — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Bird Corporation <sup>(a)</sup> | 6044 | 301959 |
| **Materials — 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensient Technologies Corporation | 4795 | 452121 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD QUALITY ALLCAP FUND**

**OCTOBER 31, 2025**

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Materials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;*Construction Materials — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 3190 | $446759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knife River Corporation <sup>(a)</sup> | 4862 | 293957 |
|  |  | 740716 |
| &nbsp;&nbsp;&nbsp;*Containers & Packaging — 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 4736 | 460244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corporation of America | 2052 | 401700 |
|  |  | 861944 |
| **Real Estate — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*REITs — 5.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corporation | 2227 | 398589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 2278 | 397579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | 6390 | 471518 |
|  |  | 1267686 |
| **Technology — 13.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | 317 | 335776 |
| &nbsp;&nbsp;&nbsp;*Software — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 891 | 461369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 936 | 243744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corporation <sup>(a)</sup> | 9798 | 227411 |
|  |  | 932524 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 1590 | 429888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell Technologies, Inc. - Class C | 2801 | 453790 |
|  |  | 883678 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | 753 | 423374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corporation | 2177 | 346949 |
|  |  | 770323 |
| **Utilities — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corporation | 5732 | 421589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 3796 | 424127 |
|  |  | 845716 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $18,511,430) |  | $21241437 |

---

**MONEY MARKET FUNDS — 1.3%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| First American Treasury Obligations Fund - Class X, 3.98% <sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $271,396) | 271396 | $271396 |
| **Investments at Value — 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $18,782,826) |  | $21512833 |
| **Other Assets in Excess of Liabilities — 0.0% <sup>(c)</sup>** |  | 9132 |
| **Net Assets — 100.0%** |  | $21521965 |

---

N.V. - Naamloze Vennootschap

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of October 31, 2025.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD INCOME OPPORTUNITY FUND**

**OCTOBER 31, 2025**

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **U.S. GOVERNMENT & AGENCIES — 8.9%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Par Value | Value |
| **U.S. Treasury Bonds — 5.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds | 4.375% | 08/15/43 | $5250000 | $5101934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds | 4.750% | 11/15/53 | 5030000 | 5082854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds | 4.500% | 11/15/54 | 5430000 | 5277069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds | 4.625% | 02/15/55 | 3820000 | 3788963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds | 4.750% | 05/15/55 | 8650000 | 8758124 |
|  |  |  |  | 28008944 |
| **U.S. Treasury Notes — 3.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes | 4.000% | 02/28/30 | 3250000 | 3289990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes | 3.875% | 07/31/30 | 1935000 | 1948530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes | 4.125% | 11/15/32 | 1310000 | 1328166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes | 4.375% | 05/15/34 | 6315000 | 6479042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes | 4.625% | 02/15/35 | 7565000 | 7886513 |
|  |  |  |  | 20932241 |
| **Total U.S. Government & Agencies** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $48,291,750) |  |  |  | $48941185 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.7%** |  |  |  |  |
| **Federal Home Loan Mortgage Corporation — 1.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC, Series 2021-HQA1, Class B-2, 144A <sup>(a)</sup> | 9.183% | 08/25/33 | $2145000 | $2504288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC, Pool #SD8275 | 4.500% | 12/01/52 | 2443377 | 2391955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC, Pool #SD8288 | 5.000% | 01/01/53 | 2367787 | 2367448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC, Pool #SD2605 | 5.500% | 04/01/53 | 2379017 | 2418753 |
|  |  |  |  | 9682444 |
| **Federal National Mortgage Association — 0.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA, Pool #FS3394 | 4.000% | 10/01/52 | 2603167 | 2481157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA, Pool #MA5192 | 6.500% | 11/01/53 | 2376903 | 2463243 |
|  |  |  |  | 4944400 |
| **Total Collateralized Mortgage Obligations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,417,035) |  |  |  | $14626844 |
| **CONVERTIBLE BONDS — 4.4%** |  |  |  |  |
| **Communications — 0.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDS Holdings Ltd., 144A | 2.250% | 06/01/32 | $1310000 | $1754090 |
| **Consumer Discretionary — 0.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meritage Homes Corporation | 1.750% | 05/15/28 | 2680000 | 2669513 |
| **Energy — 0.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | 3.625% | 04/15/29 | 1950000 | 1889550 |
| **Real Estate — 1.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Properties Ltd., L.P., 144A | 2.000% | 10/01/30 | 3750000 | 3669375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Office Properties, L.P., 144A | 5.250% | 09/15/28 | 2045000 | 2312508 |
|  |  |  |  | 5981883 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD INCOME OPPORTUNITY FUND**

**OCTOBER 31, 2025**

**CONVERTIBLE BONDS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Par Value | Value |
| **Technology — 0.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackLine, Inc. | 1.000% | 06/01/29 | $2105000 | $2257823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MARA Holdings, Inc., 144A | 0.000% | 08/01/32 | 1915000 | 2086393 |
|  |  |  |  | 4344216 |
| **Utilities — 1.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 4.250% | 08/15/26 | 3615000 | 3976500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. | 3.000% | 03/01/27 | 2920000 | 3655840 |
|  |  |  |  | 7632340 |
| **Total Convertible Bonds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $23,365,458) |  |  |  | $24271592 |
| **CORPORATE BONDS — 30.5%** |  |  |  |  |
| **Communications — 3.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. | 5.300% | 05/15/65 | $2225000 | $2185263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;América Móvil S.A.B. de C.V., 144A | 5.375% | 04/04/32 | 3050000 | 3056982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating, LLC | 6.384% | 10/23/35 | 2430000 | 2514243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating, LLC | 6.484% | 10/23/45 | 3750000 | 3643560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco SARL / Connect U.S. Finco, LLC, 144A | 9.000% | 09/15/29 | 2585000 | 2737073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | 7.200% | 06/27/54 | 2515000 | 2687096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc., 144A | 8.125% | 02/15/33 | 2566000 | 2614985 |
|  |  |  |  | 19439202 |
| **Consumer Discretionary — 0.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Communities, Inc., 144A | 6.625% | 09/15/33 | 1289000 | 1285117 |
| **Consumer Staples — 1.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAT Capital Corporation | 7.750% | 10/19/32 | 3576000 | 4164856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mars, Inc., 144A | 5.700% | 05/01/55 | 1620000 | 1646111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pilgrim's Pride Corporation | 6.250% | 07/01/33 | 3000000 | 3195524 |
|  |  |  |  | 9006491 |
| **Energy — 3.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Pipelines Operating Company, LLC, 144A | 6.544% | 11/15/53 | 3705000 | 3976932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. (H15T5Y + 531) <sup>(a)(b)</sup> | 7.125% | 05/15/65 | 2500000 | 2580760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc., 144A | 7.875% | 10/15/33 | 3667000 | 3571504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 Company, Series B | 6.200% | 03/15/56 | 1780000 | 1797642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra Energy | 6.400% | 10/01/54 | 3000000 | 3080967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunoco, L.P., Series A, 144A | 7.875% | 03/18/45 | 1460000 | 1482630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransCanada Trust | 5.600% | 03/07/82 | 2918000 | 2885955 |
|  |  |  |  | 19376390 |
| **Financials — 16.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 6.992% | 06/13/29 | 3175000 | 3333399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital Corporation | 7.000% | 01/15/27 | 3000000 | 3080867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | 6.250% | 10/15/35 | 3055000 | 3107751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | 5.518% | 10/25/35 | 3140000 | 3219418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia, Series 4 | 8.625% | 10/27/82 | 3270000 | 3458682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays plc | 7.385% | 11/02/28 | 2845000 | 3011894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays plc <sup>(b)</sup> | 8.000% | 12/31/49 | 3150000 | 3352536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas, 144A (H15T5Y + 313) <sup>(b)</sup> | 7.450% | 12/27/49 | 2750000 | 2859549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corporation (SOFR + 307) <sup>(a)(b)</sup> | 7.624% | 10/30/31 | 2560000 | 2885514 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD INCOME OPPORTUNITY FUND**

**OCTOBER 31, 2025**

**CORPORATE BONDS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Par Value | Value |
| **Financials — continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 6.174% | 05/25/34 | $2065000 | $2194472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. <sup>(a)(b)</sup> | 7.200% | 12/31/49 | 3330000 | 3448042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Group Diversified Holdings, LLC, 144A | 5.250% | 04/15/29 | 2950750 | 2672707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deluxe Corporation, 144A | 8.125% | 09/15/29 | 2600000 | 2720775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farmers Exchange Capital, 144A | 7.050% | 07/15/28 | 3670000 | 3854738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Corners Funding Trust IV, 144A | 5.997% | 02/15/53 | 1925000 | 2003480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Private Credit Fund | 5.875% | 05/01/30 | 3635000 | 3692171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings plc <sup>(b)</sup> | 8.000% | 12/31/49 | 3455000 | 3658368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A., 144A | 7.778% | 06/20/54 | 2150000 | 2578999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corporation <sup>(b)</sup> | 9.250% | 12/31/49 | 2065000 | 2221343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, Series I | 6.296% | 10/18/28 | 2385000 | 2479916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, Series F (SOFR + 262) <sup>(a)</sup> | 5.942% | 02/07/39 | 1830000 | 1920006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Australia Bank Ltd., 144A | 6.429% | 01/12/33 | 2870000 | 3129482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Company, L.P. / PTL Finance Corporation, 144A | 6.200% | 06/15/30 | 2815000 | 3008763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 5.750% | 06/05/33 | 2440000 | 2551861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBL Holdings, Inc., 144A | 7.200% | 10/30/34 | 3600000 | 3513543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Street Lending Partners | 5.750% | 01/15/30 | 2085000 | 2112845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation <sup>(a)(b)</sup> | 6.700% | 12/31/49 | 4000000 | 4155075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp <sup>(a)(b)</sup> | 3.700% | 12/31/49 | 4025000 | 3909299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company, Series W | 5.198% | 01/23/30 | 3595000 | 3698228 |
|  |  |  |  | 87833723 |
| **Health Care — 1.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Health Systems, Inc., 144A | 10.875% | 01/15/32 | 2675000 | 2883530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | 6.000% | 01/15/28 | 2735000 | 2824691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mylan, Inc. | 5.200% | 04/15/48 | 2650000 | 2156127 |
|  |  |  |  | 7864348 |
| **Materials — 0.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings, LLC | 6.850% | 11/15/28 | 2475000 | 2563521 |
| **Real Estate — 1.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty OP, LLC | 4.850% | 03/01/35 | 2545000 | 2531275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPT Operating Partnership, L.P., 144A | 8.500% | 02/15/32 | 3000000 | 3142278 |
|  |  |  |  | 5673553 |
| **Technology — 1.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell International, LLC / EMC Corporation | 8.350% | 07/15/46 | 1314000 | 1699031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP, Inc. | 6.100% | 04/25/35 | 1435000 | 1518223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | 4.800% | 09/26/32 | 1110000 | 1096526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | 6.900% | 11/09/52 | 2075000 | 2213751 |
|  |  |  |  | 6527531 |
| **Utilities — 1.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Gas Transmission Company, 144A | 5.750% | 07/15/35 | 2880000 | 2995167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Power Company | 5.250% | 03/15/34 | 2785000 | 2873575 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD INCOME OPPORTUNITY FUND**

**OCTOBER 31, 2025**

**CORPORATE BONDS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Par Value | Value |
| **Utilities — continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego Gas & Electric Company, Series CCCC | 5.400% | 04/15/35 | $2030000 | $2100608 |
|  |  |  |  | 7969350 |
| **Total Corporate Bonds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $159,719,651) |  |  |  | $167539226 |
| **FOREIGN GOVERNMENTS — 0.8%** |  |  |  |  |
| Mexico Government International Bonds<br> (Cost $3,918,020) | 7.375% | 05/13/55 | $3980000 | $4467550 |

---

**COMMON STOCKS — 45.5%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Communications — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Entertainment Content — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | 34365 | $3870186 |
| &nbsp;&nbsp;&nbsp;Internet Media & Services — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 50912 | 14315945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 6208 | 4024957 |
|  |  | 18340902 |
| **Consumer Discretionary — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Retail - Discretionary — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 13360 | 5071322 |
| **Consumer Staples — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Food — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc. - Class A | 65826 | 3384115 |
| &nbsp;&nbsp;&nbsp;Retail - Consumer Staples — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 42727 | 4323118 |
| &nbsp;&nbsp;&nbsp;Tobacco & Cannabis — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 23785 | 3432889 |
| **Energy — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Oil & Gas Producers — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 16420 | 2589762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. | 525479 | 8843812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 151018 | 3955161 |
|  |  | 15388735 |
| **Financials — 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Asset Management — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gitlab, Inc. - Class A <sup>(c)</sup> | 41060 | 2001675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG, Inc. | 80822 | 4448443 |
|  |  | 6450118 |
| &nbsp;&nbsp;&nbsp;Banking — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 24554 | 7639240 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Banking — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Bank Corporation | 64715 | $5736985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | 103880 | 9034444 |
|  |  | 22410669 |
| &nbsp;&nbsp;&nbsp;Insurance — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury General Corporation | 78905 | 6099357 |
| &nbsp;&nbsp;&nbsp;Specialty Finance — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corporation | 25239 | 5552328 |
| **Health Care — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Biotech & Pharma — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 86365 | 10345663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 34880 | 6587786 |
|  |  | 16933449 |
| &nbsp;&nbsp;&nbsp;Medical Equipment & Devices — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon, Inc. | 67289 | 4971984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson & Company | 14883 | 2659741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | 46019 | 4173923 |
|  |  | 11805648 |
| **Industrials — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems plc - ADR | 24687 | 2441791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation | 19032 | 6564137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>(c)(d)</sup> | 98000 | 8878799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corporation | 5475 | 2693043 |
|  |  | 20577770 |
| &nbsp;&nbsp;&nbsp;Diversified Industrials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 26532 | 5341688 |
| &nbsp;&nbsp;&nbsp;Transportation & Logistics — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corporation | 22091 | 5607138 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD INCOME OPPORTUNITY FUND**

**OCTOBER 31, 2025**

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Materials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Chemicals — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solstice Advanced Materials, Inc. <sup>(c)</sup> | 6633 | $298949 |
| &nbsp;&nbsp;&nbsp;Metals & Mining — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corporation | 208543 | 6840211 |
| **Real Estate — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;REITs — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 13590 | 3421554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | 33273 | 4128847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | 10916 | 3040761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | 75006 | 5534693 |
|  |  | 16125855 |
| **Technology — 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Semiconductors — 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 84748 | 7944278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. <sup>(d)</sup> | 46000 | 10293420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | 44000 | 8909560 |
|  |  | 27147258 |
| &nbsp;&nbsp;&nbsp;Software — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 23468 | 12151965 |
| &nbsp;&nbsp;&nbsp;Technology Hardware — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 19527 | 5279515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 72447 | 5296600 |
|  |  | 10576115 |
| &nbsp;&nbsp;&nbsp;Technology Services — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | 23648 | 7269632 |
| **Utilities — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Electric Utilities — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corporation | 49517 | 3308726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. | 132866 | 4090944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 60784 | 6791396 |
|  |  | 14191066 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $175,566,144) |  | $249190483 |
| **EXCHANGE-TRADED FUNDS — 3.2%** | **EXCHANGE-TRADED FUNDS — 3.2%** |  |
| iShares Core S&P Mid-Cap ETF | 60344 | $3918136 |
| JPMorgan Equity Premium Income ETF | 100401 | 5710809 |
| JPMorgan Nasdaq Equity Premium Income ETF | 135236 | 7992447 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,984,396) |  | $17621392 |

---

**PREFERRED STOCKS — 2.0%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Industrials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The), 6.00%, 10/15/2027 | 71350 | $4617772 |
| **Technology — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Company, 7.63%, 09/01/2027 | 75800 | 5122564 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., 6.00%, 05/01/2028 - Series A | 11500 | 982790 |
| **Total Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,787,840) |  | $10723126 |
| **MONEY MARKET FUNDS — 1.3%** | **MONEY MARKET FUNDS — 1.3%** |  |
| First American Government Obligations Fund - Class U, 4.05% <sup>(e)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,048,757) | 7048757 | $7048757 |
| **Investments at Value — 99.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $456,099,051) |  | $544430155 |
| **Other Assets in Excess of Liabilities — 0.7%** |  | 4051482 |
| **Net Assets — 100.0%** |  | $548481637 |

---

144A - Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of such securities is $68,060,999 as of October 31, 2025, representing 12.4% of net assets.

ADR - American Depositary Receipt

H15T1Y - U.S. Treasury yield curve rate for U.S. Treasury Note with a constant maturity of 1 year.

plc - Public Limited Company

S.A.B. de C.V. - Societe Anonima Bursatil de Capital Variable

S.p.A. - Societa per azioni

SOFR - Secured Overnight Financing Rate.

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD INCOME OPPORTUNITY FUND**

**OCTOBER 31, 2025**

issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

---

| | |
|:---|:---|
| <sup>(b)</sup> | Security has a perpetual maturity date. |
| |  |
| <sup>(c)</sup> | Non-income producing security. |
| |  |
| <sup>(d)</sup> | All or a portion of the security covers a written call option. The total value of securities as of October 31, 2025 was $19,172,219. |
| |  |
| <sup>(e)</sup> | The rate shown is the 7-day effective yield as of October 31, 2025. |

---

**SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Strike<br> Price | Contracts | Notional<br> Value | Value of<br> Options |
| **Call Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc., 11/21/25 | $100.00 | 980 | $8878800 | $480200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc., 01/16/26 | 280.00 | 460 | 10293420 | 492200 |
| **Total Written Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Premiums $1,003,777) |  |  | $19172220 | $972400 |

---

The average monthly notional value of written option contracts during the year ended October 31, 2025 was $14,370,998.

**SCHEDULE OF FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Contracts | Expiration<br> Date | Notional<br> Value | Value/<br> Unrealized<br> Appreciation/<br> (Depreciation) |
| **Currency Future** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Euro Foreign Exchange Currency Future | 75 | 12/15/2025 | $10830000 | $(67790) |
| **Interest Rate Futures** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-Year U.S. Treasury Note Future | 115 | 12/31/2025 | 23947852 | (32672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-Year U.S. Treasury Note Future | 342 | 12/31/2025 | 37350140 | (89561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10-Year U.S. Treasury Note Future | 60 | 12/19/2025 | 6929063 | 81847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Ultra Long Term U.S. Treasury Bond Future | 80 | 12/19/2025 | 9702500 | 167275 |
|  |  |  | 72929555 | 126889 |
| **Total Futures Contracts** |  |  | $88759555 | $59099 |

---

The average monthly notional value of futures contracts during the year ended October 31, 2025 was $33,596,488.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD MULTI-ASSET INCOME FUND**

**OCTOBER 31, 2025**

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **U.S. GOVERNMENT & AGENCIES — 3.5%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Par Value | Value |
| **U.S. Treasury Bills <sup>(a)</sup> — 0.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | 4.168% | 11/13/25 | $500000 | $499460 |
| **U.S. Treasury Notes — 3.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes | 4.000% | 03/31/30 | 1035000 | 1047654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes | 3.875% | 07/31/30 | 1000000 | 1006992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes | 4.625% | 02/15/35 | 1035000 | 1078988 |
|  |  |  |  | 3133634 |
| **Total U.S. Government & Agencies** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,640,576) |  |  |  | $3633094 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.2%** |  |  |  |  |
| **Federal Home Loan Mortgage Corporation — 1.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC, Series 2021-HQA1, Class B-2, 144A <sup>(a)</sup> | 9.183% | 08/25/33 | $460000 | $537050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC, Pool #SD8275 | 4.500% | 12/01/52 | 455823 | 446230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC, Pool #SD8288 | 5.000% | 01/01/53 | 441933 | 441870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC, Pool #SD2605 | 5.500% | 04/01/53 | 446066 | 453516 |
|  |  |  |  | 1878666 |
| **Federal National Mortgage Association — 0.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA, Pool #FS3394 | 4.000% | 10/01/52 | 486494 | 463692 |
| **Total Collateralized Mortgage Obligations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,317,780) |  |  |  | $2342358 |
| **CONVERTIBLE BONDS — 4.7%** |  |  |  |  |
| **Financials — 1.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc. | 5.500% | 03/15/27 | $1000000 | $984500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | 7.750% | 06/15/27 | 1000000 | 996500 |
|  |  |  |  | 1981000 |
| **Real Estate — 0.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Properties Ltd., L.P., 144A | 2.000% | 10/01/30 | 815000 | 797477 |
| **Technology — 2.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackLine, Inc. | 1.000% | 06/01/29 | 1000000 | 1072600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre Global, Inc., 144A | 10.750% | 11/15/29 | 1082000 | 1030605 |
|  |  |  |  | 2103205 |
| **Total Convertible Bonds<br> (Cost $4,752,813)** |  |  |  | $4881682 |
| **CORPORATE BONDS — 59.7%** |  |  |  |  |
| **Communications — 11.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. | 5.300% | 05/15/65 | $460000 | $451785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;América Móvil S.A.B. de C.V., 144A | 5.375% | 04/04/32 | 360000 | 360824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating, LLC | 6.384% | 10/23/35 | 1000000 | 1034668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 144A | 7.875% | 04/01/30 | 1000000 | 1048360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco SARL / Connect U.S. Finco, LLC, 144A | 9.000% | 09/15/29 | 500000 | 529414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings, LLC, 144A | 11.250% | 05/15/28 | 1000000 | 877155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISH Network Corporation, 144A | 11.750% | 11/15/27 | 1000000 | 1052855 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD MULTI-ASSET INCOME FUND**

**OCTOBER 31, 2025**

**CORPORATE BONDS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Par Value | Value |
| **Communications — continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.W. Scripps Company (The), 144A | 9.875% | 08/15/30 | $1000000 | $948303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | 7.200% | 06/27/54 | 525000 | 560925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Getty Images, Inc., 144A | 11.250% | 02/21/30 | 1000000 | 996026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Media, Inc., 144A | 7.250% | 08/15/33 | 1000000 | 979211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iHeartCommunications, Inc., 144A | 7.750% | 08/15/30 | 1000000 | 835708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muvico, LLC, 144A | 15.000% | 02/19/29 | 1000000 | 1082320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc., 144A | 8.125% | 02/15/33 | 919000 | 936544 |
|  |  |  |  | 11694098 |
| **Consumer Discretionary — 6.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptiv plc / Aptiv Global Financing DAC | 6.875% | 12/15/54 | 1000000 | 1021004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Communities, Inc., 144A | 6.625% | 09/15/33 | 691000 | 688918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit Company, LLC | 7.450% | 07/16/31 | 1000000 | 1104396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Odeon Finco plc, 144A | 12.750% | 11/01/27 | 1000000 | 1033317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shutterfly Finance, LLC, 144A | 8.500% | 10/01/27 | 1021250 | 998272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Flags Entertainment Corporation / Six Flags Theme Parks, Inc., 144A | 6.625% | 05/01/32 | 1000000 | 1013937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staples, Inc., 144A | 10.750% | 09/01/29 | 1000000 | 975268 |
|  |  |  |  | 6835112 |
| **Consumer Staples — 0.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAT Capital Corporation | 7.750% | 10/19/32 | 552000 | 642897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mars, Inc., 144A | 5.700% | 05/01/55 | 320000 | 325158 |
|  |  |  |  | 968055 |
| **Energy — 10.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corporation, 144A | 6.000% | 10/01/30 | 1000000 | 1001048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVR Energy, Inc., 144A | 8.500% | 01/15/29 | 1000000 | 1024847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 5.900% | 04/18/64 | 460000 | 439899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. (H15T5Y + 531) <sup>(b)(c)</sup> | 7.125% | 05/15/65 | 525000 | 541960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golar LNG Ltd., 144A | 7.750% | 09/19/29 | 1000000 | 1003282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Midstream Partners, L.P., 144A | 11.500% | 02/15/28 | 1000000 | 1028430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating, LLC / NGL Energy Finance Corporation, 144A | 8.125% | 02/15/29 | 1000000 | 1023321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc., 144A | 7.875% | 10/15/33 | 1333000 | 1298286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PBF Holding Company, LLC / PBF Finance Corporation, 144A | 9.875% | 03/15/30 | 1000000 | 1060073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 Company, Series B | 6.200% | 03/15/56 | 385000 | 388816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains All American Pipeline, L.P. / PAA Finance Corporation | 5.600% | 01/15/36 | 40000 | 40386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra Energy <sup>(c)</sup> | 6.400% | 10/01/54 | 450000 | 462145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunoco, L.P., Series A, 144A | 7.875% | 03/18/45 | 315000 | 319882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransCanada Trust | 5.600% | 03/07/82 | 478000 | 472751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W&T Offshore, Inc., 144A | 10.750% | 02/01/29 | 500000 | 468935 |
|  |  |  |  | 10574061 |
| **Financials — 11.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 6.992% | 06/13/29 | 590000 | 619435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital Corporation | 7.000% | 01/15/27 | 735000 | 754813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avation Capital S.A., 144A | 8.250% | 10/31/26 | 500000 | 500148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | 6.250% | 10/15/35 | 650000 | 661224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | 5.518% | 10/25/35 | 635000 | 651061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays plc | 7.385% | 11/02/28 | 515000 | 545211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corporation | 5.800% | 03/15/30 | 500000 | 502726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Group Diversified Holdings, LLC, 144A | 5.250% | 04/15/29 | 1017500 | 921623 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD MULTI-ASSET INCOME FUND**

**OCTOBER 31, 2025**

**CORPORATE BONDS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Par Value | Value |
| **Financials — continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Private Credit Fund | 5.875% | 05/01/30 | $890000 | $903998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings plc <sup>(c)</sup> | 8.000% | 12/31/49 | 615000 | 651200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icahn Enterprises, L.P. / Icahn Enterprises Financial Corporation, 144A | 10.000% | 11/15/29 | 1250000 | 1254616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A., 144A | 7.778% | 06/20/54 | 360000 | 431832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, Series F (SOFR + 262) <sup>(b)</sup> | 5.942% | 02/07/39 | 450000 | 472133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Queen MergerCo, Inc., 144A | 6.750% | 04/30/32 | 1000000 | 1035123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBL Holdings, Inc., 144A | 7.200% | 10/30/34 | 725000 | 707588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Street Lending Partners | 5.750% | 01/15/30 | 500000 | 506677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Corporation | 7.000% | 06/13/35 | 535000 | 559414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation <sup>(b)(c)</sup> | 6.700% | 12/31/49 | 475000 | 493415 |
|  |  |  |  | 12172237 |
| **Health Care — 2.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261229 BC Ltd., 144A | 10.000% | 04/15/32 | 1000000 | 1046106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Health Systems, Inc., 144A | 10.875% | 01/15/32 | 1005000 | 1083345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | 6.000% | 01/15/28 | 745000 | 769431 |
|  |  |  |  | 2898882 |
| **Industrials — 6.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreCivic, Inc. | 8.250% | 04/15/29 | 500000 | 526335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donnelley RR & Sons Company, 144A | 9.500% | 08/01/29 | 750000 | 768990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc. | 8.625% | 04/15/29 | 1000000 | 1055376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc. | 10.250% | 04/15/31 | 667000 | 730434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GrafTech Global Enterprises, Inc., 144A | 9.875% | 12/23/29 | 1000000 | 882500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LABL, Inc., 144A | 9.500% | 11/01/28 | 1000000 | 745949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | 7.500% | 01/30/30 | 625000 | 633101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO, Inc., 144A | 6.250% | 06/01/28 | 1000000 | 1019812 |
|  |  |  |  | 6362497 |
| **Materials — 1.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 144A | 7.000% | 03/15/32 | 500000 | 511061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings, Inc., 144A | 8.000% | 10/01/29 | 1000000 | 967972 |
|  |  |  |  | 1479033 |
| **Real Estate — 5.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent, L.P. | 4.300% | 04/15/52 | 1000000 | 803216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 144A | 7.000% | 02/15/29 | 1000000 | 1030107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPT Operating Partnership, L.P., 144A | 8.500% | 02/15/32 | 1000000 | 1047426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Residential Investment Corporation, 144A | 8.000% | 04/01/29 | 1000000 | 1020612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Properties Trust | 8.875% | 06/15/32 | 1000000 | 986331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, L.P. | 5.125% | 05/15/32 | 1000000 | 1007709 |
|  |  |  |  | 5895401 |
| **Technology — 3.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope, LLC, 144A | 9.500% | 12/15/31 | 1000000 | 1017255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell International, LLC / EMC Corporation | 8.350% | 07/15/46 | 342000 | 442214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP, Inc. | 6.100% | 04/25/35 | 295000 | 312108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | 6.900% | 11/09/52 | 320000 | 341398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xerox Corporation, 144A | 10.250% | 10/15/30 | 1000000 | 1022369 |
|  |  |  |  | 3135344 |
| **Total Corporate Bonds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $60,844,992) |  |  |  | $62014720 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD MULTI-ASSET INCOME FUND**

**OCTOBER 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FOREIGN GOVERNMENTS — 1.5%** |  |  | | |
|  | Coupon | Maturity | Par Value | Value |
| Mexico Government International Bonds | 7.375% | 05/13/55 | $750000 | $841875 |
| Republic of South Africa Government Bonds | 5.875% | 04/20/32 | 695000 | 715779 |
| **Total Foreign Governments**<br> (Cost $1,433,320) |  |  |  | $1557654 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 19.4%** | | |
|  | Shares | Value |
| **Communications — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Entertainment Content — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | 4272 | $481113 |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 4533 | 1274634 |
| **Consumer Discretionary — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 1277 | 484736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 5734 | 803563 |
|  |  | 1288299 |
| **Consumer Staples — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Tobacco & Cannabis — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | 9100 | 513058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 2736 | 394887 |
|  |  | 907945 |
| **Energy — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation | 5780 | 187792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. | 38174 | 642468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 11940 | 312709 |
|  |  | 1142969 |
| **Financials — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Banking — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Bank Corporation | 3280 | 290772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. - ADR | 32755 | 533251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | 10594 | 472810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | 6771 | 588874 |
|  |  | 1885707 |
| **Health Care — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | 1088 | 324692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 6948 | 832301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 3253 | 614394 |
|  |  | 1771387 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — continued** | | |
|  | Shares | Value |
| **Industrials — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation | 2439 | $841211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>(d)(e)</sup> | 14000 | 1268400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corporation | 1088 | 535166 |
|  |  | 2644777 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corporation | 1553 | 394182 |
| **Materials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Metals & Mining — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corporation | 18621 | 610769 |
| **Real Estate — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*REITs — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 1309 | 329567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | 4127 | 512119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | 1468 | 408926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Edge Properties | 23164 | 445444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | 7019 | 517932 |
|  |  | 2213988 |
| **Technology — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation <sup>(e)</sup> | 15613 | 624364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation <sup>(d)</sup> | 4600 | 931454 |
|  |  | 1555818 |
| &nbsp;&nbsp;&nbsp;*Software — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 1634 | 846101 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 10435 | 762903 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | 3060 | 940675 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD MULTI-ASSET INCOME FUND**

**OCTOBER 31, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — continued** | | |
|  | Shares | Value |
| **Utilities — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corporation | 6822 | $455846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. | 15152 | 466530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 4217 | 471166 |
|  |  | 1393542 |
| **Total Common Stocks**<br> (Cost $14,301,182) |  | $20114809 |
| **EXCHANGE-TRADED FUNDS — 1.8%** | **EXCHANGE-TRADED FUNDS — 1.8%** |  |
| JPMorgan Equity Premium Income ETF | 9048 | $514650 |
| JPMorgan Nasdaq Equity Premium Income ETF | 16648 | 983897 |
| Westwood Salient Enhanced Energy Income ETF <sup>(f)</sup> | 16752 | 349852 |
| **Total Exchange-Traded Funds** <br> (Cost $1,608,290) |  | $1848399 |
| **PREFERRED STOCKS — 2.3%** | **PREFERRED STOCKS — 2.3%** |  |
| **Industrials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The), 6.00%, 10/15/2027 | 13350 | $864012 |
| **Real Estate — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Apartments — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinebrook Homes Trust, Inc., 9.50% - Series B <sup>(g)</sup> | 20000 | 500000 |
| **Technology — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Company, 7.63%, 09/01/2027 | 11850 | 800823 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., 6.00%, 05/01/2028 - Series A | 2400 | 205104 |
| **Total Preferred Stocks**<br> (Cost $2,050,575) |  | $2369939 |
| **WARRANTS — 0.1%** | **WARRANTS — 0.1%** |  |
| **Communications — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Publishing & Broadcasting — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audacy 2nd Lien Warrants <sup>(g)</sup> | 906 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audacy 2nd Lien Warrants <sup>(g)</sup> | 5433 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audacy Special Warrants <sup>(g)</sup> | 4483 | 87419 |
| **Total Warrants**<br> (Cost $103,500) |  | $87419 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 3.1%** | **MONEY MARKET FUNDS — 3.1%** | **MONEY MARKET FUNDS — 3.1%** |
|  | Shares | Value |
| First American Government Obligations Fund - Class U, 4.05% <sup>(h)</sup><br> (Cost $3,264,735) | 3264735 | $3264735 |
| **Investments at Value — 98.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $94,317,763) |  | $102114809 |
| **Other Assets in Excess of Liabilities — 1.7%** |  | 1803963 |
| **Net Assets — 100.0%** |  | $103918772 |

---

144A - Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of such securities is $42,289,260 as of October 31, 2025, representing 40.7% of net assets.

ADR - American Depositary Receipt

H15T1Y - U.S. Treasury yield curve rate for U.S. Treasury Note with a constant maturity of 1 year.

plc - Public Limited Company

REIT - Real Estate Investment Trust

S.A. - Societe Anonyme

S.A.B. de C.V. - Societe Anonima Bursatil de Capital Variable

S.p.A. - Societa per azioni

SOFR - Secured Overnight Financing Rate.

<sup>(a)</sup> The rate shown is the annualized yield at time of purchase.

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

<sup>(c)</sup> Security has a perpetual maturity date.

<sup>(d)</sup> All or a portion of the security covers a written call option. The total value of these securities as of October 31, 2025 was $2,199,854.

<sup>(e)</sup> Non-income producing security.

<sup>(f)</sup> Affiliated fund.

<sup>(g)</sup> Level 3 security in accordance with fair value hierarchy.

<sup>(h)</sup> The rate shown is the 7-day effective yield as of October 31, 2025.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD MULTI-ASSET INCOME FUND**

**OCTOBER 31, 2025**

**SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Strike<br> Price | Contracts | Notional<br> Value | Value of<br> Options |
| **Call Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc., 11/21/25 | $100.00 | 140 | $1268400 | $68600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation, 11/21/25 | 200.00 | 46 | 931454 | 51750 |
| **Total Written Option Contracts**<br> (Premiums $73,371) |  |  | $2199854 | $120350 |

---

The average monthly notional value of written option contracts during the year ended October 31, 2025 was $1,455,777.

**SCHEDULE OF FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Contracts | Expiration<br> Date | Notional<br> Value | Value/<br> Unrealized<br> Appreciation/<br> (Depreciation) |
| **Currency Futures** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Euro Foreign Exchange Currency Future | 15 | 12/15/2025 | $2166000 | $(13558) |
| **Interest Rate Futures** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10-Year U.S. Treasury Note Future | 37 | 12/21/2025 | 4272922 | 35611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Ultra Long Term U.S. Treasury Bond Future | 63 | 12/21/2025 | 7640719 | 189907 |
|  |  |  | 11913641 | 225518 |
| **Total Futures Contracts** |  |  | $14079641 | $211960 |

---

The average monthly notional value of futures contracts during the year ended October 31, 2025 was $5,888,448.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD ALTERNATIVE INCOME FUND**

**OCTOBER 31, 2025**

**SCHEDULE OF INVESTMENTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CONVERTIBLE BONDS — 88.8%** | **CONVERTIBLE BONDS — 88.8%** | **CONVERTIBLE BONDS — 88.8%** | **CONVERTIBLE BONDS — 88.8%** | **CONVERTIBLE BONDS — 88.8%** |
|  | Coupon | Maturity | Par Value | Value |
| **Communications — 5.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Media Corporation - Liberty Formula One, 144A | 2.250% | 08/15/27 | $1500000 | $1919250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd., 144A | 0.750% | 06/15/29 | 2000000 | 2441000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. \* | 0.875% | 12/01/28 | 2000000 | 2912000 |
|  |  |  |  | 7272250 |
| **Consumer Discretionary — 9.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 0.500% | 06/01/31 | 2000000 | 3536000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. (The), 144A | 2.000% | 03/15/30 | 1000000 | 983000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etsy, Inc., 144A | 1.000% | 06/15/30 | 200000 | 212600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD.com, Inc. | 0.250% | 06/01/29 | 2500000 | 2637500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. \* | 3.125% | 01/15/29 | 2000000 | 3016800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meritage Homes Corporation | 1.750% | 05/15/28 | 1500000 | 1494130 |
|  |  |  |  | 11880030 |
| **Consumer Staples — 1.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef's Warehouse, Inc. (The) | 2.375% | 12/15/28 | 1470000 | 2165604 |
| **Energy — 4.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corporation \* | 3.375% | 05/01/28 | 2250000 | 2475000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | 3.625% | 04/15/29 | 2900000 | 2810100 |
|  |  |  |  | 5285100 |
| **Financials — 3.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc. | 5.500% | 03/15/27 | 1000000 | 984500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Scientific, Inc., 144A | 3.000% | 09/01/29 | 700000 | 1488900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Corporation | 5.500% | 03/15/26 | 500000 | 497000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | 7.750% | 06/15/27 | 1500000 | 1494750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 3.250% | 08/15/29 | 500000 | 593000 |
|  |  |  |  | 5058150 |
| **Health Care — 11.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. | 1.000% | 09/15/27 | 2100000 | 3454500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom, Inc. | 0.375% | 05/15/28 | 1500000 | 1359750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc. \* | 1.750% | 06/15/28 | 2000000 | 3043800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc., 144A | 2.625% | 12/15/27 | 1000000 | 1108000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc., 144A | 0.750% | 10/01/30 | 2000000 | 2343000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc., 144A | 3.000% | 02/01/29 | 1500000 | 1806750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc., 144A | 0.250% | 06/01/30 | 1000000 | 1440000 |
|  |  |  |  | 14555800 |
| **Industrials — 13.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc., 144A | 2.500% | 09/15/28 | 2250000 | 3591675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor Corporation | 1.125% | 08/15/29 | 2250000 | 2895750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 3.250% | 06/15/30 | 2000000 | 2914000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc. | 1.375% | 07/15/30 | 2000000 | 2060000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSI Systems, Inc. \* | 2.250% | 08/01/29 | 2000000 | 3150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech, Inc. \* | 2.250% | 08/15/28 | 2500000 | 2655750 |
|  |  |  |  | 17267175 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD ALTERNATIVE INCOME FUND**

**OCTOBER 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CONVERTIBLE BONDS — continued** |  |  | | |
|  | Coupon | Maturity | Par Value | Value |
| **Materials — 3.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2Gold Corporation, 144A | 2.750% | 02/01/30 | $500000 | $777250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MP Materials Corporation, 144A | 3.000% | 03/01/30 | 1000000 | 3023500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peabody Energy Corporation | 3.250% | 03/01/28 | 500000 | 774250 |
|  |  |  |  | 4575000 |
| **Technology — 34.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc., 144A | 0.250% | 05/15/33 | 2000000 | 2020000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackLine, Inc. \* | 1.000% | 06/01/29 | 2000000 | 2145200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Box, Inc. \* | 1.500% | 09/15/29 | 2000000 | 2016000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cipher Mining, Inc., 144A | 0.000% | 10/01/31 | 1000000 | 1412500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commvault Systems, Inc., 144A | 0.000% | 09/15/30 | 1000000 | 911000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog, Inc., 144A | 0.000% | 12/01/29 | 2500000 | 2651250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc., 144A | 0.000% | 08/15/30 | 2000000 | 2506000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dropbox, Inc. | 0.000% | 03/01/28 | 2000000 | 2033000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five9, Inc. | 1.000% | 03/15/29 | 1000000 | 892500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. | 1.500% | 12/15/29 | 1000000 | 2955000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 0.750% | 06/01/30 | 1500000 | 1459500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS Instruments, Inc. \* | 1.250% | 06/01/30 | 2200000 | 2640000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nebius Group N.V., 144A | 1.000% | 09/15/30 | 500000 | 637250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutanix, Inc. | 0.250% | 10/01/27 | 2000000 | 2675000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid7, Inc., 144A | 1.250% | 03/15/29 | 1000000 | 899900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate HDD Cayman | 3.500% | 06/01/28 | 1000000 | 3130500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. \* | 0.500% | 08/01/27 | 2800000 | 2751000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake, Inc. | 0.000% | 10/01/29 | 2000000 | 3685001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synaptics, Inc., 144A | 0.750% | 12/01/31 | 1000000 | 1006000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempus AI, Inc., 144A | 0.750% | 07/15/30 | 500000 | 680000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeco Instruments, Inc. | 2.875% | 06/01/29 | 1000000 | 1241500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | 2.250% | 09/15/30 | 500000 | 464500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corporation | 3.000% | 11/15/28 | 800000 | 3204000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wix.com Ltd., 144A | 0.000% | 09/15/30 | 1000000 | 995000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zscaler, Inc., 144A \* | 0.000% | 07/15/28 | 1000000 | 1031500 |
|  |  |  |  | 46043101 |
| **Utilities — 2.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy, Inc. | 4.500% | 12/15/27 | 1000000 | 1271000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 2.500% | 07/15/27 | 1750000 | 2258375 |
|  |  |  |  | 3529375 |
| **Total Convertible Bonds**<br> (Cost $97,090,097) |  |  |  | $117631585 |
| **CORPORATE BONDS — 7.9%** |  |  |  |  |
| **Industrials — 5.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrus Energy Corporation, 144A \* | 0.000% | 08/15/32 | $1300000 | $2309450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc. | 8.625% | 04/15/29 | 1500000 | 1583064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parsons Corporation \* | 2.625% | 03/01/29 | 3000000 | 3423000 |
|  |  |  |  | 7315514 |
| **Materials — 0.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings, LLC | 6.850% | 11/15/28 | 915000 | 947726 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD ALTERNATIVE INCOME FUND**

**OCTOBER 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORPORATE BONDS — continued** |  |  | | |
|  | Coupon | Maturity | Par Value | Value |
| **Real Estate — 1.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 144A | 7.000% | 02/15/29 | $1000000 | $1030107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Properties Trust, 144A | 8.625% | 11/15/31 | 1100000 | 1160262 |
|  |  |  |  | 2190369 |
| **Total Corporate Bonds**<br> (Cost $9,402,248) |  |  |  | $10453609 |
| **COMMON STOCKS — 0.5%** |  |  |  |  |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Industrials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>(a)(b)</sup><br> (Cost $364,647) | 8000 | $724800 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PURCHASED OPTION CONTRACTS — 0.0% <sup>(c)</sup>** | |  | | |
|  | Strike<br> Price | Contracts | Notional<br> Value | Value |
| **Put Option Contracts — 0.0% <sup>(c)</sup>** |  |  |  |  |
| iShares Russell 2000 ETF, 11/21/25<br> (Cost $172,886) | $226.00 | 500 | $12311500 | $31000 |
| **MONEY MARKET FUNDS — 4.8%** |  |  |  |  |
|  |  |  | Shares | Value |
| First American Government Obligations Fund - Class U, 4.05% <sup>(d)</sup> (Cost $6,430,104) |  |  | 6430104 | $6430104 |
| **Investments at Value — 102.0%** <br> (Cost $113,459,982) |  |  |  | $135271098 |
| **Liabilities in Excess of Other Assets — (2.0%)** |  |  |  | (2640132) |
| **Net Assets — 100.0%** |  |  |  | $132630966 |

---

144A - Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of such securities is $40,385,144 as of October 31, 2025, representing 30.4% of net assets.

N.V. - Naamloze Vennootschap

\* All or a part of this security has been pledged as collateral for derivative instruments held by the Fund. The total value of these securities as of October 31, 2025 was $33,569,500.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security covers a written call option. The total value of these securities as of October 31, 2025 was $724,800.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

<sup>(d)</sup> The rate shown is the 7-day effective yield as of October 31, 2025.

The average monthly notional value of purchased option contracts during the year ended October 31, 2025 was $2,034,125.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD ALTERNATIVE INCOME FUND**

**OCTOBER 31, 2025**

A list of open OTC swap agreements as of October 31, 2025, is as follows:

**SCHEDULE OF TOTAL RETURN SWAP AGREEMENTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Number of<br> Shares | Reference Entity | Notional<br> Amount | Interest Rate Receivable <sup>(a)</sup> | Termination<br> Date | Counterparty | Net Unrealized<br> Appreciation /<br> (Depreciation) |
| **Short Positions** | **Short Positions** | **Short Positions** |  |  |  |  |
| (13000) | Advanced Energy Industries, Inc. | $(2479023) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | $(151696) |
| (14200) | Akamai Technologies, Inc. | (1046114) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (18558) |
| (15600) | Alibaba Group Holding Ltd. | (2588196) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (65121) |
| (6300) | Alnylam Pharmaceuticals, Inc. | (2962702) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 94599 |
| (140300) | B2Gold Corporation | (693082) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 77310 |
| (15800) | BlackLine, Inc. | (783048) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (120194) |
| (20700) | Box, Inc. - Class A | (677511) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 14380 |
| (5000) | Centrus Energy Corporation - Class A | (1868692) | 3.36% OBFR 3.87% minus 51bp | 05/18/2026 | BNP Paribas | 33890 |
| (8500) | Cheesecake Factory, Inc. (The) | (462570) | 2.7% OBFR 3.87% minus 17bp | 05/18/2026 | BNP Paribas | 39874 |
| (26400) | Chef's Warehouse, Inc. (The) | (1561560) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 6569 |
| (40000) | Cipher Mining, Inc. | (766299) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 21501 |
| (12300) | CMS Energy Corporation | (926313) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 23196 |
| (2300) | Commvault Systems, Inc. | (395715) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 76170 |
| (42000) | Core Scientific, Inc. | (837480) | 2.46% OBFR 3.87% minus 41bp | 05/18/2026 | BNP Paribas | (66158) |
| (6000) | Datadog, Inc. - Class A | (960120) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (15136) |
| (1800) | DexCom, Inc. | (117738) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 13139 |
| (35400) | DigitalOcean Holdings, Inc. | (1531830) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 94936 |
| (33800) | Dropbox, Inc. | (978510) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (55) |
| (1700) | Etsy, Inc. | (120920) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 15701 |
| (13100) | Evergy, Inc. | (1007390) | 0% OBFR 0% minus 0bp | 05/18/2026 | BNP Paribas | 1179 |
| (2900) | Five9, Inc. | (63423) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (6883) |
| (31400) | Fluor Corporation | (1592922) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 64205 |
| (20600) | Granite Construction, Inc. | (2191840) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 75556 |
| (28000) | Ionis Pharmaceuticals, Inc. | (2026920) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (50094) |
| (9200) | Itron, Inc. | (1230224) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 309422 |
| (25300) | JD.com, Inc. | (838442) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 3931 |
| (5000) | Lantheus Holdings, Inc. | (282600) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (5378) |
| (11200) | Liberty Media Corporation - Liberty Formula One | (1159984) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 43602 |
| (5900) | Ligand Pharmaceuticals, Inc. | (1090400) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (37104) |
| (15300) | Live Nation Entertainment, Inc. | (2375019) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 91223 |
| (13500) | Lumentum Holdings, Inc. | (2113695) | 3.3% OBFR 3.87% minus 57bp | 05/18/2026 | BNP Paribas | (604040) |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD ALTERNATIVE INCOME FUND**

**OCTOBER 31, 2025**

**SCHEDULE OF TOTAL RETURN SWAP AGREEMENTS — continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Number of<br> Shares | Reference Entity | Notional<br> Amount | Interest Rate Receivable <sup>(a)</sup> | Termination<br> Date | Counterparty | Net Unrealized<br> Appreciation /<br> (Depreciation) |
| (10700) | Merit Medical Systems, Inc. | $(861029) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | $(74210) |
| (4600) | Meritage Homes Corporation | (320252) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 10011 |
| (3400) | Microchip Technology, Inc. | (221714) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 9856 |
| (33800) | Mirion Technologies, Inc. - Class A | (844726) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (146801) |
| (8500) | MKS Instruments, Inc. | (1159570) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (60028) |
| (41800) | MP Materials Corporation | (3728637) | 3.09% OBFR 3.87% minus 78bp | 05/18/2026 | BNP Paribas | 1097015 |
| (2200) | Nebius Group N.V. - Class A | (240130) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (47394) |
| (33100) | Northern Oil & Gas, Inc. | (718932) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (12354) |
| (25000) | Nutanix, Inc. - Class A | (1697500) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (80664) |
| (13400) | Ormat Technologies, Inc. | (1459586) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 36606 |
| (7600) | OSI Systems, Inc. | (1950616) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (162421) |
| (17000) | Parsons Corporation | (1429870) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 18879 |
| (21300) | Peabody Energy Corporation | (675112) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 91990 |
| (3100) | Rapid7, Inc. | (56947) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (339) |
| (11800) | Seagate Technology Holdings plc | (2588685) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (425827) |
| (8000) | Shift4 Payments, Inc. | (604080) | 3.11% OBFR 3.87% minus 76bp | 05/18/2026 | BNP Paribas | 52179 |
| (10300) | Snowflake, Inc. - Class A | (2480858) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (346261) |
| (6400) | Synaptics, Inc. | (445696) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (7575) |
| (3000) | Tempus AI, Inc. - Class A | (275730) | 2.66% OBFR 3.87% minus 21bp | 05/18/2026 | BNP Paribas | 6566 |
| (32300) | Tetra Tech, Inc. | (1049750) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 18718 |
| (19000) | Trip.com Group Ltd. | (1326390) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (13744) |
| (20700) | Uber Technologies, Inc. | (1956564) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (37717) |
| (20600) | Veeco Instruments, Inc. | (598842) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 7592 |
| (6600) | Vishay Intertechnology, Inc. | (112002) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 121 |
| (20600) | Western Digital Corporation | (2481064) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (608695) |
| (29100) | WisdomTree, Inc. | (383829) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | 36434 |
| (2600) | Wix.com Ltd. | (352716) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (25099) |
| (900) | Zscaler, Inc. | (272115) | 3.52% OBFR 3.87% minus 35bp | 05/18/2026 | BNP Paribas | (25456) |
| **Total Short Positions** | **Total Short Positions** |  |  |  |  | $(728652) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total swap agreements at value (assets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total swap agreements at value (assets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total swap agreements at value (assets) | $2486350 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total swap agreements at value (liabilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total swap agreements at value (liabilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total swap agreements at value (liabilities) | (3215002) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net swap agreements at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net swap agreements at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net swap agreements at value | $(728652) |

---

OFBR - Overnight Bank Funding Rate

OTC - Over the Counter

<sup>(a)</sup> Payment frequency is monthly.

The average monthly notional value for swap contracts for the year ended October 31, 2025 was $55,845,086.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD ALTERNATIVE INCOME FUND**

**OCTOBER 31, 2025**

**SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Strike<br> Price | Contracts | Notional<br> Value | Value of<br> Options |
| **Call Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc., 11/21/25<br> (Premiums $31,905) | $100.00 | 80 | $724800 | $39200 |

---

The average monthly notional value of written option contracts during the year ended October 31, 2025 was $841,600.

**SCHEDULE OF FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Contracts | Expiration<br> Date | Notional<br> Value | Value/<br> Unrealized<br> Appreciation/<br> (Depreciation) |
| **Interest Rate Futures** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-Year U.S. Treasury Note Future | 57 | 12/31/2025 | $6225023 | $(165) |

---

The average monthly notional value of futures contracts during the year ended October 31, 2025 was $4,791,079.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND**

**OCTOBER 31, 2025**

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **AFFILIATED EXCHANGE-TRADED FUNDS — 4.1%** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Salient Enhanced Energy Income ETF | 481115 | $10047702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Salient Enhanced Midstream Income ETF | 1565169 | 39708337 |
| **Total Affiliated Exchange-Traded Funds**<br> (Cost $50,094,282) |  | $49756039 |
| **MASTER LIMITED PARTNERSHIPS <sup>(a)</sup> — 22.7%** | **MASTER LIMITED PARTNERSHIPS <sup>(a)</sup> — 22.7%** | **MASTER LIMITED PARTNERSHIPS <sup>(a)</sup> — 22.7%** |
| **Crude & Refined Products — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners, L.P. | 107853 | $4804851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy, L.P. <sup>(b)</sup> | 506778 | 8290888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX, L.P. | 1144613 | 58100556 |
|  |  | 71196295 |
| **Gathering & Processing — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Partners, L.P. | 824980 | 30912001 |
| **Natural Gas Liquids Infrastructure — 14.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. | 6787370 | 114231437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. | 1888523 | 58147623 |
|  |  | 172379060 |
| **Total Master Limited Partnerships**<br> (Cost $142,864,249) |  | $274487356 |
| **MLP RELATED COMPANIES — 72.6%** | **MLP RELATED COMPANIES — 72.6%** | **MLP RELATED COMPANIES — 72.6%** |
| **Crude & Refined Products — 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | 1374117 | $64061334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gibson Energy, Inc. | 247828 | 4224853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains GP Holdings, L.P. - Class A | 1679206 | 28999888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Corporation | 778692 | 20191484 |
|  |  | 117477559 |
| **Exploration & Production — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WaterBridge Infrastructure, LLC - Class A <sup>(f)</sup> | 354536 | 8508864 |
| **Gathering & Processing — 20.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corporation | 1851095 | 31931389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 862238 | 94406438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMG Utica I Offshore Co-Investment, LP and Subsidiary <sup>(c)(d)(e)</sup> | 11947421 | 7875032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMG Utica Midstream Fund, LP and Subsidiaries <sup>(c)(d)(e)</sup>\* | 4052579 | 4296282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream, L.P. - Class A | 1345669 | 45685463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. | 614845 | 23677681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation | 252281 | 38861365 |
|  |  | 246733650 |

---

**MLP RELATED COMPANIES — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Liquefied Natural Gas — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. <sup>(b)</sup> | 284601 | $60335412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextDecade Corporation <sup>(b)(f)</sup> | 1102221 | 6536171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global, Inc. - Class A <sup>(b)</sup> | 454014 | 3890900 |
|  |  | 70762483 |
| **Natural Gas Liquids Infrastructure — 8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keyera Corporation | 1745060 | 51522537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. <sup>(b)</sup> | 436182 | 29224194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corporation | 673337 | 25472339 |
|  |  | 106219070 |
| **Natural Gas Pipelines — 21.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 4095567 | 107262899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corporation | 1334686 | 66947850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The) | 1474349 | 85320577 |
|  |  | 259531326 |
| **Oilfield Services & Equipment — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. <sup>(b)</sup> | 337847 | 17983596 |
| **Renewable Energy Infrastructure — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy, Inc. - Class C | 201303 | 6427605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc | 7340 | 2800650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 170555 | 29311582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 9950 | 4468844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc. - Class A <sup>(f)</sup> | 241515 | 2538323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Corporation | 17128 | 3225202 |
|  |  | 48772206 |
| **Total MLP Related Companies**<br> (Cost $621,382,465) |  | $875988754 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND**

**OCTOBER 31, 2025**

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
|  | Shares | Value |
| First American Government Obligations Fund - Class U, 4.05% <sup>(g)</sup><br> (Cost $2,042,013) | 2042013 | $2042013 |
| **Investments at Value — 99.6%**<br> (Cost $816,383,009) |  | $1202274162 |
| **Other Assets in Excess of Liabilities — 0.4%** |  | 4595218 |
| **Net Assets — 100.0%** |  | $1206869380 |

---

MLP - Master Limited Partnership

plc - Public Limited Company

<sup>(a)</sup> The security is considered a non-income producing security as any distributions received during the last 12 months (if applicable) are treated as return of capital per Generally Accepted Accounting Principles.

<sup>(b)</sup> All or a portion of the security covers a written call option. The total value of securities as of October 31, 2025 was $126,261,161.

<sup>(c)</sup> These securities are exempt from registration under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions except from registration, normally to qualified institutional buyers, or to the public if the securities are subsequently registered.

<sup>(d)</sup> Security determined to be illiquid under procedures approved by the Fund's Board of Trustees and represents 1.0% of net assets.

<sup>(e)</sup> Investment is valued using the Fund's pro rata net asset value (or its equivalent) as a practical expedient.

<sup>(f)</sup> Non-income producing security.

<sup>(g)</sup> The rate shown is the 7-day effective yield as of October 31, 2025.

\* As of October 31, 2025 there are unfunded commitment in the amount of $12,157,738.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND**

**OCTOBER 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS** | **SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS** | **SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS** | **SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS** | **SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS** |
|  | Strike<br> Price | Contracts | Notional<br> Value | Value of<br> Options |
| **Call Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc., 11/21/25 | $270.00 | 652 | $13822400 | $30970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy, L.P., 11/21/25 | 17.50 | 1 | 1636 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextDecade Corporation, 11/21/25 | 7.00 | 2204 | 1306972 | 22040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 11/21/25 | 70.00 | 1090 | 7303000 | 57770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc., 11/21/25 | 70.00 | 1328 | 7068944 | 278880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global, Inc. - Class A, 11/21/25 | 10.00 | 2270 | 1945390 | 70370 |
| **Total Written Option Contracts**<br> (Premiums $649,999) |  |  | $31448342 | $460040 |

---

The average monthly notional value of written option contracts during the year ended October 31, 2025 was $33,400,257.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD REAL ESTATE INCOME FUND**

**OCTOBER 31, 2025**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS**<br> **COMMON STOCKS — 22.8%** | **SCHEDULE OF INVESTMENTS**<br> **COMMON STOCKS — 22.8%** | **SCHEDULE OF INVESTMENTS**<br> **COMMON STOCKS — 22.8%** |
|  | Shares | Value |
| **Consumer Discretionary — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Leisure Facilities & Services — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 26000 | $3856580 |
| **Financials — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Specialty Finance — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc. - Class A | 400000 | 7392000 |
| **Real Estate Investment Trusts (REITs) — 18.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Infrastructure — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 50000 | 4511000 |
| &nbsp;&nbsp;&nbsp;Office — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COPT Defense Properties | 300000 | 8451000 |
| &nbsp;&nbsp;&nbsp;Residential — 7.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerspace | 125000 | 7406250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 30000 | 7553100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 170000 | 4785500 |
|  |  | 19744850 |
| &nbsp;&nbsp;&nbsp;Retail — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips Edison & Company, Inc. | 140000 | 4737600 |
| &nbsp;&nbsp;&nbsp;Specialized — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising Company - Class A | 30000 | 3557700 |
| &nbsp;&nbsp;&nbsp;Storage — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 50000 | 6677000 |
| **Total Common Stocks**<br> (Cost $56,736,246) |  | $58927730 |
| **PREFERRED STOCKS\* — 71.8%** |  |  |
| **Consumer Discretionary — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Home Construction — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc., 7.63% - Series A | 515000 | $10500850 |
| **Financials — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Banking — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associated Banc-Corp, 5.63% - Series F | 96216 | 2038817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associated Banc-Corp, 5.88% - Series E | 52423 | 1124473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banc of California, Inc., 7.75% - Series F | 87360 | 2176138 |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS\* — continued** | **PREFERRED STOCKS\* — continued** | **PREFERRED STOCKS\* — continued** |
|  | Shares | Value |
| **Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;*Banking — continued* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchants Bancorp, 7.63% - Series E | 196055 | $4646503 |
|  |  | 9985931 |
| &nbsp;&nbsp;&nbsp;*Specialty Finance — 0.0% <sup>(a)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc., 6.25% - Series C | 600 | 10506 |
| **Real Estate Investment Trusts (REITs) — 63.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Apartments — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinebrook Homes Trust, 9.50% - Series B <sup>(b)</sup> | 180000 | 4500000 |
| &nbsp;&nbsp;&nbsp;*Data Centers — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc., 7.13% - Series H | 240000 | 5145600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc., 7.13% - Series J | 77265 | 1625655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc., 7.15% - Series I | 182664 | 3909010 |
|  |  | 10680265 |
| &nbsp;&nbsp;&nbsp;*Diversified — 6.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc., 6.75% - Series A | 320000 | 6841600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc., 6.38% - Series A | 447333 | 9376100 |
|  |  | 16217700 |
| &nbsp;&nbsp;&nbsp;*Healthcare — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical REIT, Inc., 7.50% - Series A | 311134 | 7619672 |
| &nbsp;&nbsp;&nbsp;*Hotels — 18.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chatham Lodging Trust, 6.63% - Series A | 173492 | 3487189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DiamondRock Hospitality Company, 8.25% - Series A | 66410 | 1686814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust, 5.70% - Series H | 489548 | 8591567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust, 6.30% - Series F | 242066 | 4637985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust, 6.38% - Series E | 98002 | 1896339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust, 6.38% - Series G | 250000 | 4872500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ Lodging Trust, 7.80% - Series A | 375000 | 9375000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc.,5.88% - Series F | 158938 | 3218494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc., 6.25% - Series E | 283000 | 5606230 |

---

*The accompanying notes are an integral part of the financial statements.*

 

**WESTWOOD REAL ESTATE INCOME FUND OCTOBER 31, 2025**

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS\* — continued** | **PREFERRED STOCKS\* — continued** | **PREFERRED STOCKS\* — continued** |
|  | Shares | Value |
| **Real Estate Investment Trusts (REITs) — continued** |  |  |
| &nbsp;&nbsp;&nbsp;*Hotels — continued* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc., 6.13% - Series H | 166508 | $3486678 |
|  |  | 46858796 |
| &nbsp;&nbsp;&nbsp;*Industrial — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LXP Industrial Trust, 6.50% - Series C | 190000 | 8981300 |
| &nbsp;&nbsp;&nbsp;*Manufactured Homes — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMH Properties, Inc., 6.38% - Series D | 87634 | 1977023 |
| &nbsp;&nbsp;&nbsp;*Mortgage — 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc., 6.50% - Series A | 523747 | 10249729 |
| &nbsp;&nbsp;&nbsp;*Office — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc., 4.75% - Series C | 428878 | 6428881 |
| &nbsp;&nbsp;&nbsp;*Residential — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent, 5.88% - Series G | 307132 | 7573875 |
| &nbsp;&nbsp;&nbsp;*Retail — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regency Centers Corporation, 5.88% - Series B | 96953 | 2280334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regency Centers Corporation, 6.25% - Series A | 200000 | 4740000 |
|  |  | 7020334 |
| &nbsp;&nbsp;&nbsp;*Shopping Centers — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saul Centers, Inc., 6.00% - Series E | 125000 | 2721250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saul Centers, Inc., 6.13% - Series D | 381000 | 8122920 |
|  |  | 10844170 |
| &nbsp;&nbsp;&nbsp;*Specialized — 6.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties, 5.75% - Series C | 31000 | 685100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties, 5.75% - Series G | 107775 | 2139334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties, 9.00% - Series E | 283506 | 8544871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQHQ, Inc.,15.50% - Series D-1 <sup>(b)</sup> | 5000 | 4750000 |
|  |  | 16119305 |
| &nbsp;&nbsp;&nbsp;*Storage — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Storage Affiliates Trust, 6.00% - Series A | 370000 | 8469300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 4.00% - Series P | 1732 | 28924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 4.00% - Series R | 50000 | 835500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 4.63% - Series L | 4086 | 78533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 4.75% - Series K | 7069 | 140108 |
|  |  | 9552365 |
| **Total Preferred Stocks** (Cost $176,456,675) |  | $185120702 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 5.4%** | **MONEY MARKET FUNDS — 5.4%** | **MONEY MARKET FUNDS — 5.4%** |
|  | Shares | Value |
| First American Government Obligations Fund - Class U, 4.05% <sup>(d)</sup> (Cost $13,925,031) | 13925031 | $13925031 |
| **Investments at Value — 100.0%<br> (Cost $247,117,952)** |  | $257973463 |
| **Other Assets in Excess of Liabilities — 0.0% <sup>(a)</sup>** |  | 15830 |
| **Net Assets — 100.0%** |  | $257989293 |

---

REIT - Real Estate Investment Trust

\* Securities listed have a perpetual maturity.

<sup>(a)</sup> Percentage rounds to less than 0.1%.

<sup>(b)</sup> Level 3 security in accordance with fair value hierarchy.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> The rate shown is the 7-day effective yield as of October 31, 2025.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD BROADMARK TACTICAL GROWTH FUND OCTOBER 31, 2025**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS**<br> **EXCHANGE-TRADED FUNDS — 67.1%** | **SCHEDULE OF INVESTMENTS**<br> **EXCHANGE-TRADED FUNDS — 67.1%** | **SCHEDULE OF INVESTMENTS**<br> **EXCHANGE-TRADED FUNDS — 67.1%** |
|  | Shares | Value |
| Energy Select Sector SPDR Fund | 92355 | $8139246 |
| Industrial Select Sector SPDR Fund | 55484 | 8603349 |
| Invesco QQQ Trust Series 1 | 41789 | 26288206 |
| iShares MSCI Eurozone ETF | 136310 | 8474393 |
| SPDR S&P 500<sup>®</sup> ETF Trust | 50875 | 34699803 |
| Utilities Select Sector SPDR Fund | 125461 | 11178575 |
| VanEck Gold Miners ETF | 226118 | 16294063 |
| **Total Exchange-Traded Funds<br> (Cost $101,183,567)** |  | $113677635 |
| **MONEY MARKET FUNDS — 32.9%** |  |  |
| First American Government Obligations Fund - Class U, 4.05% <sup>(a)</sup> (Cost $55,711,054) | 55711054 | $55711054 |
| **Investments at Value — 100.0%**<br> (Cost $156,894,621) |  | $169388689 |
| **Liabilities in Excess of Other Assets — 0.0% <sup>(b)</sup>** |  | (1849) |
| **Net Assets — 100.0%** |  | $169386840 |

---

<sup>(a)</sup> The rate shown is the 7-day effective yield as of October 31, 2025.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD BROADMARK TACTICAL PLUS FUND OCTOBER 31, 2025**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS**<br> **EXCHANGE-TRADED FUNDS — 11.6%** | **SCHEDULE OF INVESTMENTS**<br> **EXCHANGE-TRADED FUNDS — 11.6%** | **SCHEDULE OF INVESTMENTS**<br> **EXCHANGE-TRADED FUNDS — 11.6%** |
|  | Shares | Value |
| Invesco S&P 500 Equal Weight ETF<br> (Cost $7,220,632) | 38299 | $7197531 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PURCHASED OPTION CONTRACTS — 0.0% <sup>(a)</sup>** | |  | | |
|  | Strike<br> Price | Contracts | Notional<br> Value | Value |
| **Put Option Contracts — 0.0% <sup>(a)</sup>** |  |  |  |  |
| E-Mini S&P 500 End of Month Options, 11/14/25<br> (Cost $211,265) | $6000.00 | 168 | $57741600 | $13440 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 83.6%** | **MONEY MARKET FUNDS — 83.6%** | **MONEY MARKET FUNDS — 83.6%** |
|  | Shares | Value |
| First American Government Obligations Fund - Class U, 4.05% <sup>(b)</sup> (Cost $52,181,580) | 52181580 | $52181580 |
| **Investments at Value — 95.2%<br> (Cost $59,613,477)** |  | $59392551 |
| **Other Assets in Excess of Liabilities — 4.8%** |  | 3011008 |
| **Net Assets — 100.0%** |  | $62403559 |

---

<sup>(a)</sup> Percentage rounds to less than 0.1%.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of October 31, 2025.

The average monthly notional value of purchased option contracts during the year ended October 31, 2025 was $30,467,544.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** |
|  | Contracts | Expiration<br> Date | Notional<br> Value | Value/<br> Unrealized<br> Appreciation/<br> (Depreciation) |
| **Index Futures** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Mini S&P 500 Futures | 87 | 12/19/2025 | $29901900 | $864314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasdaq 100 E-Mini Futures | 30 | 12/19/2025 | 15602400 | 754820 |
| **Total Futures Contracts** |  |  | $45504300 | $1619134 |

---

The average monthly notional value of long futures contracts during the year ended October 31, 2025 was $19,204,308.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **October** **31, 2025** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Westwood<br> Quality<br> Value<br> Fund** | **Westwood<br> Quality<br> MidCap<br> Fund** | **Westwood<br> Quality<br> SMidCap<br> Fund** | **Westwood<br> Quality<br> SmallCap<br> Fund** |
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $153314191 | $1611998 | $87567255 | $829677152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $183187476 | $1789752 | $96651769 | $921985864 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 4436 |  | 36735 | 1090724 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold |  |  |  | 5402541 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser |  | 3791 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 111749 | 414 | 4614 | 216753 |
| &nbsp;&nbsp;&nbsp;Other assets | 29541 | 2991 | 24415 | 37127 |
| Total assets | 183333202 | 1796948 | 96717533 | 928733009 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 3800 |  | 290 | 228758 |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased | 838134 |  | 892002 | 994259 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser, net of waivers (Note 4) | 70826 |  | 40821 | 545977 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 6269 | 903 | 3444 | 27310 |
| &nbsp;&nbsp;&nbsp;Accrued administrative servicing fees — Institutional Shares (Note 4) | 44743 | 887 | 34829 | 54396 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees — A Class Shares (Note 4) | 539 |  |  | 2749 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees — C Class Shares (Note 4) | 724 |  |  | 21755 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 22710 | 16400 | 19770 | 46910 |
| Total liabilities | 987745 | 18190 | 991156 | 1922114 |
| **CONTINGENCIES AND COMMITMENTS (NOTE 8)** |  |  |  |  |
| **NET ASSETS** | $182345457 | $1778758 | $95726377 | $926810895 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| **Paid-in capital** | $119982019 | $1479982 | $82150294 | $803270115 |
| Distributable earnings | 62363438 | 298776 | 13576083 | 123540780 |
| **NET ASSETS** | $182345457 | $1778758 | $95726377 | $926810895 |
| **NET ASSET VALUE PER SHARE:** |  |  |  |  |
| **INSTITUTIONAL SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to Institutional Shares | $180217740 | $1778758 | $68261598 | $352641834 |
| &nbsp;&nbsp;&nbsp;Institutional Shares of beneficial interest outstanding | 12866641 | 151191 | 4132422 | 17862100 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $14.01 | $11.76 | $16.52 | $19.74 |
| **A CLASS SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to A Class Shares | $2126526 | N/A | N/A | $2433019 |
| &nbsp;&nbsp;&nbsp;A Class Shares of beneficial interest outstanding | 151021 | N/A | N/A | 123713 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $14.08 | N/A | N/A | $19.67 |
| &nbsp;&nbsp;&nbsp;Maximum sales charge | 3.00% | N/A | N/A | 4.00% |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share | $14.52 | N/A | N/A | $20.49 |
| **C CLASS SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to C Class Shares | N/A | N/A | N/A | $4640003 |
| &nbsp;&nbsp;&nbsp;C Class Shares of beneficial interest outstanding | N/A | N/A | N/A | 240693 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | N/A | N/A | N/A | $19.28 |
| **ULTRA SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to Ultra Class Shares | $1191 | N/A | $27464779 | $567096039 |
| &nbsp;&nbsp;&nbsp;Ultra Class Shares of beneficial interest outstanding | 85 | N/A | 1663769 | 28684117 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $13.96 \* | N/A | $16.51 | $19.77 |

---

\* Net Assets divided by Shares do not calculate to the Net Asset Value because Net Assets and Shares are shown rounded.

Amounts designated as "—" are either $0 or have been rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **October** **31, 2025** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Westwood<br> Quality<br> AllCap<br> Fund** | **Westwood<br> Income<br> Opportunity<br> Fund** | **Westwood<br> Multi-Asset<br> Income<br> Fund** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at cost | $— | $— | $385743 |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at cost | 18782826 | 456099051 | 93932020 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value (Note 2 and 3) | $— | $— | $349852 |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value (Note 2) | 21512833 | 544430155 | 101764957 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold |  | 147360 | 146665 |
| &nbsp;&nbsp;&nbsp;Deposits with brokers for options |  | 612937 |  |
| &nbsp;&nbsp;&nbsp;Cash collateral for futures contracts |  | 1333000 | 459300 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 1430 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 5506 | 3689662 | 1462140 |
| &nbsp;&nbsp;&nbsp;Reclaims receivable |  |  | 1803 |
| &nbsp;&nbsp;&nbsp;Other assets | 21079 | 72625 | 24995 |
| Total assets | 21540848 | 550285739 | 104209712 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Written call options, at value (Notes 1 & 4) (premiums received $—, $1,003,777, $73,371) |  | 972400 | 120350 |
| &nbsp;&nbsp;&nbsp;Variation margin payable on futures contracts |  | 84531 | 41969 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed |  | 266451 | 11298 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser, net of waivers (Note 4) |  | 292810 | 74576 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 1432 | 15898 | 3551 |
| &nbsp;&nbsp;&nbsp;Accrued administrative servicing fees — Institutional Shares (Note 4) | 105 | 79809 | 5584 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees — A Class Shares (Note 4) |  | 23008 | 8287 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees — C Class Shares (Note 4) |  | 32045 | 355 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 17346 | 37150 | 24970 |
| Total liabilities | 18883 | 1804102 | 290940 |
| **CONTINGENCIES AND COMMITMENTS (NOTE 8)** |  |  |  |
| **NET ASSETS** | $21521965 | $548481637 | $103918772 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in capital | $17325743 | $472211613 | $113996185 |
| Distributable earnings (accumulated deficit) | 4196222 | 76270024 | (10077413) |
| **NET ASSETS** | $21521965 | $548481637 | $103918772 |
| **NET ASSET VALUE PER SHARE:** |  |  |  |
| **INSTITUTIONAL SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to Institutional Shares | $414361 | $372812646 | $99037047 |
| &nbsp;&nbsp;&nbsp;Institutional Shares of beneficial interest outstanding | 34258 | 29206898 | 9713246 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $12.10 | $12.76 | $10.20 |
| **A CLASS SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to A Class Shares | N/A | $46338041 | $4881725 |
| &nbsp;&nbsp;&nbsp;A Class Shares of beneficial interest outstanding | N/A | 3634135 | 475842 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | N/A | $12.75 | $10.26 |
| &nbsp;&nbsp;&nbsp;Maximum sales charge | N/A | 3.00% | 3.00% |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share | N/A | $13.14 | $10.58 |
| **C CLASS SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to C Class Shares | N/A | $13288953 | N/A |
| &nbsp;&nbsp;&nbsp;C Class Shares of beneficial interest outstanding | N/A | 1047394 | N/A |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | N/A | $12.69 | N/A |
| **ULTRA SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to Ultra Shares | $21107604 | $116041997 | N/A |
| &nbsp;&nbsp;&nbsp;Ultra Shares of beneficial interest outstanding | 1742673 | 9096459 | N/A |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $12.11 | $12.76 | N/A |

---

Amounts designated as "—" are either $0 or have been rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **October** **31, 2025** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Westwood<br> Alternative<br> Income<br> Fund** | **Westwood<br> Salient MLP<br> & Energy<br> Infrastructure<br> Fund** | **Westwood<br> Real Estate<br> Income<br> Fund** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at cost | $— | $50094282 | $— |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at cost | 113459982 | 766288727 | 247117952 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value (Note 2 and 3) | $— | $49756039 | $— |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value (Note 2) | 135271098 | 1152518123 | 257973463 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on swap agreements | 2486350 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 313842 | 552892 | 187963 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold |  | 3001878 | 39578 |
| &nbsp;&nbsp;&nbsp;Cash collateral for futures contracts | 71250 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 561157 | 3657385 | 284028 |
| &nbsp;&nbsp;&nbsp;Due from related party (Note 2) |  | 300000 |  |
| &nbsp;&nbsp;&nbsp;Other assets | 21031 | 249716 | 78333 |
| Total assets | 138724728 | 1210036033 | 258563365 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Written call options, at value (Notes 1 & 4) (premiums received $31,905, $649,999 and $—) | 39200 | 460040 |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on swap agreements | 3215002 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 45092 | 998188 | 72387 |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased | 1877957 |  | 251027 |
| &nbsp;&nbsp;&nbsp;Due to broker for swap contracts | 54808 |  |  |
| &nbsp;&nbsp;&nbsp;Payable to Adviser, net of waivers (Note 4) | 806695 | 898365 | 148128 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 4289 | 43707 | 8883 |
| &nbsp;&nbsp;&nbsp;Payable for tax expense (Note 2) |  | 300000 |  |
| &nbsp;&nbsp;&nbsp;Accrued administrative servicing fees — Institutional Shares (Note 4) | 15438 | 212625 | 15818 |
| &nbsp;&nbsp;&nbsp;Accrued administrative servicing fees — A Class Shares (Note 4) |  | 42016 | 10931 |
| &nbsp;&nbsp;&nbsp;Accrued administrative servicing fees — C Class Shares (Note 4) |  | 6687 | 3124 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees — A Class Shares (Note 4) | 326 | 70628 | 32112 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees — C Class Shares (Note 4) | 3525 | 48587 | 3652 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 31430 | 85810 | 28010 |
| Total liabilities | 6093762 | 3166653 | 574072 |
| **CONTINGENCIES AND COMMITMENTS (NOTE 8)** |  |  |  |
| **NET ASSETS** | $132630966 | $1206869380 | $257989293 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in capital | $126547662 | $1369501522 | $249048134 |
| Distributable earnings (accumulated deficit) | 6083304 | (162632142) | 8941159 |
| **NET ASSETS** | $132630966 | $1206869380 | $257989293 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **October** **31, 2025** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Westwood<br> Alternative<br> Income<br> Fund** | **Westwood<br> Salient MLP<br> & Energy<br> Infrastructure<br> Fund** | **Westwood<br> Real Estate<br> Income<br> Fund** |
| **NET ASSET VALUE PER SHARE:** |  |  |  |
| **INSTITUTIONAL SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to Institutional Shares | $87596823 | $1034606801 | $179011263 |
| &nbsp;&nbsp;&nbsp;Institutional Shares of beneficial interest outstanding | 8618855 | 102918434 | 10097731 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $10.16 \* | $10.05 \* | $17.73 |
| **A CLASS SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to A Class Shares | $831091 | $155215845 | $78978030 |
| &nbsp;&nbsp;&nbsp;A Class Shares of beneficial interest outstanding | 81908 | 15347078 | 4434134 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $10.15 | $10.11 \* | $17.81 |
| &nbsp;&nbsp;&nbsp;Maximum sales charge | 3.00% | 4.00% | 3.00% |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share | $10.46 | $10.53 \* | $18.36 |
| **C CLASS SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to C Class Shares | N/A | $16736929 | N/A |
| &nbsp;&nbsp;&nbsp;C Class Shares of beneficial interest outstanding | N/A | 1665168 | N/A |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | N/A | $10.05 \* | N/A |
| **ULTRA SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to Ultra Shares | $44203052 | $309805 | N/A |
| &nbsp;&nbsp;&nbsp;Ultra Shares of beneficial interest outstanding | 4349781 | 30818 | N/A |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $10.16 \* | $10.05 \* | N/A |

---

Amounts designated as "—" are either $0 or have been rounded to $0.

N/A — Not Applicable

\* Includes adjustments in accordance with accounting principals generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **October 31** **, 2025** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | |
|:---|:---|:---|
|  | **Westwood<br> Broadmark<br> Tactical<br> Growth<br> Fund** | **Westwood<br> Broadmark<br> Tactical<br> Plus Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $156894621 | $59613477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $169388689 | $59392551 |
| &nbsp;&nbsp;&nbsp;Variation margin receivable on futures contracts |  | 52079 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 7643 | 47801 |
| &nbsp;&nbsp;&nbsp;Cash collateral for futures contracts |  | 2797266 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 163353 | 168312 |
| &nbsp;&nbsp;&nbsp;Other assets | 79318 | 50783 |
| Total assets | 169639003 | 62508792 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 30237 | 15000 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser, net of waivers (Note 4) | 154088 | 54516 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 5546 | 2489 |
| &nbsp;&nbsp;&nbsp;Accrued administrative servicing fees — Institutional Shares (Note 4) | 16364 | 2248 |
| &nbsp;&nbsp;&nbsp;Accrued administrative servicing fees — A Class Shares (Note 4) | 1481 | 204 |
| &nbsp;&nbsp;&nbsp;Accrued administrative servicing fees — C Class Shares (Note 4) |  | 3 |
| &nbsp;&nbsp;&nbsp;Accrued administrative servicing fees — F Class Shares (Note 4) |  | 5838 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees — A Class Shares (Note 4) | 11448 | 549 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees — C Class Shares (Note 4) | 11499 | 2586 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 21500 | 21800 |
| Total liabilities | 252163 | 105233 |
| **CONTINGENCIES AND COMMITMENTS (NOTE 8)** |  |  |
| **NET ASSETS** | $169386840 | $62403559 |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid-in capital | $155831138 | $66604439 |
| Distributable earnings (accumulated deficit) | 13555702 | (4200880) |
| **NET ASSETS** | $169386840 | $62403559 |
| **NET ASSET VALUE PER SHARE:** |  |  |
| **INSTITUTIONAL SHARES** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to Institutional Shares | $151760597 | $30453311 |
| &nbsp;&nbsp;&nbsp;Institutional Shares of beneficial interest outstanding | 5326989 | 2813269 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $28.49 | $10.82 |
| **A CLASS SHARES** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to A Class Shares | $14992332 | $484681 |
| &nbsp;&nbsp;&nbsp;A Class Shares of beneficial interest outstanding | 568132 | 45764 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $26.39 | $10.59 |
| &nbsp;&nbsp;&nbsp;Maximum sales charge | 4.00% | 3.00% |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share | $27.49 | $10.92 |
| **C CLASS SHARES** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to C Class Shares | $2633911 | N/A |
| &nbsp;&nbsp;&nbsp;C Class Shares of beneficial interest outstanding | 109287 | N/A |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $24.10 | N/A |
| **F CLASS SHARES** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to F Class Shares | N/A | $31465567 |
| &nbsp;&nbsp;&nbsp;F Class Shares of beneficial interest outstanding | N/A | 2828930 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | N/A | $11.12 |

---

Amounts designated as "—" are either $0 or have been rounded to $0.

N/A — Not Applicable.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **FOR THE YEAR ENDED October 31, 2025** |

---

**STATEMENTS OF OPERATIONS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Westwood<br> Quality<br> Value<br> Fund** | **Westwood<br> Quality<br> MidCap<br> Fund** | **Westwood<br> Quality<br> SMidCap<br> Fund** | **Westwood<br> Quality<br> SmallCap<br> Fund** |
| **INVESTMENT INCOME** |  |  |  |  |
| Dividend income from unaffiliated securities (net of foreign withholding tax of $—, $103, $2,548, and $—, respectively) | $3495840 | $27381 | $1239030 | $17821575 |
| **EXPENSES** |  |  |  |  |
| Investment management fees (Note 4) | 953040 | 10428 | 739300 | 8661018 |
| Administrative service plan fees - Institutional Shares (Note 4) | 148438 | 1278 | 120674 | 521980 |
| Administration fees (Note 4) | 61225 | 4478 | 33452 | 301060 |
| Distribution fees - A Class (Note 4) | 5292 |  |  | 7249 |
| Distribution fees - C Class (Note 4) | 503 |  |  | 42019 |
| Registration and filing fees | 55566 | 4572 | 34882 | 77258 |
| Trustees' fees and expenses (Note 4) | 17978 | 640 | 9344 | 93151 |
| Legal fees | 15428 | 283 | 7411 | 81209 |
| Audit and tax services fees | 19882 | 17082 | 18682 | 19882 |
| Transfer agent fees (Note 4) | 19576 | 10627 | 11798 | 36238 |
| Custody fees | 6199 | 2394 | 4921 | 20973 |
| Insurance expense | 3909 | 2811 | 3551 | 8930 |
| Compliance fees (Note 4) | 3430 | 37 | 1727 | 17984 |
| Borrowing costs (Note 2) | 9239 |  | 1059 | 18544 |
| Other expenses | 37603 | 12277 | 26208 | 157721 |
| **Total expenses** | 1357308 | 66907 | 1013009 | 10065216 |
| Investment management fees reduced and expense reimbursements by the Adviser (Note 4) | (145495) | (55202) | (220977) | (1425758) |
| **Net expenses** | 1211813 | 11705 | 792032 | 8639458 |
| **NET INVESTMENT INCOME** | 2284027 | 15676 | 446998 | 9182117 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |
| Net realized gains from investment transactions in unaffiliated securities | 34130370 | 115305 | 5136336 | 52020569 |
| Net change in unrealized appreciation (depreciation) on investment transactions in unaffiliated securities | (29694020) | (99026) | (2675569) | (78316284) |
| **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS** | 4436350 | 16279 | 2460767 | (26295715) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $6720377 | $31955 | $2907765 | $(17113598) |

---

Amounts designated as "—" are either $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **FOR THE YEAR ENDED October 31, 2025** |

---

**STATEMENTS OF OPERATIONS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Westwood<br> Quality<br> AllCap<br> Fund** | **Westwood<br> Income<br> Opportunity<br> Fund** | **Westwood<br> Multi-Asset<br> Income<br> Fund** |
| **INVESTMENT INCOME** |  |  |  |
| Dividend income from affiliated securities (Note 3) | $— | $— | $21678 |
| Dividend income from unaffiliated securities (net of foreign withholding tax of $600, $16,750, and $4,971, respectively) | 357210 | 7095300 | 968135 |
| Interest income (net of foreign withholding tax of $—, $6,722, and $1,267, respectively) |  | 15087472 | 6129061 |
| **Total investment income** | 357210 | 22182772 | 7118874 |
| **EXPENSES** |  |  |  |
| Investment management fees (Note 4) | 96297 | 3429819 | 140373 |
| Administrative service plan fees - Institutional Shares (Note 4) | 519 | 306657 | 25292 |
| Administration fees (Note 4) | 11153 | 166854 | 44649 |
| Distribution fees - A Class (Note 4) |  | 108208 | 21345 |
| Distribution fees - C Class (Note 4) |  | 128114 | 486 |
| Registration and filing fees | 32801 | 70318 | 44854 |
| Trustees' fees and expenses (Note 4) | 2408 | 47515 | 9874 |
| Legal fees | 1861 | 42168 | 8706 |
| Audit and tax services fees | 18683 | 21182 | 20582 |
| Transfer agent fees (Note 4) | 10804 | 19993 | 11984 |
| Custody fees | 3011 | 13985 | 13850 |
| Insurance expense | 2924 | 5676 | 3355 |
| Compliance fees (Note 4) | 377 | 9208 | 1819 |
| Borrowing costs (Note 2) | 383 | 2083 | 433 |
| Other expenses | 20244 | 117739 | 43442 |
| **Total expenses** | 201465 | 4489519 | 391044 |
| Investment management fees reduced and expense reimbursements by the Adviser (Note 4) | (104266) | (13000) | (96886) |
| Affiliated management fee waived by Adviser (Note 4) |  |  | (543) |
| **Net expenses** | 97199 | 4476519 | 293615 |
| **NET INVESTMENT INCOME** | 260011 | 17706253 | 6825259 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS** |  |  |  |
| Net realized losses from investment transactions in affiliated securities (Note 3) |  |  | (16405) |
| Net realized gains from investment transactions in unaffiliated securities | 1409479 | 17382501 | 177242 |
| Net realized losses from written option contracts |  | (7066918) | (434409) |
| Net realized gains (losses) from long futures contracts |  | 393949 | (52322) |
| Net change in unrealized appreciation (depreciation) on investment transactions in affiliated securities (Note 3) |  |  | (6208) |
| Net change in unrealized appreciation (depreciation) on investment transactions in unaffiliated securities | (400823) | 25246321 | 3174846 |
| Net change in unrealized appreciation (depreciation) on written option contracts |  | 112337 | (34224) |
| Net change in unrealized appreciation (depreciation) on long futures contracts |  | 59099 | 211960 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS** | 1008656 | 36127289 | 3020480 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1268667 | $53833542 | $9845739 |

---

Amounts designated as "—" are either $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **FOR THE YEAR ENDED October 31, 2025** |

---

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **Westwood<br> Alternative<br> Income<br> Fund** | **Westwood<br> Salient MLP<br> & Energy<br> Infrastructure<br> Fund** |
| **INVESTMENT INCOME** |  |  |
| Distributions from master limited partnerships | $— | $29756284 |
| &nbsp;&nbsp;&nbsp;Less return of capital on distributions |  | (29756284) |
| Dividends from master limited partnership related companies (net of foreign withholding tax of $— and $1,578,103) |  | 33890161 |
| &nbsp;&nbsp;&nbsp;Less return of capital on distributions |  | (8953397) |
| Dividend income from affiliated securities (Note 3) |  | 5545642 |
| Dividend income from unaffiliated securities | 242075 | 275017 |
| Interest income | 2530962 |  |
| **Total investment income** | 2773037 | 30757423 |
| **EXPENSES** |  |  |
| Investment management fees (Note 4) | 1082718 | 11306404 |
| Administrative service plan fees - Institutional Shares (Note 4) | 136553 | 1000625 |
| Administrative service plan fees - A Class (Note 4) |  | 132978 |
| Administrative service plan fees - C Class (Note 4) |  | 17234 |
| Administration fees (Note 4) | 53359 | 483522 |
| Distribution fees - A Class Shares (Note 4) | 1783 | 407448 |
| Distribution fees - C Class Shares (Note 4) | 1123 | 172337 |
| Registration and filing fees | 59621 | 85181 |
| Trustees' fees and expenses (Note 4) | 12498 | 111012 |
| Legal fees | 10950 | 111232 |
| Audit and tax service fees | 27383 | 40882 |
| Transfer agent fees (Note 4) | 11950 | 37454 |
| Custody fees | 6361 | 38853 |
| Insurance expense | 3511 | 46030 |
| Compliance fees (Note 4) | 2385 | 21619 |
| Tax expense (Note 2) |  | 61168 |
| Borrowing costs (Note 2) | 944 | 2565 |
| Other expenses | 63224 | 132393 |
| **Total expenses** | 1474363 | 14208937 |
| Investment management fees reduced and expense reimbursements by the Adviser (Note 4) | (252630) |  |
| Contractual management fee waived by Adviser (Note 4) | (13618) |  |
| Affiliated management fee waived by Adviser (Note 4) |  | (474853) |
| **Net expenses** | 1208115 | 13734084 |
| **NET INVESTMENT INCOME** | 1564922 | 17023339 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **FOR THE YEAR ENDED October 31, 2025** |

---

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **Westwood<br> Alternative<br> Income<br> Fund** | **Westwood<br> Salient MLP<br> & Energy<br> Infrastructure<br> Fund** |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, OPTIONS, FUTURES, AND SWAPS** |  |  |
| Net realized gains from investment transactions in affiliated securities (Note 3) | $— | 116013 |
| Net realized gains from investment transactions in unaffiliated securities | 11816514 | 53014399 |
| Net realized losses from foreign currency transactions |  | (44718) |
| Net realized gains (losses) from written option contracts | (362230) | 2592474 |
| Net realized losses from long futures contracts | (81924) |  |
| Net realized losses from swap transactions | (12610702) |  |
| Net change in unrealized appreciation (depreciation) on investment transactions in affiliated securities (Note 3) |  | (1805527) |
| Net change in unrealized appreciation (depreciation) on investment transactions in unaffiliated securities | 11538957 | 10968873 |
| Net change in unrealized appreciation (depreciation) on purchased option contracts | (141886) |  |
| Net change in unrealized appreciation (depreciation) on written option contracts | 31404 | 200429 |
| Net change in unrealized appreciation (depreciation) on long futures contracts | (165) |  |
| Net change in unrealized appreciation (depreciation) on swap transactions | (1523781) |  |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS, OPTIONS, FUTURES, AND SWAPS** | 8666187 | 65041943 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $10231109 | $82065282 |

---

Amounts designated as "—" are either $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **FOR THE YEAR ENDED October 31, 2025** |

---

**STATEMENTS OF OPERATIONS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Westwood<br> Real Estate<br> Income<br> Fund** | **Westwood<br> Broadmark<br> Tactical<br> Growth<br> Fund** | **Westwood<br> Broadmark<br> Tactical<br> Plus<br> Fund** |
| **INVESTMENT INCOME** |  |  |  |
| Dividend income from unaffiliated securities | $16419071 | $4673562 | $2655511 |
| Interest income |  |  | 34318 |
| **Total investment income** | 16419071 | 4673562 | 2689829 |
| **EXPENSES** |  |  |  |
| Investment management fees (Note 4) | 1824271 | 1805385 | 951483 |
| Administrative service plan fees - Institutional Shares (Note 4) | 86838 | 79779 | 33060 |
| Administrative service plan fees - A Class (Note 4) | 77687 | 13511 | 554 |
| Administrative service plan fees - C Class (Note 4) | 3124 | 7237 | 83 |
| Administrative service plan fees - F Class (Note 4) |  |  | 34265 |
| Administration fees (Note 4) | 81437 | 61504 | 33669 |
| Distribution fees - A Class (Note 4) | 214221 | 39190 | 1386 |
| Distribution fees - C Class (Note 4) | 9371 | 21710 | 826 |
| Registration and filing fees | 47276 | 43658 | 52676 |
| Trustees' fees and expenses (Note 4) | 24053 | 15141 | 6569 |
| Legal fees | 22909 | 14324 | 10111 |
| Audit and tax services fees | 18982 | 15222 | 18182 |
| Transfer agent fees (Note 4) | 27932 | 14134 | 11343 |
| Custody fees | 6286 | 4178 | 4414 |
| Insurance expense | 12290 | 13509 | 5875 |
| Compliance fees (Note 4) | 4644 | 2863 | 1227 |
| Other expenses | 13259 | 3244 | 18109 |
| **Total expenses** | 2474580 | 2154589 | 1183832 |
| Investment management fees reduced and expense reimbursements by the Advisor (Note 4) |  |  | (370373) |
| **Net expenses** | 2474580 | 2154589 | 813459 |
| **NET INVESTMENT INCOME** | 13944491 | 2518973 | 1876370 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, OPTIONS, AND FUTURES** |  |  |  |
| Net realized gains (losses) from investment transactions from unaffiliated securities | (1892700) | 6372837 | (2391671) |
| Net realized losses from purchased option contracts |  |  | (1157600) |
| Net realized gains from long futures contracts |  |  | 561152 |
| Net realized losses from short futures contracts |  |  | (2498288) |
| Net change in unrealized appreciation (depreciation) on investment transactions from unaffiliated securities | (18025585) | 4734703 | (23101) |
| Net change in unrealized appreciation (depreciation) on purchased option contracts |  |  | (197825) |
| Net change in unrealized appreciation (depreciation) on long futures contracts |  |  | 2407279 |
| **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, OPTIONS AND FUTURES** | (19918285) | 11107540 | (3300054) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(5973794) | $13626513 | $(1423684) |

---

Amounts designated as "—" are either $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** |
|  | **Value Fund** | **Value Fund** | **MidCap Fund** | **MidCap Fund** | **SMidCap Fund** | **SMidCap Fund** |
|  | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |  |  |  |  |
| Net investment income | $2284027 | $3151630 | $15676 | $25456 | $446998 | $2173132 |
| Net realized gains on investments and foreign currency transactions | 34130370 | 14792100 | 115305 | 90205 | 5136336 | 30150397 |
| Net realized gains from in-kind redemptions (Note 9) |  |  |  |  |  | 40670720 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (29694020) | 24331317 | (99026) | 331012 | (2675569) | (3066973) |
| Net increase in net assets resulting from operations | 6720377 | 42275047 | 31955 | 446673 | 2907765 | 69927276 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (15146057) | (7516536) | (107692) | (40833) | (892595) | (5558912) |
| &nbsp;&nbsp;&nbsp;A Class Shares | (141254) | (47334) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;C Class Shares | (11340) | (3816) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Ultra Shares | (83) | (39) | N/A | N/A | (438529) | (3896906) |
| **Total distributions** | (15298734) | (7567725) | (107692) | (40833) | (1331124) | (9455818) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| **Institutional Class** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 8577862 | 7156002 | 1906 | 49183 | 6999699 | 20017079 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 8250849 | 4570154 | 107692 | 40833 | 880521 | 5545018 |
| &nbsp;&nbsp;&nbsp;Redeemed | (39001158) | (19151019) | (246586) | (30694) | (16160902) | (156295124) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from Institutional Shares capital share transactions | (22172447) | (7424863) | (136988) | 59322 | (8280682) | (130733027) |
| **A Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 112777 | 724091 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Shares exchanged from C Class Shares | 182320 |  | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 141254 | 47333 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Redeemed | (367348) | (103273) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Net increase from A Class Shares capital share transactions | 69003 | 668151 | N/A | N/A | N/A | N/A |
| **C Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 52686 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 11340 | 3815 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Redeemed | (249) | (31506) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Shares exchanged to A Class Shares | (182320) |  | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from C Class Shares capital share transactions | (171229) | 24995 | N/A | N/A | N/A | N/A |
| **Ultra Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  | N/A | N/A | 1178535 | 8515742 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 83 | 39 | N/A | N/A | 438529 | 3896907 |
| &nbsp;&nbsp;&nbsp;Redeemed |  |  | N/A | N/A | (3422530) | (120376338) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from Ultra Shares capital share transactions | 83 | 39 | N/A | N/A | (1805466) | (107963689) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from capital share transactions | (22274590) | (6731678) | (136988) | 59322 | (10086148) | (238696716) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (30852947) | 27975644 | (212725) | 465162 | (8509507) | (178225258) |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of year | 213198404 | 185222760 | 1991483 | 1526321 | 104235884 | 282461142 |
| End of year | $182345457 | $213198404 | $1778758 | $1991483 | $95726377 | $104235884 |

---

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** |
|  | **Value Fund** | **Value Fund** | **MidCap Fund** | **MidCap Fund** | **SMidCap Fund** | **SMidCap Fund** |
|  | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** |
| **CAPITAL SHARES ACTIVITY** |  |  |  |  |  |  |
| **Institutional Shares** |  |  |  |  |  |  |
| Sold | 593386 | 530331 | 167 | 4545 | 427678 | 1363803 |
| Issued in reinvestment of dividends to shareholders | 589442 | 350332 | 9227 | 3852 | 55800 | 391001 |
| Redeemed | (2798183) | (1389271) | (22232) | (2907) | (1012054) | (10126998) |
| Net increase (decrease) in shares outstanding | (1615355) | (508608) | (12838) | 5490 | (528576) | (8372194) |
| Shares outstanding at beginning of year | 14481996 | 14990604 | 164029 | 158539 | 4660998 | 13033192 |
| Shares outstanding at end of year | 12866641 | 14481996 | 151191 | 164029 | 4132422 | 4660998 |
| **A Class Shares** |  |  |  |  |  |  |
| Sold | 8079 | 51018 | N/A | N/A | N/A | N/A |
| Shares issued in connection with exchange of C Class Shares | 12872 |  | N/A | N/A | N/A | N/A |
| Issued in reinvestment of dividends to shareholders | 10028 | 3607 | N/A | N/A | N/A | N/A |
| Redeemed | (26000) | (7370) | N/A | N/A | N/A | N/A |
| Net increase in shares outstanding | 4979 | 47255 | N/A | N/A | N/A | N/A |
| Shares outstanding at beginning of year | 146042 | 98787 | N/A | N/A | N/A | N/A |
| Shares outstanding at end of year | 151021 | 146042 | N/A | N/A | N/A | N/A |
| **C Class Shares** |  |  |  |  |  |  |
| Sold |  | 4010 | N/A | N/A | N/A | N/A |
| Issued in reinvestment of dividends to shareholders | 826 | 299 | N/A | N/A | N/A | N/A |
| Redeemed | (17) | (2392) | N/A | N/A | N/A | N/A |
| Shares exchanged for A Class Shares | (13207) |  | N/A | N/A | N/A | N/A |
| Net increase (decrease) in shares outstanding | (12398) | 1917 | N/A | N/A | N/A | N/A |
| Shares outstanding at beginning of year | 12398 | 10481 | N/A | N/A | N/A | N/A |
| Shares outstanding at end of year |  | 12398 | N/A | N/A | N/A | N/A |
| **Ultra Shares** |  |  |  |  |  |  |
| Sold |  |  | N/A | N/A | 73138 | 567320 |
| Issued in reinvestment of dividends to shareholders | 6 | 3 | N/A | N/A | 27843 | 274415 |
| Redeemed |  |  | N/A | N/A | (213496) | (7960374) |
| Net increase (decrease) in shares outstanding | 6 | 3 | N/A | N/A | (112515) | (7118639) |
| Shares outstanding at beginning of year | 79 | 76 | N/A | N/A | 1776284 | 8894923 |
| Shares outstanding at end of year | 85 | 79 | N/A | N/A | 1663769 | 1776284 |

---

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** |
|  | **SmallCap Fund** | **SmallCap Fund** | **AllCap Fund** | **AllCap Fund** |
|  | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |  |  |
| Net investment income | $9182117 | $12116371 | $260011 | $336534 |
| Net realized gains on investments and foreign currency transactions | 52020569 | 73539695 | 1409479 | 924834 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (78316284) | 153638732 | (400823) | 3531197 |
| Net increase (decrease) in net assets resulting from operations | (17113598) | 239294798 | 1268667 | 4792565 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (27260186) | (19668695) | (27525) | (7343) |
| &nbsp;&nbsp;&nbsp;A Class Shares | (185558) | (91955) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;C Class Shares | (155935) | (54222) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Ultra Shares | (38579598) | (27901992) | (1120857) | (755489) |
| **Total distributions** | (66181277) | (47716864) | (1148382) | (762832) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 61038027 | 103683222 | 10034 | 294950 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 25567708 | 18554793 | 27525 | 7343 |
| &nbsp;&nbsp;&nbsp;Redeemed | (154436298) | (174839553) | (188541) | (1807) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from Institutional Shares capital share transactions | (67830563) | (52601538) | (150982) | 300486 |
| **A Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 658717 | 1568260 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 182922 | 90168 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Redeemed | (1404135) | (1006292) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from A Class Shares capital share transactions | (562496) | 652136 | N/A | N/A |
| **C Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2537321 | 1784217 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 155622 | 53520 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Proceeds from redemption fees |  | 57 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Redeemed | (441990) | (406832) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Net increase from C Class Shares capital share transactions | 2250953 | 1430962 | N/A | N/A |
| **Ultra Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 49408787 | 127543686 | 13263 | 88473 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 34250323 | 26372777 | 1120857 | 755489 |
| &nbsp;&nbsp;&nbsp;Redeemed | (106919089) | (234574289) | (2117439) | (2988530) |
| &nbsp;&nbsp;&nbsp;Net decrease from Ultra Shares capital share transactions | (23259979) | (80657826) | (983319) | (2144568) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from capital share transactions | (89402085) | (131176266) | (1134301) | (1844082) |
| **TOTAL INCREASE (DECREASE) INCREASE IN NET ASSETS** | (172696960) | 60401668 | (1014016) | 2185651 |
| **NET ASSETS** |  |  |  |  |
| Beginning of year | 1099507855 | 1039106187 | 22535981 | 20350330 |
| End of year | $926810895 | $1099507855 | $21521965 | $22535981 |

---

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** |
|  | **SmallCap Fund** | **SmallCap Fund** | **AllCap Fund** | **AllCap Fund** |
|  | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** |
| **CAPITAL SHARES ACTIVITY** |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Sold | 3061284 | 5111017 | 876 | 26435 |
| Issued in reinvestment of dividends to shareholders | 1189913 | 937383 | 2358 | 688 |
| Redeemed | (7720051) | (8407338) | (15626) | (169) |
| Net increase (decrease) in shares outstanding | (3468854) | (2358938) | (12392) | 26954 |
| Shares outstanding at beginning of year | 21330954 | 23689892 | 46650 | 19696 |
| Shares outstanding at end of year | 17862100 | 21330954 | 34258 | 46650 |
| **A Class Shares** |  |  |  |  |
| Sold | 33305 | 76469 | N/A | N/A |
| Issued in reinvestment of dividends to shareholders | 8534 | 4587 | N/A | N/A |
| Redeemed | (69660) | (49697) | N/A | N/A |
| Net increase (decrease) in shares outstanding | (27821) | 31359 | N/A | N/A |
| Shares outstanding at beginning of year | 151534 | 120175 | N/A | N/A |
| Shares outstanding at end of year | 123713 | 151534 | N/A | N/A |
| **C Class Shares** |  |  |  |  |
| Sold | 127412 | 89247 | N/A | N/A |
| Issued in reinvestment of dividends to shareholders | 7353 | 2757 | N/A | N/A |
| Redeemed | (23820) | (20046) | N/A | N/A |
| Net increase in shares outstanding | 110945 | 71958 | N/A | N/A |
| Shares outstanding at beginning of year | 129748 | 57790 | N/A | N/A |
| Shares outstanding at end of year | 240693 | 129748 | N/A | N/A |
| **Ultra Shares** |  |  |  |  |
| Sold | 2422599 | 6244418 | 1077 | 8087 |
| Issued in reinvestment of dividends to shareholders | 1593615 | 1329195 | 95878 | 70819 |
| Redeemed | (5188635) | (11351350) | (179987) | (264765) |
| Net decrease in shares outstanding | (1172421) | (3777737) | (83032) | (185859) |
| Shares outstanding at beginning of year | 29856538 | 33634275 | 1825705 | 2011564 |
| Shares outstanding at end of year | 28684117 | 29856538 | 1742673 | 1825705 |

---

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Westwood Income** | **Westwood Income** | **Westwood Multi-Asset** | **Westwood Multi-Asset** | **Westwood Alternative** | **Westwood Alternative** |
|  | **Opportunity Fund** | **Opportunity Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** |
|  | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |  |  |  |  |
| Net investment income | $17706253 | $18271582 | $6825259 | $5716773 | $1564922 | $2613946 |
| Net realized gains (losses) on investments, futures, purchased options, written options, swap agreements and foreign currency transactions | 10709532 | 14402810 | (325894) | (2185281) | (1238342) | (3490284) |
| Net change in unrealized appreciation (depreciation) on investments, purchased options, written options, swap agreements and foreign currency translations | 25417757 | 61642644 | 3346374 | 13538318 | 9904529 | 12046098 |
| Net increase in net assets resulting from operations | 53833542 | 94317036 | 9845739 | 17069810 | 10231109 | 11169760 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |  |  |
| **From distributable earnings** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (12480831) | (14315602) | (6229373) | (5190565) | (2154771) | (631694) |
| &nbsp;&nbsp;&nbsp;A Class Shares | (1391743) | (1638250) | (509392) | (445751) | (14996) | (1484) |
| &nbsp;&nbsp;&nbsp;C Class Shares | (326591) | (367521) | (2304) | (8093) | (1431) | (2414) |
| &nbsp;&nbsp;&nbsp;Ultra Shares | (3435211) | (2844706) | N/A | N/A | (894508) | (236854) |
| **From return of capital** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (2321726) | (2747330) |  |  | (326453) | (2229470) |
| &nbsp;&nbsp;&nbsp;A Class Shares | (258897) | (314399) |  |  | (2272) | (5237) |
| &nbsp;&nbsp;&nbsp;C Class Shares | (60753) | (70531) |  |  |  | (8521) |
| &nbsp;&nbsp;&nbsp;Ultra Shares | (639029) | (545932) | N/A | N/A | (135520) | (835944) |
| **Total distributions** | (20914781) | (22844271) | (6741069) | (5644409) | (3529951) | (3951618) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| **Institutional Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 57510784 | 54246666 | 31270266 | 12126618 | 43699290 | 34420579 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 14490757 | 16679788 | 6110755 | 5088025 | 2480957 | 2860830 |
| &nbsp;&nbsp;&nbsp;Proceeds from redemption fees |  |  |  |  | 993 | 98 |
| &nbsp;&nbsp;&nbsp;Redeemed | (91223501) | (147921947) | (29418473) | (33308391) | (57981993) | (34375735) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from Institutional Shares capital share transactions | (19221960) | (76995493) | 7962548 | (16093748) | (11800753) | 2905772 |
| **A Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 8919160 | 5638892 | 1226107 | 680201 | 86110 | 421791 |
| &nbsp;&nbsp;&nbsp;Shares exchanged from C Class Shares |  |  | 211253 |  | 386849 |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 1625616 | 1928395 | 364073 | 375643 | 17268 | 6721 |
| &nbsp;&nbsp;&nbsp;Redeemed | (10486726) | (14445761) | (5430420) | (791103) | (159795) | (8725) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from A Class Shares capital share transactions | 58050 | (6878474) | (3628987) | 264741 | 330432 | 419787 |
| **C Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1669153 | 1699798 | 129414 |  |  | 15928 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 387297 | 437952 | 2304 | 8093 | 1431 | 10935 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2135933) | (2869801) | (969) | (147540) | (57547) | (57173) |
| &nbsp;&nbsp;&nbsp;Shares exchanged to A Class Shares |  |  | (211253) |  | (386849) |  |
| &nbsp;&nbsp;&nbsp;Net decrease from C Class Shares capital share transactions | (79483) | (732051) | (80504) | (139447) | (442965) | (30310) |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Westwood Income** | **Westwood Income** | **Westwood Multi-Asset** | **Westwood Multi-Asset** | **Westwood Alternative** | **Westwood Alternative** |
|  | **Opportunity Fund** | **Opportunity Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** |
|  | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** |
| **Ultra Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 9598719 | 22024494 | N/A | N/A | 19844868 | 3029294 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 4074240 | 3390638 | N/A | N/A | 1030028 | 1072798 |
| &nbsp;&nbsp;&nbsp;Redeemed | (200000) | (77160) | N/A | N/A | (6416536) | (32700046) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from Ultra Shares capital share transactions | 13472959 | 25337972 | N/A | N/A | 14458360 | (28597954) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from capital share transactions | (5770434) | (59268046) | 4253057 | (15968454) | 2545074 | (25302705) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 27148327 | 12204719 | 7357727 | (4543053) | 9246232 | (18084563) |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of year | 521333310 | 509128591 | 96561045 | 101104098 | 123384734 | 141469297 |
| End of year | $548481637 | $521333310 | $103918772 | $96561045 | $132630966 | $123384734 |

---

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Westwood Income** | **Westwood Income** | **Westwood Multi-Asset** | **Westwood Multi-Asset** | **Westwood Alternative** | **Westwood Alternative** |
|  | **Opportunity Fund** | **Opportunity Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** |
|  | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** |
| **CAPITAL SHARES ACTIVITY** |  |  |  |  |  |  |
| **Institutional Shares** |  |  |  |  |  |  |
| Sold | 4707089 | 4673569 | 3138007 | 1242224 | 4428931 | 3630305 |
| Issued in reinvestment of dividends to shareholders | 1199177 | 1421693 | 613827 | 527373 | 252470 | 302758 |
| Redeemed | (7435737) | (12795020) | (2923793) | (3488694) | (5861073) | (3642815) |
| Net increase (decrease) in shares outstanding | (1529471) | (6699758) | 828041 | (1719097) | (1179672) | 290248 |
| Shares outstanding at beginning of year | 30736369 | 37436127 | 8885205 | 10604302 | 9798527 | 9508279 |
| Shares outstanding at end of year | 29206898 | 30736369 | 9713246 | 8885205 | 8618855 | 9798527 |
| **A Class Shares** |  |  |  |  |  |  |
| Sold | 718486 | 491049 | 121818 | 69623 | 8711 | 44515 |
| Shares issued in connection with exchange of C Class Shares |  |  | 20932 |  | 39681 |  |
| Issued in reinvestment of dividends to shareholders | 134757 | 164489 | 36468 | 38700 | 1755 | 708 |
| Redeemed | (865529) | (1249840) | (529599) | (80091) | (16234) | (922) |
| Net increase (decrease) in shares outstanding | (12286) | (594302) | (350381) | 28232 | 33913 | 44301 |
| Shares outstanding at beginning of year | 3646421 | 4240723 | 826223 | 797991 | 47995 | 3694 |
| Shares outstanding at end of year | 3634135 | 3646421 | 475842 | 826223 | 81908 | 47995 |
| **C Class Shares** |  |  |  |  |  |  |
| Sold | 137677 | 147061 | 12814 |  |  | 1698 |
| Issued in reinvestment of dividends to shareholders | 32303 | 37502 | 228 | 838 | 148 | 1157 |
| Redeemed | (175659) | (249494) | (96) | (15215) | (5926) | (6014) |
| Shares exchanged for A Class Shares |  |  | (20858) |  | (39629) |  |
| Net decrease in shares outstanding | (5679) | (64931) | (7912) | (14377) | (45407) | (3159) |
| Shares outstanding at beginning of year | 1053073 | 1118004 | 7912 | 22289 | 45407 | 48566 |
| Shares outstanding at end of year | 1047394 | 1053073 |  | 7912 |  | 45407 |
| **Ultra Shares** |  |  |  |  |  |  |
| Sold | 753626 | 1858673 | N/A | N/A | 2018871 | 319184 |
| Issued in reinvestment of dividends to shareholders | 337167 | 288053 | N/A | N/A | 104543 | 113613 |
| Redeemed | (16950) | (6759) | N/A | N/A | (649519) | (3494832) |
| Net increase (decrease) in shares outstanding | 1073843 | 2139967 | N/A | N/A | 1473895 | (3062035) |
| Shares outstanding at beginning of year | 8022616 | 5882649 | N/A | N/A | 2875886 | 5937921 |
| Shares outstanding at end of year | 9096459 | 8022616 | N/A | N/A | 4349781 | 2875886 |

---

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Westwood Salient MLP & Energy** | **Westwood Salient MLP & Energy** | **Westwood Salient MLP & Energy** | **Westwood Real Estate** | **Westwood Real Estate** |
|  | **Infrastructure Fund** | **Infrastructure Fund** | **Infrastructure Fund** | **Income Fund** | **Income Fund** |
|  |<br>**Year Ended**<br>**October 31,**<br>**2025** | **Ten Months**<br>**Ended**<br>**October 31,**<br>**2024<sup>(1)</sup>** |<br>**Year Ended**<br>**December 31,**<br>**2023** |<br>**Year Ended**<br>**October 31,**<br>**2025** |<br>**Year Ended**<br>**October 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |  |  |  |
| Net investment income | $17023339 | $11865047 | $11849671 | $13944491 | $6379968 |
| Net realized gains (losses) on investments, purchased options, and written options and foreign currency transactions | 55678168 | 152016619 | 82832371 | (1892700) | 12482337 |
| Net change in unrealized appreciation (depreciation) on investments, purchased options, and written options and foreign currency translations | 9363775 | 99916042 | 21715338 | (18025585) | 41116199 |
| Net increase (decrease) in net assets resulting from operations | 82065282 | 263797708 | 116397380 | (5973794) | 59978504 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |  |
| **From distributable earnings** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (47345017) | (33180127) | (27341988) | (9454085) | (11575870) |
| &nbsp;&nbsp;&nbsp;A Class Shares | (6735090) | (5204696) | (4936471) | (4409579) | (6662836) |
| &nbsp;&nbsp;&nbsp;C Class Shares | (585203) | (459392) | (460833) | (80827) | (348719) |
| &nbsp;&nbsp;&nbsp;Ultra Shares | (197321) | (193623) | (847726) | N/A | N/A |
| **From return of capital** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  | (16281710) | (3798847) |  |
| &nbsp;&nbsp;&nbsp;A Class Shares |  |  | (2957920) | (1771861) |  |
| &nbsp;&nbsp;&nbsp;C Class Shares |  |  | (277766) |  |  |
| &nbsp;&nbsp;&nbsp;Ultra Shares |  |  | (488726) | N/A | N/A |
| **Total distributions** | (54862631) | (39037838) | (53593140) | (19515199) | (18587425) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |
| **Institutional Shares** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 199114756 | 123526743 | 119568014 | 46161341 | 48683696 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 42363321 | 29953122 | 38786838 | 13241871 | 11562313 |
| &nbsp;&nbsp;&nbsp;Redeemed | (201791899) | (110022101) | (250245155) | (41601244) | (46537152) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from Institutional Shares capital share transactions | 39686178 | 43457764 | (91890303) | 17801968 | 13708857 |
| **A Class Shares** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 15823901 | 12910727 | 7283399 | 6373946 | 5974199 |
| &nbsp;&nbsp;&nbsp;Shares exchanged from C Class Shares |  |  |  | 4368115 |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 6370286 | 4967732 | 7558882 | 5438193 | 5757609 |
| &nbsp;&nbsp;&nbsp;Redeemed | (25773097) | (28790959) | (40811580) | (23543780) | (28372262) |
| &nbsp;&nbsp;&nbsp;Net decrease from A Class Shares capital share transactions | (3578910) | (10912500) | (25969299) | (7363526) | (16640454) |
| **C Class Shares** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3887424 | 3365690 | 361392 | 256353 | 1165400 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 579320 | 455306 | 726366 | 78486 | 331566 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3546913) | (5278700) | (4082510) | (164529) | (3188237) |
| &nbsp;&nbsp;&nbsp;Shares exchanged to A Class Shares |  |  |  | (4368115) |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from C Class Shares capital share transactions | 919831 | (1457704) | (2994752) | (4197805) | (1691271) |

---

<sup>(1)</sup> Fund changed fiscal year to October 31.

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Westwood Salient MLP & Energy** | **Westwood Salient MLP & Energy** | **Westwood Salient MLP & Energy** | **Westwood Real Estate** | **Westwood Real Estate** |
|  | **Infrastructure Fund** | **Infrastructure Fund** | **Infrastructure Fund** | **Income Fund** | **Income Fund** |
|  |<br>**Year Ended**<br>**October 31,**<br>**2025** | **Ten Months**<br>**Ended**<br>**October 31,**<br>**2024<sup>(1)</sup>** |<br>**Year Ended**<br>**December 31,**<br>**2023** |<br>**Year Ended**<br>**October 31,**<br>**2025** |<br>**Year Ended**<br>**October 31,**<br>**2024** |
| **Ultra Shares** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2106106 | 14007 | 53597 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 15373 | 11882 | 595134 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Redeemed | (7538445) | (54815) | (27961154) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Net decrease from C Class Shares capital share transactions | (5416966) | (28926) | (27312423) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from capital share transactions | 31610133 | 31058634 | (148166777) | 6240637 | (4622868) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 58812784 | 255818504 | (85362537) | (19248356) | 36768211 |
| **NET ASSETS** |  |  |  |  |  |
| Beginning of period | 1148056596 | 892238092 | 977600629 | 277237649 | 240469438 |
| End of period | $1206869380 | $1148056596 | $892238092 | $257989293 | $277237649 |

---

<sup>(1)</sup> Fund changed fiscal year to October 31.

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Westwood Salient MLP & Energy** | **Westwood Salient MLP & Energy** | **Westwood Salient MLP & Energy** | **Westwood Real Estate** | **Westwood Real Estate** |
|  | **Infrastructure Fund** | **Infrastructure Fund** | **Infrastructure Fund** | **Income Fund** | **Income Fund** |
|  |<br>**Year Ended**<br>**October 31,**<br>**2025** | **Ten Months**<br>**Ended**<br>**October 31,**<br>**2024<sup>(1)</sup>** |<br>**Year Ended**<br>**December 31,**<br>**2023** |<br>**Year Ended**<br>**October 31,**<br>**2025** |<br>**Year Ended**<br>**October 31,**<br>**2024** |
| **CAPITAL SHARES ACTIVITY** |  |  |  |  |  |
| **Institutional Shares** |  |  |  |  |  |
| Sold | 19029277 | 14088500 | 15987827 | 2529188 | 2615219 |
| Issued in reinvestment of dividends to shareholders | 4085125 | 3470697 | 5260813 | 737012 | 622745 |
| Redeemed | (19450782) | (12702215) | (33706817) | (2279959) | (2510717) |
| Net increase (decrease) in shares outstanding | 3663620 | 4856982 | (12458177) | 986241 | 727247 |
| Shares outstanding at beginning of period | 99254814 | 94397832 | 106856009 | 9111490 | 8384243 |
| Shares outstanding at end of period | 102918434 | 99254814 | 94397832 | 10097731 | 9111490 |
| **A Class Shares** |  |  |  |  |  |
| Sold | 1518753 | 1434937 | 967455 | 352745 | 322610 |
| Shares issued in connection with exchange of C Class Shares |  |  |  | 236896 |  |
| Issued in reinvestment of dividends to shareholders | 610638 | 574680 | 1018471 | 301156 | 309331 |
| Redeemed | (2476470) | (3393716) | (5538192) | (1291285) | (1520068) |
| Net decrease in shares outstanding | (347079) | (1384099) | (3552266) | (400488) | (888127) |
| Shares outstanding at beginning of period | 15694157 | 17078256 | 20630522 | 4834622 | 5722749 |
| Shares outstanding at end of period | 15347078 | 15694157 | 17078256 | 4434134 | 4834622 |
| **C Class Shares** |  |  |  |  |  |
| Sold | 370813 | 377740 | 47319 | 13817 | 65366 |
| Issued in reinvestment of dividends to shareholders | 55750 | 52822 | 98343 | 4422 | 18563 |
| Redeemed | (343174) | (600366) | (543165) | (9020) | (177323) |
| Shares exchanged for A Class Shares |  |  |  | (246658) |  |
| Net increase (decrease) in shares outstanding | 83389 | (169804) | (397503) | (237439) | (93394) |
| Shares outstanding at beginning of period | 1581779 | 1751583 | 2149086 | 237439 | 330833 |
| Shares outstanding at end of period | 1665168 | 1581779 | 1751583 |  | 237439 |
| **Ultra Shares** |  |  |  |  |  |
| Sold | 204033 | 1606 | 7111 | N/A | N/A |
| Issued in reinvestment of dividends to shareholders | 1483 | 1380 | 80958 | N/A | N/A |
| Redeemed | (726988) | (2950) | (3741953) | N/A | N/A |
| Net increase (decrease) in shares outstanding | (521472) | 36 | (3653884) | N/A | N/A |
| Shares outstanding at beginning of period | 552290 | 552254 | 4206138 | N/A | N/A |
| Shares outstanding at end of period | 30818 | 552290 | 552254 | N/A | N/A |

---

<sup>(1)</sup> Fund changed fiscal year to October 31.

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Westwood Broadmark** | **Westwood Broadmark** | **Westwood Broadmark** | **Westwood Broadmark** |
|  | **Tactical Growth Fund** | **Tactical Growth Fund** | **Tactical Plus Fund** | **Tactical Plus Fund** |
|  | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |  |  |
| Net investment income | $2518973 | $4470493 | $1876370 | $2665102 |
| Net realized gains (losses) from investments, futures and foreign currency transactions | 6372837 | (3271065) | (5486407) | (620321) |
| Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations | 4734703 | 10476988 | 2186353 | (1719724) |
| Net increase (decrease) in net assets resulting from operations | 13626513 | 11676416 | (1423684) | 325057 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (4353625) | (7979746) | (1235356) | (1440029) |
| &nbsp;&nbsp;&nbsp;A Class Shares | (467725) | (751357) | (15215) | (23687) |
| &nbsp;&nbsp;&nbsp;C Class Shares | (83825) | (173655) | (7145) | (11420) |
| &nbsp;&nbsp;&nbsp;F Class Shares | N/A | N/A | (1313012) | (1638589) |
| **Total distributions** | (4905175) | (8904758) | (2570728) | (3113725) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| **Institutional Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 29966018 | 35410257 | 7244395 | 5873899 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 4347637 | 7964224 | 1235356 | 1440028 |
| &nbsp;&nbsp;&nbsp;Redeemed | (34664083) | (117097899) | (11229180) | (7011056) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from Institutional Shares capital share transactions | (350428) | (73723418) | (2749429) | 302871 |
| **A Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2548649 | 2219487 | 485 | 29423 |
| &nbsp;&nbsp;&nbsp;Shares exchanged from C Class Shares |  |  | 275596 |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 459737 | 729546 | 15215 | 23687 |
| &nbsp;&nbsp;&nbsp;Redeemed | (4927354) | (7599131) | (276083) | (142864) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from A Class Shares capital share transactions | (1918968) | (4650098) | 15213 | (89754) |
| **C Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 239298 | 751331 | 21 | 88015 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 83825 | 172002 | 7145 | 11420 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1250503) | (3774527) | (62690) | (155299) |
| &nbsp;&nbsp;&nbsp;Shares exchanged to A Class Shares |  |  | (275596) |  |
| &nbsp;&nbsp;&nbsp;Net decrease from C Class Shares capital share transactions | (927380) | (2851194) | (331120) | (55864) |
| **F Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | N/A | N/A | 4111311 | 2472567 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | N/A | N/A | 1313012 | 1638589 |
| &nbsp;&nbsp;&nbsp;Redeemed | N/A | N/A | (7608741) | (7221927) |
| &nbsp;&nbsp;&nbsp;Net decrease from F Class Shares capital share transactions | N/A | N/A | (2184418) | (3110771) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from capital share transactions | (3196776) | (81224710) | (5249754) | (2953518) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 5524562 | (78453052) | (9244166) | (5742186) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 163862278 | 242315330 | 71647725 | 77389911 |
| &nbsp;&nbsp;&nbsp;End of year | $169386840 | $163862278 | $62403559 | $71647725 |

---

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Westwood Broadmark** | **Westwood Broadmark** | **Westwood Broadmark** | **Westwood Broadmark** |
|  | **Tactical Growth Fund** | **Tactical Growth Fund** | **Tactical Plus Fund** | **Tactical Plus Fund** |
|  | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** |
| **CAPITAL SHARES ACTIVITY** |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Sold | 1113076 | 1355988 | 672383 | 516528 |
| Issued in reinvestment of dividends to shareholders | 163938 | 308306 | 111595 | 128141 |
| Redeemed | (1285558) | (4492502) | (1059627) | (616248) |
| Net increase (decrease) in shares outstanding | (8544) | (2828208) | (275649) | 28421 |
| Shares outstanding at beginning of year | 5335533 | 8163741 | 3088918 | 3060497 |
| Shares outstanding at end of year | 5326989 | 5335533 | 2813269 | 3088918 |
| **A Class Shares** |  |  |  |  |
| Sold | 101562 | 90584 | 41 | 2618 |
| Shares issued in connection with exchange of C Class Shares |  |  | 25342 |  |
| Issued in reinvestment of dividends to shareholders | 18673 | 30349 | 1402 | 2148 |
| Redeemed | (195751) | (313722) | (26223) | (12843) |
| Net increase (decrease) in shares outstanding | (75516) | (192789) | 562 | (8077) |
| Shares outstanding at beginning of year | 643648 | 836437 | 45202 | 53279 |
| Shares outstanding at end of year | 568132 | 643648 | 45764 | 45202 |
| **C Class Shares** |  |  |  |  |
| Sold | 10439 | 33535 |  | 8565 |
| Issued in reinvestment of dividends to shareholders | 3708 | 7801 | 706 | 1110 |
| Redeemed | (55086) | (168977) | (5954) | (14933) |
| Shares exchanged for A Class Shares |  |  | (27194) |  |
| Net decrease in shares outstanding | (40939) | (127641) | (32442) | (5258) |
| Shares outstanding at beginning of year | 150226 | 277867 | 32442 | 37700 |
| Shares outstanding at end of year | 109287 | 150226 |  | 32442 |
| **F Class Shares** |  |  |  |  |
| Sold | N/A | N/A | 369756 | 210414 |
| Issued in reinvestment of dividends to shareholders | N/A | N/A | 115684 | 142387 |
| Redeemed | N/A | N/A | (704867) | (620664) |
| Net decrease in shares outstanding | N/A | N/A | (219427) | (267863) |
| Shares outstanding at beginning of year | N/A | N/A | 3048357 | 3316220 |
| Shares outstanding at end of year | N/A | N/A | 2828930 | 3048357 |

---

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Quality Value Fund <sup>(1)</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Westwood Quality Value Fund - Institutional Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Year Ended<br> October 31,<br> 2022** | **Year Ended<br> October 31,<br> 2021** |
| Net asset value at beginning of year | $14.56 | $12.27 | $12.52 | $15.46 | $11.80 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.17 | 0.21 | 0.19 | 0.18 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.31 | 2.58 | (0.25) | (0.74) | 4.28 |
| Total from investment operations | 0.48 | 2.79 | (0.06) | (0.56) | 4.41 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.23) | (0.19) | (0.10) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.84) | (0.27) |  | (2.28) | (0.58) |
| Total distributions | (1.03) | (0.50) | (0.19) | (2.38) | (0.75) |
| Net asset value at end of year | $14.01 | $14.56 | $12.27 | $12.52 | $15.46 |
| Total return <sup>(b)</sup> | 3.38% | 23.22% | (0.51%) | (4.37%) | 38.80% |
| Net assets at end of year (in 000s) | $180218 | $210883 | $183878 | $249760 | $206730 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.63% | 0.62% | 0.64% | 0.65% | 0.65% |
| Ratio of gross expenses to average net assets | 0.71% | 0.69% | 0.70% | 0.69% | 0.76% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 1.20% | 1.52% | 1.52% | 1.38% | 0.91% |
| Portfolio turnover rate <sup>(d)</sup> | 77% | 42% | 57% | 77% | 72% |
| **Westwood Quality Value Fund - A Class Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Year Ended<br> October 31,<br> 2022** | **Year Ended<br> October 31,<br> 2021** |
| Net asset value at beginning of year | $14.64 | $12.33 | $12.58 | $15.53 | $11.84 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.14 | 0.18 | 0.17 | 0.15 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.31 | 2.61 | (0.26) | (0.75) | 4.31 |
| Total from investment operations | 0.45 | 2.79 | (0.09) | (0.60) | 4.39 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.21) | (0.16) | (0.07) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.84) | (0.27) |  | (2.28) | (0.58) |
| Total distributions | (1.01) | (0.48) | (0.16) | (2.35) | (0.70) |
| Net asset value at end of year | $14.08 | $14.64 | $12.33 | $12.58 | $15.53 |
| Total return <sup>(b)</sup> | 3.13% | 23.07% | (0.75%) | (4.64%) | 38.46% |
| Net assets at end of year (in 000s) | $2127 | $2138 | $1218 | $1402 | $858 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.80% | 0.80% | 0.82% | 0.90% | 0.90% |
| Ratio of gross expenses to average net assets | 0.88% | 0.87% | 0.88% | 0.94% | 1.01% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 1.02% | 1.32% | 1.35% | 1.15% | 0.58% |
| Portfolio turnover rate <sup>(d)</sup> | 77% | 42% | 57% | 77% | 72% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(1)</sup>* *Effective March 1, 2021, Westwood LargeCap Fund was renamed as Westwood Quality Value Fund.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Quality Value Fund <sup>(1)</sup> (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Westwood Quality Value Fund - Ultra Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,**<br> **2024** | **Period Ended<br> October 31,<br> 2023 <sup>(a)</sup>** |
| Net asset value at beginning of period | $14.53 | $12.26 | $13.30 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.16 | 0.20 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.31 | 2.58 | (1.02) |
| Total from investment operations | 0.47 | 2.78 | (0.85) |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.24) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.84) | (0.27) |  |
| Total distributions | (1.04) | (0.51) | (0.19) |
| Net asset value at end of period | $13.96 | $14.53 | $12.26 |
| Total return <sup>(c)</sup> | 3.31% | 23.17% | (6.42)%<sup>(d)</sup> |
| Net assets at end of period (in 000s) | $1 | $1 | $1 |
| Ratio of net expenses to average net assets <sup>(e)</sup> | 0.55% | 0.55% | 0.55 %<sup>(f)</sup> |
| Ratio of gross expenses to average net assets | 0.63% | 0.62% | 0.82 %<sup>(f)</sup> |
| Ratio of net investment income to average net assets <sup>(e)</sup> | 1.12% | 1.45% | 1.46 %<sup>(f)</sup> |
| Portfolio turnover rate <sup>(g)</sup> | 77% | 42% | 57 %<sup>(d)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Represents the period from the commencement of operations (November 30, 2022) through October 31, 2023.* 

*<sup>(b)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*<sup>(c)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).* 

*<sup>(d)</sup>* *Not annualized.* 

*<sup>(e)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).* 

*<sup>(f)</sup>* *Annualized.* 

*<sup>(g)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*<sup>(1)</sup>* *Effective March 1, 2021, Westwood LargeCap Fund was renamed as Westwood Quality Value Fund.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Quality MidCap Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Westwood Quality MidCap Fund - Institutional Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Period Ended<br> October 31,<br> 2022<sup>(a)</sup>** |
| Net asset value at beginning of period | $12.14 | $9.63 | $9.64 | $10.00 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.10 | 0.16 | 0.14 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.17 | 2.61 | (0.01) | (0.47) |
| Total from investment operations | 0.27 | 2.77 | 0.13 | (0.36) |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.13) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.52) | (0.13) |  |  |
| Total distributions | (0.65) | (0.26) | (0.14) |  |
| Net asset value at end of period | $11.76 | $12.14 | $9.63 | $9.64 |
| Total return <sup>(c)</sup> | 2.35% | 29.09% | 1.29% | (3.60)%<sup>(d)</sup> |
| Net assets at end of period (in 000s) | $1779 | $1991 | $1526 | $530 |
| Ratio of net expenses to average net assets <sup>(e)</sup> | 0.65% | 0.69% | 0.62% | 0.58 %<sup>(f)(g)</sup> |
| Ratio of gross expenses to average net assets | 3.72% | 3.41% | 5.79% | 20.06 %<sup>(f)</sup> |
| Ratio of net investment income to average net assets <sup>(e)</sup> | 0.87% | 1.39% | 1.43% | 1.21 %<sup>(f)</sup> |
| Portfolio turnover rate | 67% | 56% | 72% | 96 %<sup>(d)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Represents the period from the commencement of operations (November 30, 2021) through October 31, 2022.*

*<sup>(b)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(c)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Not annualized.*

*<sup>(e)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *Includes federal excise taxes of 0.01% of average net assets with respect to the period ending October 31, 2022.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Quality SMidCap Fund <sup>(1)</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Westwood Quality SMidCap Fund - Institutional Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Year Ended<br> October 31,<br> 2022** | **Year Ended<br> October 31,<br> 2021** |
| Net asset value at beginning of year | $16.19 | $12.88 | $12.89 | $16.62 | $11.97 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.07 | 0.13 | 0.13 | 0.08 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.45 | 3.60 | 0.05 | (1.45) | 4.89 |
| Total from investment operations | 0.52 | 3.73 | 0.18 | (1.37) | 5.04 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.14) | (0.09) | (0.11) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.28) | (0.10) | (2.25) | (0.26) |
| Total distributions | (0.19) | (0.42) | (0.19) | (2.36) | (0.39) |
| Net asset value at end of year | $16.52 | $16.19 | $12.88 | $12.89 | $16.62 |
| Total return <sup>(b)</sup> | 3.28% | 29.49% | 1.42% | (9.64%) | 42.85% |
| Net assets at end of year (in 000s) | $68262 | $75453 | $167877 | $201586 | $237479 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.85% | 0.90 %<sup>(d)</sup> | 0.86% | 0.87% | 0.88% |
| Ratio of gross expenses to average net assets | 1.07% | 1.07 %<sup>(d)</sup> | 1.01% | 1.02% | 1.10% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 0.40% | 0.90% | 0.96% | 0.62% | 0.99% |
| Portfolio turnover rate <sup>(e)</sup> | 66% | 73 %<sup>(f)</sup> | 87% | 104% | 106% |
| **Westwood Quality SMidCap Fund - Ultra Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Year Ended<br> October 31,<br> 2022** | **Year Ended<br> October 31,<br> 2021** |
| Net asset value at beginning of year | $16.20 | $12.88 | $12.90 | $16.62 | $11.96 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.09 | 0.16 | 0.15 | 0.11 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.46 | 3.60 | 0.04 | (1.44) | 4.91 |
| Total from investment operations | 0.55 | 3.76 | 0.19 | (1.33) | 5.07 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.16) | (0.11) | (0.14) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.28) | (0.10) | (2.25) | (0.26) |
| Total distributions | (0.24) | (0.44) | (0.21) | (2.39) | (0.41) |
| Net asset value at end of year | $16.51 | $16.20 | $12.88 | $12.90 | $16.62 |
| Total return <sup>(b)</sup> | 3.49% | 29.77% | 1.54% | (9.41%) | 43.19% |
| Net assets at end of year (in 000s) | $27465 | $28783 | $114584 | $88909 | $100933 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.68% | 0.70 %<sup>(d)</sup> | 0.68% | 0.68% | 0.68% |
| Ratio of gross expenses to average net assets | 0.90% | 0.87 %<sup>(d)</sup> | 0.83% | 0.83% | 0.90% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 0.58% | 1.08% | 1.12% | 0.80% | 1.00% |
| Portfolio turnover rate <sup>(e)</sup> | 66% | 73 %<sup>(f)</sup> | 87% | 104% | 106% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Includes 0.02% of borrowing costs (Note 2).*

*<sup>(e)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(f)</sup>* *Excludes in kind transactions (Note 9).*

*<sup>(1)</sup>* *Effective March 1, 2021, Westwood SMIDCap Fund was renamed as Westwood Quality SMidCap Fund.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Quality SmallCap Fund <sup>(1)</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Westwood Quality SmallCap Fund - Institutional Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Year Ended<br> October 31,<br> 2022** | **Year Ended<br> October 31,<br> 2021** |
| Net asset value at beginning of year | $21.35 | $18.06 | $18.88 | $21.99 | $14.46 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.17 | 0.20 | 0.27 | 0.18 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.49) | 3.92 | (0.42) | (2.28) | 7.47 |
| Total from investment operations | (0.32) | 4.12 | (0.15) | (2.10) | 7.65 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.28) | (0.19) | (0.20) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.11) | (0.55) | (0.48) | (0.81) |  |
| Total distributions | (1.29) | (0.83) | (0.67) | (1.01) | (0.12) |
| Net asset value at end of year | $19.74 | $21.35 | $18.06 | $18.88 | $21.99 |
| Total return <sup>(b)</sup> | (1.95%) | 23.24% | (0.92%) | (10.08%) | 53.07% |
| Net assets at end of year (in 000s) | $352642 | $455373 | $427774 | $476094 | $586435 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.92% | 0.90% | 0.92% | 0.92% | 0.92% |
| Ratio of gross expenses to average net assets | 1.06% | 1.04% | 1.05% | 1.04% | 1.09% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 0.83% | 0.97% | 1.43% | 0.94% | 0.90% |
| Portfolio turnover rate <sup>(d)</sup> | 63% | 57% | 58% | 60% | 58% |
| **Westwood Quality SmallCap Fund - A Class Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Year Ended<br> October 31,<br> 2022** | **Year Ended<br> October 31,<br> 2021** |
| Net asset value at beginning of year | $21.27 | $17.99 | $18.84 | $21.94 | $14.44 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.14 | 0.16 | 0.26 | 0.16 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.48) | 3.91 | (0.43) | (2.27) | 7.45 |
| Total from investment operations | (0.34) | 4.07 | (0.17) | (2.11) | 7.61 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.24) | (0.20) | (0.18) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.11) | (0.55) | (0.48) | (0.81) |  |
| Total distributions | (1.26) | (0.79) | (0.68) | (0.99) | (0.11) |
| Net asset value at end of year | $19.67 | $21.27 | $17.99 | $18.84 | $21.94 |
| Total return <sup>(b)</sup> | (2.02%) | 23.02% | (1.03%) | (10.15%) | 52.90% |
| Net assets at end of year (in 000s) | $2433 | $3224 | $2161 | $1556 | $1470 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
| Ratio of gross expenses to average net assets | 1.18% | 1.18% | 1.17% | 1.16% | 1.22% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 0.70% | 0.80% | 1.38% | 0.81% | 0.77% |
| Portfolio turnover rate <sup>(d)</sup> | 63% | 57% | 58% | 60% | 58% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the year.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the year covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(1)</sup>* *Effective March 1, 2021, Westwood SmallCap Fund was renamed as Westwood Quality SmallCap Fund.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Quality SmallCap Fund <sup>(1)</sup> (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Westwood Quality SmallCap Fund - C Class Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Year Ended<br> October 31,<br> 2022** | **Year Ended<br> October 31,<br> 2021** |
| Net asset value at beginning of year | $20.93 | $17.81 | $18.62 | $21.75 | $14.34 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | (0.02) | (0.01) | 0.10 | 0.01 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.47) | 3.88 | (0.41) | (2.25) | 7.44 |
| Total from investment operations | (0.49) | 3.87 | (0.31) | (2.24) | 7.43 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.20) | (0.02) | (0.08) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.11) | (0.55) | (0.48) | (0.81) |  |
| Total distributions | (1.16) | (0.75) | (0.50) | (0.89) | (0.02) |
| Net asset value at end of year | $19.28 | $20.93 | $17.81 | $18.62 | $21.75 |
| Total return <sup>(b)</sup> | (2.80%) | 22.12% | (1.77%) | (10.84%) | 51.81% |
| Net assets at end of year (in 000s) | $4640 | $2715 | $1029 | $708 | $849 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 1.79% | 1.79% | 1.79% | 1.79% | 1.79% |
| Ratio of gross expenses to average net assets | 1.93% | 1.93% | 1.92% | 1.91% | 1.97% |
| Ratio of net investment income (loss) to average net assets <sup>(c)</sup> | (0.09%) | (0.06%) | 0.51% | 0.07% | (0.04%) |
| Portfolio turnover rate <sup>(d)</sup> | 63% | 57% | 58% | 60% | 58% |
| **Westwood Quality SmallCap Fund - Ultra Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Year Ended<br> October 31,<br> 2022** | **Year Ended<br> October 31,<br> 2021** |
| Net asset value at beginning of year | $21.38 | $18.08 | $18.91 | $22.01 | $14.47 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.19 | 0.22 | 0.29 | 0.21 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.49) | 3.94 | (0.43) | (2.28) | 7.48 |
| Total from investment operations | (0.30) | 4.16 | (0.14) | (2.07) | 7.68 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.31) | (0.21) | (0.22) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.11) | (0.55) | (0.48) | (0.81) |  |
| Total distributions | (1.31) | (0.86) | (0.69) | (1.03) | (0.14) |
| Net asset value at end of year | $19.77 | $21.38 | $18.08 | $18.91 | $22.01 |
| Total return <sup>(b)</sup> | (1.83%) | 23.41% | (0.83%) | (9.91%) | 53.29% |
| Net assets at end of year (in 000s) | $567096 | $638196 | $608142 | $511179 | $506444 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
| Ratio of gross expenses to average net assets | 0.93% | 0.93% | 0.92% | 0.91% | 0.97% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 0.96% | 1.07% | 1.52% | 1.07% | 0.95% |
| Portfolio turnover rate <sup>(d)</sup> | 63% | 57% | 58% | 60% | 58% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Per share net income (loss) has been determined on the basis of average number of shares outstanding during the year.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the year covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(1)</sup>* *Effective March 1, 2021, Westwood SmallCap Fund was renamed as Westwood Quality SmallCap Fund.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Quality AllCap Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Westwood Quality AllCap Fund - Institutional Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Year Ended<br> October 31,<br> 2022** | **Period Ended<br> October 31,<br> 2021<sup>(a)</sup>** |
| Net asset value at beginning of period | $12.02 | $10.02 | $10.03 | $10.59 | $10.00 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.13 | 0.15 | 0.16 | 0.16 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.56 | 2.22 |  | (0.67) | 0.59 |
| Total from investment operations | 0.69 | 2.37 | 0.16 | (0.51) | 0.59 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.17) | (0.17) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.45) | (0.20) |  | (0.02) |  |
| Total distributions | (0.61) | (0.37) | (0.17) | (0.05) |  |
| Net asset value at end of period | $12.10 | $12.02 | $10.02 | $10.03 | $10.59 |
| Total return <sup>(c)</sup> | 5.96% | 24.16% | 1.56% | (4.86%) | 5.90 %<sup>(d)</sup> |
| Net assets at end of period (in 000s) | $414 | $561 | $197 | $553 | $529 |
| Ratio of net expenses to average net assets <sup>(e)</sup> | 0.55% | 0.53% | 0.48% | 0.45% | 0.65 %<sup>(f)</sup> |
| Ratio of gross expenses to average net assets | 1.04% | 0.97% | 0.91% | 0.93% | 2.25 %<sup>(f)</sup> |
| Ratio of net investment income to average net assets <sup>(e)</sup> | 1.13% | 1.33% | 1.56% | 1.55% | 0.22 %<sup>(f)</sup> |
| Portfolio turnover rate <sup>(g)</sup> | 78% | 73% | 84% | 101% | 4 %<sup>(d)</sup> |
| **Westwood Quality AllCap Fund - Ultra Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Year Ended<br> October 31,<br> 2022** | **Period Ended<br> October 31,<br> 2021<sup>(a)</sup>** |
| Net asset value at beginning of period | $12.04 | $10.02 | $10.03 | $10.59 | $10.00 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.14 | 0.17 | 0.16 | 0.16 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.55 | 2.22 |  | (0.67) | 0.59 |
| Total from investment operations | 0.69 | 2.39 | 0.16 | (0.51) | 0.59 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.17) | (0.17) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.45) | (0.20) |  | (0.02) |  |
| Total distributions | (0.62) | (0.37) | (0.17) | (0.05) |  |
| Net asset value at end of period | $12.11 | $12.04 | $10.02 | $10.03 | $10.59 |
| Total return <sup>(c)</sup> | 5.95% | 24.39% | 1.53% | (4.81%) | 5.90 %<sup>(d)</sup> |
| Net assets at end of period (in 000s) | $21108 | $21975 | $20153 | $21750 | $21715 |
| Ratio of net expenses to average net assets <sup>(e)</sup> | 0.45% | 0.45% | 0.45% | 0.45% | 0.45 %<sup>(f)</sup> |
| Ratio of gross expenses to average net assets | 0.94% | 0.89% | 0.88% | 0.93% | 2.07 %<sup>(f)</sup> |
| Ratio of net investment income to average net assets <sup>(e)</sup> | 1.22% | 1.51% | 1.57% | 1.55% | 0.44 %<sup>(f)</sup> |
| Portfolio turnover rate <sup>(g)</sup> | 78% | 73% | 84% | 101% | 4 %<sup>(d)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Represents the period from the commencement of operations (September 30, 2021) through October 31, 2021.*

*<sup>(b)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(c)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Not annualized.*

*<sup>(e)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Income Opportunity Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Westwood Income Opportunity Fund - Institutional Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Year Ended<br> October 31,<br> 2022** | **Year Ended<br> October 31,<br> 2021** |
| Net asset value at beginning of year | $12.00 | $10.46 | $10.59 | $13.92 | $12.84 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.41 | 0.41 | 0.38 | 0.30 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.84 | 1.65 | (0.12) | (2.19) | 1.90 |
| Total from investment operations | 1.25 | 2.06 | 0.26 | (1.89) | 2.13 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.41) | (0.44) | (0.39) | (0.28) | (0.50) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (1.16) | (0.55) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.08) | (0.08) |  |  |  |
| Total distributions | (0.49) | (0.52) | (0.39) | (1.44) | (1.05) |
| Net asset value at end of year | $12.76 | $12.00 | $10.46 | $10.59 | $13.92 |
| Total return <sup>(b)</sup> | 10.68% | 19.85% | 2.35% | (14.97%) | 17.21% |
| Net assets at end of year (in 000s) | $372813 | $368844 | $391661 | $579772 | $814633 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.83% | 0.83% | 0.81% | 0.81% | 0.85% |
| Ratio of gross expenses to average net assets | 0.83% | 0.83% | 0.81% | 0.81% | 0.86% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 3.38% | 3.53% | 3.44% | 2.52% | 1.68% |
| Portfolio turnover rate <sup>(d)</sup> | 67% | 57% | 88% | 81% | 82% |
| **Westwood Income Opportunity Fund - A Class Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Year Ended<br> October 31,<br> 2022** | **Year Ended<br> October 31,<br> 2021** |
| Net asset value at beginning of year | $11.99 | $10.45 | $10.57 | $13.90 | $12.83 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.39 | 0.39 | 0.36 | 0.27 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.83 | 1.65 | (0.11) | (2.19) | 1.88 |
| Total from investment operations | 1.22 | 2.04 | 0.25 | (1.92) | 2.08 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.39) | (0.42) | (0.37) | (0.25) | (0.46) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (1.16) | (0.55) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.07) | (0.08) |  |  |  |
| Total distributions | (0.46) | (0.50) | (0.37) | (1.41) | (1.01) |
| Net asset value at end of year | $12.75 | $11.99 | $10.45 | $10.57 | $13.90 |
| Total return <sup>(b)</sup> | 10.49% | 19.68% | 2.25% | (15.21%) | 16.86% |
| Net assets at end of year (in 000s) | $46338 | $43706 | $44318 | $55296 | $62614 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.99% | 1.00% | 0.99% | 1.06% | 1.10% |
| Ratio of gross expenses to average net assets | 0.99% | 1.00% | 0.99% | 1.06% | 1.11% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 3.21% | 3.36% | 3.27% | 2.27% | 1.44% |
| Portfolio turnover rate <sup>(d)</sup> | 67% | 57% | 88% | 81% | 82% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Income Opportunity Fund (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Westwood Income Opportunity Fund - C Class Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Year Ended<br> October 31,<br> 2022** | **Year Ended<br> October 31,<br> 2021** |
| Net asset value at beginning of year | $11.92 | $10.40 | $10.53 | $13.84 | $12.79 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.30 | 0.30 | 0.27 | 0.18 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.84 | 1.63 | (0.12) | (2.16) | 1.88 |
| Total from investment operations | 1.14 | 1.93 | 0.15 | (1.98) | 1.98 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.31) | (0.34) | (0.28) | (0.17) | (0.38) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (1.16) | (0.55) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.06) | (0.07) |  |  |  |
| Total distributions | (0.37) | (0.41) | (0.28) | (1.33) | (0.93) |
| Net asset value at end of year | $12.69 | $11.92 | $10.40 | $10.53 | $13.84 |
| Total return <sup>(b)</sup> | 9.74% | 18.71% | 1.40% | (15.75%) | 16.03% |
| Net assets at end of year (in 000s) | $13289 | $12555 | $11626 | $12743 | $13323 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 1.74% | 1.75% | 1.74% | 1.81% | 1.85% |
| Ratio of gross expenses to average net assets | 1.74% | 1.75% | 1.74% | 1.81% | 1.86% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 2.46% | 2.61% | 2.51% | 1.52% | 0.70% |
| Portfolio turnover rate <sup>(d)</sup> | 67% | 57% | 88% | 81% | 82% |
| **Westwood Income Opportunity Fund - Ultra Shares** |  |  | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Period Ended<br> October 31,<br> 2023 <sup>(e)</sup>** |
| Net asset value at beginning of period |  |  | $11.99 | $10.46 | $11.12 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> |  |  | 0.42 | 0.42 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments |  |  | 0.85 | 1.64 | (0.62) |
| Total from investment operations |  |  | 1.27 | 2.06 | (0.27) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.42) | (0.44) | (0.39) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.08) | (0.09) |  |
| Total distributions |  |  | (0.50) | (0.53) | (0.39) |
| Net asset value at end of period |  |  | $12.76 | $11.99 | $10.46 |
| Total return <sup>(b)</sup> |  |  | 10.88% | 19.86% | (2.47)%<sup>(f)</sup> |
| Net assets at end of period (in 000s) |  |  | $116042 | $96228 | $61524 |
| Ratio of net expenses to average net assets <sup>(c)</sup> |  |  | 0.74% | 0.75% | 0.74 %<sup>(g)</sup> |
| Ratio of gross expenses to average net assets |  |  | 0.74% | 0.75% | 0.74 %<sup>(g)</sup> |
| Ratio of net investment income to average net assets <sup>(c)</sup> |  |  | 3.45% | 3.59% | 3.51 %<sup>(g)</sup> |
| Portfolio turnover rate <sup>(d)</sup> |  |  | 67% | 57% | 88 %<sup>(f)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(e)</sup>* *Represents the period from the commencement of operations (November 30, 2022) through October 31, 2023.*

*<sup>(f)</sup>* *Not annualized.*

*<sup>(g)</sup>* *Annualized.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Multi-Asset Income Fund <sup>(1)</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Westwood Multi-Asset Income Fund - Institutional Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Year Ended<br> October 31,<br> 2022** | **Year Ended<br> October 31,<br> 2021** |
| Net asset value at beginning of year | $9.93 | $8.85 | $8.95 | $10.67 | $9.55 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.64 | 0.57 | 0.50 | 0.42 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.26 | 1.08 | (0.11) | (1.71) | 1.14 |
| Total from investment operations | 0.90 | 1.65 | 0.39 | (1.29) | 1.49 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.63) | (0.57) | (0.49) | (0.43) | (0.37) |
| Total distributions | (0.63) | (0.57) | (0.49) | (0.43) | (0.37) |
| Net asset value at end of year | $10.20 | $9.93 | $8.85 | $8.95 | $10.67 |
| Total return <sup>(b)</sup> | 9.42% | 18.97% | 4.27% | (12.38%) | 15.69% |
| Net assets at end of year (in 000s) | $99037 | $88234 | $93810 | $96636 | $94360 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.26 %<sup>(e)</sup> | 0.88 %<sup>(d)(e)</sup> | 0.71% | 0.80% | 0.80% |
| Ratio of gross expenses to average net assets | 0.35% | 0.97 %<sup>(d)</sup> | 0.78% | 0.87% | 0.96% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 6.44 %<sup>(e)</sup> | 5.90 %<sup>(e)</sup> | 5.42% | 4.31% | 3.37% |
| Portfolio turnover rate <sup>(f)</sup> | 66% | 65% | 52% | 62% | 67% |
| **Westwood Multi-Asset Income Fund - A Class Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Year Ended<br> October 31,<br> 2022** | **Year Ended<br> October 31,<br> 2021** |
| Net asset value at beginning of year | $9.98 | $8.89 | $9.00 | $10.72 | $9.60 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.62 | 0.55 | 0.47 | 0.39 | 0.33 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.26 | 1.09 | (0.11) | (1.71) | 1.13 |
| Total from investment operations | 0.88 | 1.64 | 0.36 | (1.32) | 1.46 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.60) | (0.55) | (0.47) | (0.40) | (0.34) |
| Total distributions | (0.60) | (0.55) | (0.47) | (0.40) | (0.34) |
| Net asset value at end of year | $10.26 | $9.98 | $8.89 | $9.00 | $10.72 |
| Total return <sup>(b)</sup> | 9.16% | 18.73% | 3.91% | (12.54%) | 15.34% |
| Net assets at end of year (in 000s) | $4882 | $8248 | $7095 | $2321 | $1623 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.51 %<sup>(e)</sup> | 1.12 %<sup>(d)(e)</sup> | 0.94% | 1.15% | 1.05% |
| Ratio of gross expenses to average net assets | 0.60% | 1.21 %<sup>(d)</sup> | 1.01% | 1.22% | 1.21% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 6.21 %<sup>(e)</sup> | 5.66 %<sup>(e)</sup> | 5.07% | 3.95% | 3.05% |
| Portfolio turnover rate <sup>(f)</sup> | 66% | 65% | 52% | 62% | 67% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Includes 0.01% of borrowing costs (Note 2).*

*<sup>(e)</sup>* *Includes 0.00% of affiliated management fee waived by Adviser (Note 4).*

*<sup>(f)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(1)</sup>* *Effective March 31, 2024, Westwood High Income Fund was renamed as Westwood Multi-Asset Income Fund.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Alternative Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Westwood Alternative Income Fund - Institutional Shares** | **Year Ended<br> October 31,<br> 2025\*** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Year Ended<br> October 31,<br> 2022** | **Year Ended<br> October 31,<br> 2021** |
| Net asset value at beginning of year | $9.66 | $9.13 | $10.39 | $11.02 | $10.47 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.12 | 0.20 | 0.29 | 0.20 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.63 | 0.65 | 0.13 | (0.51) | 0.49 |
| Total from investment operations | 0.75 | 0.85 | 0.42 | (0.31) | 0.65 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.07) | (1.59) | (0.17) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.15) |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.03) | (0.25) | (0.09) |  |  |
| Total distributions | (0.25) | (0.32) | (1.68) | (0.32) | (0.10) |
| Net asset value at end of year | $10.16 | $9.66 | $9.13 | $10.39 | $11.02 |
| Total return <sup>(b)</sup> | 7.83% | 9.39% | 4.48% | (2.88%) | 6.19% |
| Net assets at end of year (in 000s) | $87597 | $94691 | $86793 | $67312 | $53734 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.89% | 0.99 %<sup>(d)</sup> | 0.34% | 0.30% | 0.96% |
| Ratio of gross expenses to average net assets | 1.09% | 1.22 %<sup>(d)</sup> | 0.60% | 0.44% | 1.21% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 1.15% | 2.12% | 3.08% | 1.91% | 1.45% |
| Portfolio turnover rate <sup>(e)</sup> | 89% | 51% | 92% | 128% | 125% |
| **Westwood Alternative Income Fund - A Class Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Year Ended<br> October 31,<br> 2022** | **Year Ended<br> October 31,<br> 2021** |
| Net asset value at beginning of year | $9.65 | $9.12 | $10.39 | $11.00 | $10.46 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.09 | 0.15 | 0.27 | 0.18 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.65 | 0.69 | 0.13 | (0.49) | 0.48 |
| Total from investment operations | 0.74 | 0.84 | 0.40 | (0.31) | 0.62 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.07) | (1.58) | (0.15) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.15) |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.03) | (0.24) | (0.09) |  |  |
| Total distributions | (0.24) | (0.31) | (1.67) | (0.30) | (0.08) |
| Net asset value at end of year | $10.15 | $9.65 | $9.12 | $10.39 | $11.00 |
| Total return <sup>(b)</sup> | 7.74% | 9.33% | 4.25% | (2.88%) | 5.97% |
| Net assets at end of year (in 000s) | $831 | $463 | $34 | $33 | $68 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 1.10% | 1.09 %<sup>(d)</sup> | 0.46% | 0.45% | 1.11% |
| Ratio of gross expenses to average net assets | 1.30% | 1.32 %<sup>(d)</sup> | 0.72% | 0.59% | 1.38% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 0.91% | 1.61% | 2.90% | 1.69% | 1.32% |
| Portfolio turnover rate <sup>(e)</sup> | 89% | 51% | 92% | 128% | 125% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Includes 0.01% of borrowing costs (Note 2).*

*<sup>(e)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

\* *Includes adjustments in accordance with accounting principals generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Alternative Income Fund (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Westwood Alternative Income Fund - Ultra Shares** | **Year Ended<br> October 31,<br> 2025\*** | **Year Ended<br> October 31,<br> 2024** | **Year Ended<br> October 31,<br> 2023** | **Year Ended<br> October 31,<br> 2022** | **Year Ended<br> October 31,<br> 2021** |
| Net asset value at beginning of year | $9.66 | $9.13 | $10.40 | $11.02 | $10.47 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.12 | 0.22 | 0.29 | 0.20 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.64 | 0.64 | 0.14 | (0.49) | 0.48 |
| Total from investment operations | 0.76 | 0.86 | 0.43 | (0.29) | 0.65 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.07) | (1.61) | (0.18) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.15) |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.03) | (0.26) | (0.09) |  |  |
| Total distributions | (0.26) | (0.33) | (1.70) | (0.33) | (0.10) |
| Net asset value at end of year | $10.16 | $9.66 | $9.13 | $10.40 | $11.02 |
| Total return <sup>(b)</sup> | 8.02% | 9.52% | 4.50% | (2.69%) | 6.26% |
| Net assets at end of year (in 000s) | $44203 | $27792 | $54200 | $88734 | $128329 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.85% | 0.85 %<sup>(d)</sup> | 0.21% | 0.20% | 0.85% |
| Ratio of gross expenses to average net assets | 1.05% | 1.08 %<sup>(d)</sup> | 0.47% | 0.34% | 1.12% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 1.16% | 2.35% | 3.10% | 1.95% | 1.53% |
| Portfolio turnover rate <sup>(e)</sup> | 89% | 51% | 92% | 128% | 125% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Includes 0.01% of borrowing costs (Note 2).*

*<sup>(e)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

\* *Includes adjustments in accordance with accounting principals generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Salient MLP & Energy Infrastructure Fund <sup>(1)</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Westwood Salient MLP & Energy Infrastructure Fund - Institutional Shares <sup>(2)</sup>** | **Year Ended<br> October 31,<br> 2025\*** | **10 Months Ended<br> October 31,<br> 2024<sup>(3)</sup>** | **Year Ended<br> December 31,<br> 2023<sup>(4)</sup>** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value at beginning of period | $9.80 | $7.83 | $7.30 | $6.50 | $5.50 | $7.05 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.14 | 0.11 | 0.10 | 0.04 | (0.02) | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.57 | 2.21 | 0.88 | 1.08 | 1.34 | (1.31) |
| Total from investment operations | 0.71 | 2.32 | 0.98 | 1.12 | 1.32 | (1.23) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.46) | (0.35) | (0.28) |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.17) | (0.32) | (0.32) | (0.32) |
| Total distributions | (0.46) | (0.35) | (0.45) | (0.32) | (0.32) | (0.32) |
| Tax expense reimbursements by Adviser (Note 2) |  |  | —<sup>(5)</sup> |  |  |  |
| Net asset value at end of period | $10.05 | $9.80 | $7.83 | $7.30 | $6.50 | $5.50 |
| Total return <sup>(b)</sup> | 7.18% | 30.24 %<sup>(c)</sup> | 13.97% | 17.22% | 24.11% | (17.32%) |
| Net assets at end of period (in 000s) | $1034607 | $972519 | $739542 | $779843 | $566980 | $393743 |
| Ratio of net expenses to average net assets (including tax expense/benefit) <sup>(d)</sup> | 1.05 %<sup>(h)</sup> | 1.07 %<sup>(e)(h)</sup> | 1.11% | 1.35 %<sup>(f)</sup> | 1.29% | 1.30% |
| Ratio of net expenses to average net assets (excluding tax expense/benefit) <sup>(d)</sup> | 1.05 %<sup>(h)</sup> | 1.07 %<sup>(e)(h)</sup> | 1.11% | 1.35 %<sup>(f)</sup> | 1.29% | 1.30% |
| Ratio of gross expenses to average net assets (including tax expense/benefit) | 1.09 %<sup>(h)</sup> | 1.10 %<sup>(e)</sup> | 1.15% | 1.35% | 1.27% | 1.33% |
| Ratio of net investment income (loss) to average net assets <sup>(d)</sup> | 1.40 %<sup>(h)</sup> | 1.46 %<sup>(e)(h)</sup> | 1.36% | 0.52% | (27.00%) | 1.55% |
| Portfolio turnover rate <sup>(g)</sup> | 52% | 74 %<sup>(c)</sup> | 91% | 86% | 248% | 260% |
| **Westwood Salient MLP & Energy Infrastructure Fund - A Class Shares** | **Year Ended<br> October 31,<br> 2025\*** | **10 Months Ended<br> October 31,<br> 2024<sup>(3)</sup>** | **Year Ended<br> December 31,<br> 2023<sup>(4)</sup>** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value at beginning of period | $9.85 | $7.88 | $7.34 | $6.53 | $5.53 | $7.07 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.12 | 0.09 | 0.08 | 0.02 | (0.03) | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.57 | 2.21 | 0.89 | 1.09 | 1.34 | (1.31) |
| Total from investment operations | 0.69 | 2.30 | 0.97 | 1.11 | 1.31 | (1.24) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (0.33) | (0.27) |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.16) | (0.30) | (0.31) | (0.30) |
| Total distributions | (0.43) | (0.33) | (0.43) | (0.30) | (0.31) | (0.30) |
| Tax expense reimbursements by Adviser (Note 2) |  |  | —<sup>(5)</sup> |  |  |  |
| Net asset value at end of period | $10.11 | $9.85 | $7.88 | $7.34 | $6.53 | $5.53 |
| Total return <sup>(b)</sup> | 6.96% | 29.79 %<sup>(c)</sup> | 13.75% | 17.00% | 23.74% | (17.43%) |
| Net assets at end of period (in 000s) | $155216 | $154629 | $134627 | $151353 | $92027 | $63681 |
| Ratio of net expenses to average net assets (including tax expense/benefit) <sup>(d)</sup> | 1.29 %<sup>(h)</sup> | 1.35 %<sup>(e)(h)</sup> | 1.36% | 1.61 %<sup>(f)</sup> | 1.50% | 1.55% |
| Ratio of net expenses to average net assets (excluding tax expense/benefit) <sup>(d)</sup> | 1.29 %<sup>(h)</sup> | 1.35 %<sup>(e)(h)</sup> | 1.36% | 1.61 %<sup>(f)</sup> | 1.50% | 1.55% |
| Ratio of gross expenses to average net assets (including tax expense/benefit) | 1.33% | 1.38 %<sup>(e)</sup> | 1.40% | 1.61% | 1.50% | 1.56% |
| Ratio of net investment income (loss) to average net assets <sup>(d)</sup> | 1.18 %<sup>(h)</sup> | 1.21 %<sup>(e)(h)</sup> | 1.12% | 0.23% | (0.42%) | 1.29% |
| Portfolio turnover rate <sup>(g)</sup> | 52% | 74 %<sup>(c)</sup> | 91% | 86% | 248% | 260% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Salient MLP & Energy Infrastructure Fund <sup>(1)</sup> (Continued)**

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).* 

*<sup>(c)</sup>* *Not annualized.* 

*<sup>(d)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).* 

*<sup>(e)</sup>* *Annualized.* 

*<sup>(f)</sup>* *Net expense ratio exceeded the expense limitation during the year ended December 31, 2022 due to reorganization expenses (Note 8).* 

*<sup>(g)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*<sup>(h)</sup>* *Includes 0.04% and 0.03% of affiliated management fee waived by Adviser for the year ended October 31, 2025 and ten months ended October 31, 2024, respectively (Note 4).* 

*<sup>(1)</sup>* *Prior to November 18, 2022, Westwood Salient MLP & Energy Infrastructure Fund was known as Salient MLP & Energy Infrastructure Fund.* 

*<sup>(2)</sup>* *Prior to November 18, 2022, Institutional Shares were I Share Class.* 

*<sup>(3)</sup>* *Fund changed fiscal year to October 31.* 

*<sup>(4)</sup>* *Includes adjustments in accordance with accounting principals generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.* 

*<sup>(5)</sup>* *The Adviser reimbursed the Fund $332,497 for losses incurred from tax expenses for the year ended December 31, 2023 the net impact to the Fund was less than $0.005 per share.* 

\* *Includes adjustments in accordance with accounting principals generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Salient MLP & Energy Infrastructure Fund <sup>(1)</sup> (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Westwood Salient MLP & Energy Infrastructure Fund - C Class Shares** | **Year Ended<br> October 31,<br> 2025\*** | **10 Months Ended<br> October 31,<br> 2024<sup>(3)</sup>** | **Year Ended<br> December 31,<br> 2023<sup>(4)</sup>** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value at beginning of period | $9.80 | $7.85 | $7.30 | $6.50 | $5.50 | $7.02 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.04 | 0.03 | 0.03 | (0.03) | (0.08) | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.57 | 2.20 | 0.90 | 1.07 | 1.34 | (1.31) |
| Total from investment operations | 0.61 | 2.23 | 0.93 | 1.04 | 1.26 | (1.28) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.28) | (0.24) |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.14) | (0.24) | (0.26) | (0.24) |
| Total distributions | (0.36) | (0.28) | (0.38) | (0.24) | (0.26) | (0.24) |
| Tax expense reimbursements by Adviser (Note 2) |  |  | —<sup>(5)</sup> |  |  |  |
| Net asset value at end of period | $10.05 | $9.80 | $7.85 | $7.30 | $6.50 | $5.50 |
| Total return <sup>(b)</sup> | 6.12% | 28.91 %<sup>(c)</sup> | 13.12% | 15.98% | 22.91% | (18.16%) |
| Net assets at end of period (in 000s) | $16737 | $15499 | $13741 | $15694 | $17726 | $20468 |
| Ratio of net expenses to average net assets (including tax expense/benefit) <sup>(d)</sup> | 2.05 %<sup>(h)</sup> | 2.10 %<sup>(e)(h)</sup> | 2.09% | 2.34 %<sup>(f)</sup> | 2.29% | 2.30% |
| Ratio of net expenses to average net assets (excluding tax expense/benefit) <sup>(d)</sup> | 2.05 %<sup>(h)</sup> | 2.10 %<sup>(e)(h)</sup> | 2.09% | 2.34 %<sup>(f)</sup> | 2.29% | 2.30% |
| Ratio of gross expenses to average net assets (including tax expense/benefit) | 2.09% | 2.13 %<sup>(e)</sup> | 2.13% | 2.34% | 2.26% | 2.32% |
| Ratio of net investment income (loss) to average net assets <sup>(d)</sup> | 0.39 %<sup>(h)</sup> | 0.47 %<sup>(e)(h)</sup> | 0.37% | (0.47 %) | (1.26%) | 0.57% |
| Portfolio turnover rate <sup>(g)</sup> | 52% | 74 %<sup>(c)</sup> | 91% | 86% | 248% | 260% |
| **Westwood Salient MLP & Energy Infrastructure Fund - Ultra Shares <sup>(2)</sup>** | **Year Ended<br> October 31,<br> 2025\*** | **10 Months Ended<br> October 31,<br> 2024<sup>(3)</sup>** | **Year Ended<br> December 31,<br> 2023<sup>(4)</sup>** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value at beginning of period | $9.80 | $7.84 | $7.30 | $6.51 | $5.50 | $7.05 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.16 | 0.11 | 0.11 | 0.04 | (0.01) | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.56 | 2.20 | 0.89 | 1.08 | 1.35 | (1.31) |
| Total from investment operations | 0.72 | 2.31 | 1.00 | 1.12 | 1.34 | (1.23) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.47) | (0.35) | (0.29) |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.17) | (0.33) | (0.33) | (0.32) |
| Total distributions | (0.47) | (0.35) | (0.46) | (0.33) | (0.33) | (0.32) |
| Tax expense reimbursements by Adviser (Note 2) |  |  | —<sup>(5)</sup> |  |  |  |
| Net asset value at end of period | $10.05 | $9.80 | $7.84 | $7.30 | $6.51 | $5.50 |
| Total return <sup>(c)</sup> | 7.27% | 30.15 %<sup>(c)</sup> | 14.22% | 17.12% | 24.41% | (17.27%) |
| Net assets at end of period (in 000s) | $310 | $5410 | $4328 | $30710 | $29645 | $32949 |
| Ratio of net expenses to average net assets (including tax expense/benefit) <sup>(d)</sup> | 0.95 %<sup>(h)</sup> | 1.00 %<sup>(e)(h)</sup> | 1.03% | 1.27 %<sup>(f)</sup> | 1.20% | 1.26% |
| Ratio of net expenses to average net assets (excluding tax expense/benefit) <sup>(d)</sup> | 0.95 %<sup>(h)</sup> | 1.00 %<sup>(e)(h)</sup> | 10.20% | 1.27 %<sup>(f)</sup> | 1.20% | 1.26% |
| Ratio of gross expenses to average net assets (including tax expense/benefit) | 0.99% | 1.03 %<sup>(e)</sup> | 1.06% | 1.27% | 1.20% | 1.26% |
| Ratio of net investment income (loss) to average net assets <sup>(d)</sup> | 1.51 %<sup>(h)</sup> | 1.54 %<sup>(e)(h)</sup> | 1.42% | 0.59% | (0.19%) | 1.62% |
| Portfolio turnover rate <sup>(g)</sup> | 52% | 74 %<sup>(c)</sup> | 91% | 86% | 248% | 260% |

---

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Salient MLP & Energy Infrastructure Fund <sup>(1)</sup> (Continued)**

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).* 

*<sup>(c)</sup>* *Not annualized.* 

*<sup>(d)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).* 

*<sup>(e)</sup>* *Annualized.* 

*<sup>(f)</sup>* *Net expense ratio exceeded the expense limitation during the year ended December 31, 2022 due to reorganization expenses (Note 8).* 

*<sup>(g)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*<sup>(h)</sup>* *Includes 0.04% and 0.03% of affiliated management fee waived by Adviser for the year ended October 31, 2025 and ten months ended October 31, 2024, respectively (Note 4).* 

*<sup>(1)</sup>* *Prior to November 18, 2022, Westwood Salient MLP & Energy Infrastructure Fund was known as Salient MLP & Energy Infrastructure Fund.* 

*<sup>(2)</sup>* *Prior to November 18, 2022, Ultra Shares were R6 Share Class.* 

*<sup>(3)</sup>* *Fund changed fiscal year to October 31.* 

*<sup>(4)</sup>* *Includes adjustments in accordance with accounting principals generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.* 

*<sup>(5)</sup>* *The Adviser reimbursed the Fund $332,497 for losses incurred from tax expenses for the year ended December 31, 2023 the net impact to the Fund was less than $0.005 per share.* 

\* *Includes adjustments in accordance with accounting principals generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Real Estate Income Fund <sup>(1)(2)</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Westwood Real Estate Income Fund - Institutional Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Ten Months Ended<br> October 31,<br> 2023<sup>(3)</sup>** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value at beginning of period | $19.53 | $16.64 | $17.39 | $21.56 | $19.68 | $21.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 1.00 | 0.47 | 0.75 | 0.70 | 0.46 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (1.41) | 3.73 | (0.59) | (3.71) | 3.19 | (1.24) |
| Total from investment operations | (0.41) | 4.20 | 0.16 | (3.01) | 3.65 | (0.75) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.99) | (1.31) | (0.87) | (0.71) | (1.11) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (0.40) |  | (0.04) | (0.45) | (0.66) | (0.53) |
| Total distributions | (1.39) | (1.31) | (0.91) | (1.16) | (1.77) | (0.99) |
| Net asset value at end of period | $17.73 | $19.53 | $16.64 | $17.39 | $21.56 | $19.68 |
| Total return <sup>(b)</sup> | (2.01%) | 25.88% | 0.81 %<sup>(c)</sup> | (14.10%) | 15.44% | (2.75%) |
| Net assets at end of period (in 000s) | $179011 | $177945 | $139523 | $108853 | $143721 | $160526 |
| Ratio of net expenses to average net assets (excluding interest and dividends on short sale expense) <sup>(d)</sup> | 0.85% | 0.93% | 1.09 %<sup>(e)</sup> | 1.03% | 1.10% | 1.10% |
| Ratio of gross expenses to average net assets (excluding interest and dividends on short sale expense) | 0.85% | 0.90% | 0.98 %<sup>(e)</sup> | 1.42% | 1.37% | 1.37% |
| Ratio of net investment income to average net assets <sup>(d)</sup> | 5.49% | 2.56% | 5.09 %<sup>(e)</sup> | 3.67% | 2.26% | 2.73% |
| Ratio of net expenses to average net assets (including interest and dividends on short sale expense) <sup>(d)</sup> | 0.85% | 0.93% | 1.09 %<sup>(e)</sup> | 1.12% | 1.15% | 1.15% |
| Ratio of gross expenses to average net assets (including interest and dividends on short sale expense) | 0.85% | 0.90% | 0.98 %<sup>(e)</sup> | 1.51% | 1.42% | 1.42% |
| Ratio of net investment income to average net assets <sup>(d)</sup> | 5.49% | 2.56% | 5.09 %<sup>(e)</sup> | 3.58% | 2.21% | 2.68% |
| Portfolio turnover rate <sup>(f)</sup> | 67% | 94% | 76 %<sup>(c)</sup> | 72% | 82% | 55% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).* 

*<sup>(c)</sup>* *Not annualized.* 

*<sup>(d)</sup>* *Ratio was determined after investment management fee recoupment, reductions and/or reimbursed expenses (Note 4).* 

*<sup>(e)</sup>* *Annualized.* 

*<sup>(f)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*<sup>(1)</sup>* *Prior to November 18, 2022, Westwood Salient Select Income Fund was known as Salient Select Income Fund.* 

*<sup>(2)</sup>* *Effective March 31, 2024, Westwood Salient Select Income Fund was renamed as Westwood Real Estate Income Fund.* 

*<sup>(3)</sup>* *Fund changed fiscal year to October 31.* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Real Estate Income Fund <sup>(1)(2)</sup> (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Westwood Real Estate Income Fund - A Class Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Ten Months Ended<br> October 31,<br> 2023<sup>(3)</sup>** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value at beginning of period | $19.61 | $16.71 | $17.45 | $21.63 | $19.74 | $21.48 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.95 | 0.40 | 0.70 | 0.71 | 0.38 | 0.43 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (1.42) | 3.76 | (0.57) | (3.80) | 3.14 | (1.26) |
| Total from investment operations | (0.47) | 4.16 | 0.13 | (3.09) | 3.52 | (0.83) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.95) | (1.26) | (0.83) | (0.67) | (1.02) | (0.43) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.38) |  | (0.04) | (0.42) | (0.61) | (0.48) |
| Total distributions | (1.33) | (1.26) | (0.87) | (1.09) | (1.63) | (0.91) |
| Net asset value at end of period | $17.81 | $19.61 | $16.71 | $17.45 | $21.63 | $19.74 |
| Total return <sup>(b)</sup> | (2.30%) | 25.47% | 0.66 %<sup>(c)</sup> | (14.45%) | 14.98% | (3.17%) |
| Net assets at end of period (in 000s) | $78978 | $94816 | $95619 | $103950 | $126620 | $125194 |
| Ratio of net expenses to average net assets (excluding interest and dividends on short sale expense) <sup>(d)</sup> | 1.14% | 1.23% | 1.33 %<sup>(e)</sup> | 1.53% | 1.50% | 1.50% |
| Ratio of gross expenses to average net assets (excluding interest and dividends on short sale expense) | 1.14% | 1.20% | 1.22 %<sup>(e)</sup> | 1.95% | 1.77% | 1.77% |
| Ratio of net investment income to average net assets <sup>(d)</sup> | 5.18% | 2.20% | 4.75 %<sup>(e)</sup> | 3.73% | 1.87% | 2.38% |
| Ratio of net expenses to average net assets (including interest and dividends on short sale expense) <sup>(d)</sup> | 1.14% | 1.23% | 1.33 %<sup>(e)</sup> | 1.62% | 1.55% | 1.55% |
| Ratio of gross expenses to average net assets (including interest and dividends on short sale expense) | 1.14% | 1.20% | 1.22 %<sup>(e)</sup> | 2.04% | 1.82% | 1.82% |
| Ratio of net investment income to average net assets <sup>(d)</sup> | 5.18% | 2.20% | 4.75 %<sup>(e)</sup> | 3.64% | 1.82% | 2.33% |
| Portfolio turnover rate <sup>(f)</sup> | 67% | 94% | 76 %<sup>(c)</sup> | 72% | 82% | 55% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).* 

*<sup>(c)</sup>* *Not annualized.* 

*<sup>(d)</sup>* *Ratio was determined after investment management fee recoupment, reductions and/or reimbursed expenses (Note 4).* 

*<sup>(e)</sup>* *Annualized.* 

*<sup>(f)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*<sup>(1)</sup>* *Prior to November 18, 2022, Westwood Salient Select Income Fund was known as Salient Select Income Fund.* 

*<sup>(2)</sup>* *Effective March 31, 2024, Westwood Salient Select Income Fund was renamed as Westwood Real Estate Income Fund.* 

*<sup>(3)</sup>* *Fund changed fiscal year to October 31.* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Broadmark Tactical Growth Fund <sup>(1)</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Westwood Broadmark Tactical Growth Fund - Institutional Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Ten Months Ended<br> October 31,<br> 2023<sup>(2)</sup>** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value at beginning of period | $27.04 | $26.40 | $26.07 | $29.14 | $27.96 | $26.81 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)(b)</sup> | 0.43 | 0.62 | 0.57 | (0.06) | (0.24) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.85 | 1.02 | (0.24) | (2.24) | 2.48 | 2.40 |
| Total from investment operations | 2.28 | 1.64 | 0.33 | (2.30) | 2.24 | 2.24 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.83) | (0.53) |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.47) |  | (0.77) | (1.06) | (1.06) |
| Total distributions | (0.83) | (1.00) |  | (0.77) | (1.06) | (1.09) |
| Net asset value at end of period | $28.49 | $27.04 | $26.40 | $26.07 | $29.14 | $27.96 |
| Total return <sup>(c)</sup> | 8.64% | 6.44% | 1.27 %<sup>(d)</sup> | (7.90%) | 8.02% | 8.40% |
| Net assets at end of period (in 000s) | $151761 | $144258 | $215512 | $236181 | $301241 | $255095 |
| Ratio of net expenses to average net assets <sup>(e)</sup> | 1.27% | 1.30% | 1.26 %<sup>(f)</sup> | 1.51% | 1.46% | 1.47% |
| Ratio of net investment income (loss) to average net assets <sup>(b)(e)</sup> | 1.58% | 2.35% | 2.60 %<sup>(f)</sup> | (0.21%) | (0.82%) | (0.58%) |
| Portfolio turnover rate <sup>(g)</sup> | 179% | 156% | 565 %<sup>(d)</sup> | 1037% | 201% | 626% |
| **Westwood Broadmark Tactical Growth Fund - A Class Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Ten Months Ended<br> October 31,<br> 2023<sup>(2)</sup>** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value at beginning of period | $25.10 | $24.57 | $24.31 | $27.34 | $26.40 | $25.45 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)(b)</sup> | 0.33 | 0.50 | 0.47 | (0.13) | (0.34) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.71 | 0.95 | (0.21) | (2.13) | 2.34 | 2.27 |
| Total from investment operations | 2.04 | 1.45 | 0.26 | (2.26) | 2.00 | 2.01 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.75) | (0.45) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.47) |  | (0.77) | (1.06) | (1.06) |
| Total distributions | (0.75) | (0.92) |  | (0.77) | (1.06) | (1.06) |
| Net asset value at end of period | $26.39 | $25.10 | $24.57 | $24.31 | $27.34 | $26.40 |
| Total return <sup>(c)</sup> | 8.35% | 6.14% | 1.07 %<sup>(d)</sup> | (8.27%) | 7.59% | 7.95% |
| Net assets at end of period (in 000s) | $14992 | $16156 | $20551 | $27117 | $21995 | $17949 |
| Ratio of net expenses to average net assets <sup>(e)</sup> | 1.55% | 1.58% | 1.53 %<sup>(f)</sup> | 1.91% | 1.86% | 1.88% |
| Ratio of net investment income (loss) to average net assets <sup>(b)(e)</sup> | 1.30% | 2.04% | 2.31 %<sup>(f)</sup> | (0.49%) | (1.21%) | (0.99%) |
| Portfolio turnover rate <sup>(g)</sup> | 179% | 156% | 565 %<sup>(d)</sup> | 1037% | 201% | 626% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*<sup>(b)</sup>* *Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of the dividends by the underlying investment companies in which the Fund invests. The ratio of net investment income (loss) does not include the net investment loss of the investment companies in which the Fund invests.* 

*<sup>(c)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).* 

*<sup>(d)</sup>* *Not annualized.* 

*<sup>(e)</sup>* *The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies in which the Fund invests, including management and performance fees.* 

*<sup>(f)</sup>* *Annualized.* 

*<sup>(g)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*<sup>(1)</sup>* *Prior to November 18, 2022, Westwood Broadmark Tactical Growth Fund was known as Salient Tactical Growth Fund.* 

*<sup>(2)</sup>* *Fund changed fiscal year to October 31.* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Broadmark Tactical Growth Fund <sup>(1)</sup> (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Westwood Broadmark Tactical Growth Fund - C Class Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Ten Months Ended<br> October 31,<br> 2023<sup>(2)</sup>** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value at beginning of period | $22.95 | $22.50 | $22.40 | $25.39 | $24.72 | $24.03 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)(b)</sup> | 0.14 | 0.32 | 0.30 | (0.27) | (0.46) | (0.39) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.58 | 0.86 | (0.20) | (1.95) | 2.19 | 2.14 |
| Total from investment operations | 1.72 | 1.18 | 0.10 | (2.22) | 1.73 | 1.75 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.57) | (0.26) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.47) |  | (0.77) | (1.06) | (1.06) |
| Total distributions | (0.57) | (0.73) |  | (0.77) | (1.06) | (1.06) |
| Net asset value at end of period | $24.10 | $22.95 | $22.50 | $22.40 | $25.39 | $24.72 |
| Total return <sup>(c)</sup> | 7.65% | 5.41% | 0.45 %<sup>(d)</sup> | (8.75%) | 7.01% | 7.33% |
| Net assets at end of period (in 000s) | $2634 | $3448 | $6252 | $7827 | $9075 | $11830 |
| Ratio of net expenses to average net assets <sup>(e)</sup> | 2.21% | 2.25% | 2.23 %<sup>(f)</sup> | 2.46% | 2.41% | 2.42% |
| Ratio of net investment income (loss) to average net assets <sup>(b)(e)</sup> | 0.63% | 1.41% | 1.62 %<sup>(f)</sup> | (1.14%) | (1.80%) | (1.60%) |
| Portfolio turnover rate <sup>(g)</sup> | 179% | 156% | 565 %<sup>(d)</sup> | 1037% | 201% | 626% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*<sup>(b)</sup>* *Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of the dividends by the underlying investment companies in which the Fund invests. The ratio of net investment income (loss) does not include the net investment loss of the investment companies in which the Fund invests.* 

*<sup>(c)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).* 

*<sup>(d)</sup>* *Not annualized.* 

*<sup>(e)</sup>* *The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies in which the Fund invests, including management and performance fees.* 

*<sup>(f)</sup>* *Annualized.* 

*<sup>(g)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*<sup>(1)</sup>* *Prior to November 18, 2022, Westwood Broadmark Tactical Growth Fund was known as Salient Tactical Growth Fund.* 

*<sup>(2)</sup>* *Fund changed fiscal year to October 31.* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Broadmark Tactical Plus Fund <sup>(1)</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Westwood Broadmark Tactical Plus Fund - Institutional Shares <sup>(2)</sup>** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Ten Months Ended<br> October 31,<br> 2023<sup>(3)</sup>** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value at beginning of period | $11.39 | $11.82 | $11.29 | $12.37 | $11.65 | $11.55 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)(b)</sup> | 0.28 | 0.40 | 0.33 | 0.04 | (0.08) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.45) | (0.36) | 0.20 | (0.28) | 0.80 | 0.91 |
| Total from investment operations | (0.17) | 0.04 | 0.53 | (0.24) | 0.72 | 0.82 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.40) | (0.42) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.05) |  | (0.84) |  | (0.72) |
| Total distributions | (0.40) | (0.47) |  | (0.84) |  | (0.72) |
| Net asset value at end of period | $10.82 | $11.39 | $11.82 | $11.29 | $12.37 | $11.65 |
| Total return <sup>(c)</sup> | (1.60%) | 0.41% | 4.69 %<sup>(d)</sup> | (1.95%) | 6.18% | 7.15% |
| Net assets at end of period (in 000s) | $30453 | $35172 | $36169 | $34427 | $30855 | $30308 |
| Ratio of net expenses to average net assets <sup>(e)(f)</sup> | 1.35% | 1.35% | 1.36 %<sup>(g)</sup> | 1.39% | 1.40% | 1.40% |
| Ratio of gross expenses to average net assets <sup>(f)</sup> | 1.74% | 1.76% | 1.74 %<sup>(g)</sup> | 1.93% | 1.94% | 1.99% |
| Ratio of net investment income (loss) to average net assets <sup>(b)(e)(f)</sup> | 2.60% | 3.49% | 3.45 %<sup>(g)</sup> | 0.31% | (0.68%) | (0.77%) |
| Portfolio turnover rate <sup>(h)</sup> | 670% | 1280% | 0 %<sup>(d)</sup> | 827% | 62% | 5029% |
| **Westwood Broadmark Tactical Plus Fund - A Class Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Ten Months Ended<br> October 31,<br> 2023<sup>(3)</sup>** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value at beginning of period | $11.14 | $11.58 | $11.08 | $12.18 | $11.51 | $11.44 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)(b)</sup> | 0.25 | 0.36 | 0.30 |  | (0.11) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.44) | (0.35) | 0.20 | (0.26) | 0.78 | 0.91 |
| Total from investment operations | (0.19) | 0.01 | 0.50 | (0.26) | 0.67 | 0.79 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.40) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.05) |  | (0.84) |  | (0.72) |
| Total distributions | (0.36) | (0.45) |  | (0.84) |  | (0.72) |
| Net asset value at end of period | $10.59 | $11.14 | $11.58 | $11.08 | $12.18 | $11.51 |
| Total return <sup>(c)</sup> | (1.74%) | 0.11% | 4.51 %<sup>(d)</sup> | (2.18%) | 5.82% | 6.95% |
| Net assets at end of period (in 000s) | $485 | $504 | $617 | $584 | $579 | $668 |
| Ratio of net expenses to average net assets <sup>(e)(f)</sup> | 1.60% | 1.60% | 1.57 %<sup>(g)</sup> | 1.64% | 1.65% | 1.65% |
| Ratio of gross expenses to average net assets <sup>(f)</sup> | 1.99% | 2.01% | 1.95 %<sup>(g)</sup> | 2.16% | 2.19% | 2.23% |
| Ratio of net investment income (loss) to average net assets <sup>(b)(e)(f)</sup> | 2.37% | 3.26% | 3.23 %<sup>(g)</sup> | 0.02% | (0.95%) | (1.04%) |
| Portfolio turnover rate <sup>(h)</sup> | 670% | 1280% | 0 %<sup>(d)</sup> | 827% | 62% | 5029% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*<sup>(b)</sup>* *Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of the dividends by the underlying investment companies in which the Fund invests. The ratio of net investment income (loss) does not include the net investment loss of the investment companies in which the Fund invests.* 

*<sup>(c)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).* 

*<sup>(d)</sup>* *Not annualized.* 

*<sup>(e)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

*<sup>(f)</sup>* *The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies in which the Fund invests, including management and performance fees.* 

*<sup>(g)</sup>* *Annualized.* 

*<sup>(h)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*<sup>(1)</sup>* *Prior to November 18, 2022, Westwood Broadmark Tactical Plus Fund was known as Salient Tactical Plus Fund.* 

*<sup>(2)</sup>* *Prior to November 18, 2022, Institutional Shares were I Share Class.* 

*<sup>(3)</sup>* *Fund changed fiscal year to October 31.* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD**

**Westwood Broadmark Tactical Plus Fund <sup>(1)</sup> (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Westwood Broadmark Tactical Plus Fund - F Class Shares** | **Year Ended<br> October 31,<br> 2025** | **Year Ended<br> October 31,<br> 2024** | **Ten Months Ended<br> October 31,<br> 2023<sup>(2)</sup>** | **Year Ended<br> October 31,<br> 2022** | **Year Ended<br> October 31,<br> 2021** | **Year Ended<br> October 31,<br> 2020** |
| Net asset value at beginning of period | $11.69 | $12.12 | $11.55 | $12.65 | $11.88 | $11.73 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)(b)</sup> | 0.32 | 0.45 | 0.37 | 0.07 | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.46) | (0.37) | 0.20 | (0.27) | 0.82 | 0.92 |
| Total from investment operations | (0.14) | 0.08 | 0.57 | (0.20) | 0.77 | 0.87 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (0.46) |  | (0.06) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.05) |  | (0.84) |  | (0.72) |
| Total distributions | (0.43) | (0.51) |  | (0.90) |  | (0.72) |
| Net asset value at end of period | $11.12 | $11.69 | $12.12 | $11.55 | $12.65 | $11.88 |
| Total return <sup>(c)</sup> | (1.24%) | 0.73% | 4.94 %<sup>(d)</sup> | (1.65%) | 6.48% | 7.46% |
| Net assets at end of period (in 000s) | $31466 | $35637 | $40199 | $37040 | $39430 | $38158 |
| Ratio of net expenses to average net assets <sup>(e)(f)</sup> | 1.04% | 1.04% | 1.05 %<sup>(g)</sup> | 1.08% | 1.09% | 1.09% |
| Ratio of gross expenses to average net assets <sup>(f)</sup> | 1.74% | 1.76% | 1.74 %<sup>(g)</sup> | 1.93% | 1.94% | 1.99% |
| Ratio of net investment income (loss) to average net assets <sup>(b)(e)(f)</sup> | 2.92% | 3.81% | 3.76 %<sup>(g)</sup> | 0.59% | (0.37%) | (0.46%) |
| Portfolio turnover rate <sup>(h)</sup> | 670% | 1280% | 0 %<sup>(d)</sup> | 827% | 62% | 5029% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.* 

*<sup>(b)</sup>* *Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of the dividends by the underlying investment companies in which the Fund invests. The ratio of net investment loss does not include the net investment income (loss) of the investment companies in which the Fund invests.* 

*<sup>(c)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).* 

*<sup>(d)</sup>* *Not annualized.* 

*<sup>(e)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).* 

*<sup>(f)</sup>* *The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies in which the Fund invests, including management and performance fees.* 

*<sup>(g)</sup>* *Annualized.* 

*<sup>(h)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.* 

*<sup>(1)</sup>* *Prior to November 18, 2022, Westwood Broadmark Tactical Plus Fund was known as Salient Tactical Plus Fund.* 

*<sup>(2)</sup>* *Fund changed fiscal year to October 31.* 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**1. Organization**

Westwood Quality Value Fund ("Value Fund"), Westwood Quality MidCap Fund ("MidCap Fund"), Westwood Quality SMidCap Fund ("SMidCap Fund"), Westwood Quality SmallCap Fund ("SmallCap Fund"), Westwood Quality AllCap Fund ("AllCap Fund"), Westwood Income Opportunity Fund ("Income Opportunity Fund"), Westwood Multi-Asset Income Fund ("Multi-Asset Income Fund"), Westwood Alternative Income Fund ("Alternative Income Fund"), Westwood Salient MLP & Energy Infrastructure Fund ("MLP & Energy Infrastructure Fund"), Westwood Real Estate Income Fund, ("Real Estate Income Fund"), Westwood Broadmark Tactical Growth Fund ("Tactical Growth Fund") and Westwood Broadmark Tactical Plus Fund ("Tactical Plus Fund"), (individually, a "Fund" and collectively, the "Funds") are each a series of Ultimus Managers Trust (the "Trust"), an open-end investment company established as an Ohio business trust under a Declaration of Trust dated February 28, 2012. The Trust is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"). Other series of the Trust are not included in this report.

The Value, SMidCap, SmallCap, Income Opportunity, Multi-Asset Income and Alternative Income Funds ("Predecessor Funds") were formerly part of The Advisors' Inner Circle Fund and were acquired by, and reorganized into, the Trust on November 1, 2021, pursuant to an Agreement and Plan of Reorganization dated August 9, 2021. The AllCap Fund commenced operations on September 30, 2021 and MidCap Fund commenced operations on November 30, 2021. Each Fund is classified as an open-end diversified fund.

Tactical Plus Fund ("Predecessor Salient MF Trust"), formerly part of Salient MF Trust, and another series of the Trust, were the sole remaining series of Salient MF Trust and were reorganized into the Trust on November 18, 2022 pursuant to an Agreement and Plan of Reorganization dated June 27, 2022.

The Real Estate Income Fund and Tactical Growth Fund ("Predecessor Forward Funds"), formerly part of Forward Funds, were the sole remaining series of Forward Funds and were acquired by and reorganized into the Trust on November 18, 2022 pursuant to an Agreement and Plan of Reorganization dated June 27, 2022.

Real Estate Income Fund, Tactical Growth Fund and Tactical Plus Fund are open-end diversified funds.

The MLP & Energy Infrastructure Fund, formerly Salient Midstream & MLP Fund a series of Salient MF Trust ("Predecessor Salient MF Trust"), was reorganized into the Trust on November 18, 2022 pursuant to an Agreement and Plan of Reorganization dated June 27, 2022.

The MLP & Energy Infrastructure Fund is an open-end, non-diversified fund that seeks to maximize total return (capital appreciation and income).

The investment objective of the Value, MidCap, SMidCap, SmallCap and AllCap Funds is to seek long-term capital appreciation.

The investment objective of Income Opportunity Fund is to seek to provide current income with a secondary investment objective to provide the opportunity for long-term capital appreciation.

The investment objective of Multi-Asset Income Fund is to seek to maximize total return through a high level of current income and capital appreciation.

The investment objective of Alternative Income Fund is to seek to provide absolute returns through a combination of current income and capital appreciation with low correlation to equity and fixed income markets.

**WESTWOOD FUNDS**

The investment objective of Real Estate Income Fund is to seek to provide high current income and potential for modest long-term growth of capital.

The investment objective of Tactical Growth Fund is to seek to produce above-average, risk-adjusted returns, in any market environment, while exhibiting less downside volatility than the S&P 500 Index.

The Tactical Plus Fund seeks to produce in any market environment above-average risk-adjusted returns and less downside volatility than the S&P 500 Index.

As of October 31, 2025, all Funds offer Institutional Shares. All Funds except MidCap, SMidCap and AllCap Funds offer A Class Shares. All Funds except Value, MidCap, SMidCap, AllCap, Multi-Asset Income, Alternative Income, Real Estate Income and Tactical Plus Funds offer C Class Shares. Value Fund, SMidCap, SmallCap Fund, AllCap, Income Opportunity, Alternative Income and MLP & Energy Infrastructure Funds have a fourth class, Ultra Shares. Tactical Plus Fund has a fourth class, F Class Shares. Effective February 7, 2025, C Class Shares were converted to A Class Shares for the Value, Multi-Asset Income, Alternative Income, Real Estate Income and Tactical Plus Funds.

Institutional Shares are sold without any sales loads, but subject to an administrative services plan fee of up to 0.20% of the average daily net assets attributable to Institutional Shares (for MidCap, SMidCap, SmallCap, AllCap, and Multi-Asset Income Funds), up to 0.15% for Alternative Income Fund, up to 0.10% (for Value, Income Opportunity, MLP & Energy Infrastructure and Tactical Plus Funds), and up to 0.05% (for Real Estate Income, and Tactical Growth Funds), requiring a $100,000 minimum investment (except for Alternative Income Fund, which has a $1,000,000 minimum investment) and offered exclusively to certain retirement plans established for the benefit of employees of the Westwood Management Corporation (the "Adviser" or "Westwood") or its affiliates; defined benefit retirement plans, endowments or foundations; banks and trust companies or law firms acting as trustee or manager for trust accounts; investors who purchase through asset-based fee programs available through financial intermediaries; and insurance companies.

The Value, SmallCap, Income Opportunity, Multi-Asset Income, Alternative Income, MLP & Energy Infrastructure, Real Estate Income, Tactical Growth, and Tactical Plus Funds offer A Class Shares (sold with a maximum sales charge of 3.00% (except for SmallCap, MLP & Energy Infrastructure and Tactical Growth Funds, which have a maximum sales charge of 4.00%) and a 12b-1 services plan fee up to 0.25% of the average daily net assets attributable to A Class Shares), require a $1,000 minimum investment. A Class Shares are also subject to an administrative services plan fee of up to 0.10% in MLP & Energy Infrastructure and Tactical Plus Funds; and up to 0.20% of the average daily net assets attributable to A Class Shares in the Real Estate Income, and Tactical Growth Funds. A Class Shares purchases of $250,000 or more may be subject to a contingent deferred sales charge ("CDSC") of 1.00% if redeemed within 18 months of purchase (except for SmallCap Fund, in which purchases of $1,000,000 or more may be subject to a 1.00% CDSC fee if redeemed within 18 months of purchase).

The SmallCap, Income Opportunity, MLP & Energy Infrastructure and Tactical Growth Funds offer C Class Shares, which are sold without any sales loads, but subject to a 12b-1 services plan fee (up to 1.00% of the average daily net assets attributable to C Class Shares, and up to 0.75% of the average daily net assets of the Real Estate Income, and Tactical Growth Funds), all require a $1,000 minimum investment. The Real Estate Income and Tactical Growth Funds offer C Class Shares, sold without any sales loads, but subject to an administrative services plan fee of up to 0.25% of the average daily net assets attributable to C Class Shares; and up to 0.10% in MLP & Energy Infrastructure Fund. C Class Shares may be subject to a CDSC fee of 1.00% if redeemed within 12 months of purchase. C Class Shares automatically convert to A Class Shares after being held for 10 years.

The Value, SMidCap, SmallCap, AllCap, Income Opportunity, Alternative Income and MLP & Energy Infrastructure Funds offer Ultra Shares (sold without any sales loads and distribution and/or administrative services fees), require a $1,000,000 initial investment and offered exclusively to employer retirement plans; health savings accounts under Section 223 of the Internal Revenue Code of 1986, as amended, if such accounts are maintained by the Fund at an omnibus level; endowments and foundations and local, city and state agencies; unaffiliated registered investment

**WESTWOOD FUNDS**

companies; collective investment trusts; banks and trust companies or law firms acting as trustee or manager for trust accounts; and insurance companies).

F Class Shares are held only by those Fund shareholders who acquired such shares as a result of the reorganization. Only shareholders who acquired Class F shares pursuant to the reorganization may purchase additional F Class shares. There is no subsequent investment minimum for F Class Shares.

Each share class of a Fund represents an ownership interest in the same investment portfolio of the Fund.

The Adviser serves as investment adviser to Value, MidCap, SMidCap, SmallCap, AllCap, Income Opportunity, Multi-Asset Income, Alternative Income, MLP & Energy Infrastructure, Real Estate Income, and Tactical Growth Funds. Salient Advisors, L.P. ("Salient Advisors"), together with Westwood, serve as investment adviser to the Tactical Plus Fund. Salient Advisors is a wholly owned subsidiary of Westwood Holdings. Broadmark Asset Management LLC ("Sub-Adviser" or "Broadmark") is the Sub-Adviser to Tactical Growth Fund and Tactical Plus Fund. Westwood Holdings is a majority owner of Broadmark. Broadmark is paid by the Adviser for their services, not the Funds.

**2. Significant Accounting Policies**

The following is a summary of the Funds' significant accounting policies. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Funds follow accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services – Investment Companies."

**Segment reporting** – The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect a Fund's financial position or the results of its operations. The intent of ASU 2023-07 is, through segment disclosures, to enable investors to better understand an entity's overall performance. The Adviser and Salient Advisors (where applicable) act as the Funds' chief operating decision makers ("CODM"). The CODMs have determined that each Fund has a single operating segment as the CODMs monitor the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Adviser and Salient Advisors, where applicable. The CODMs allocate resources and assess performance based on the operating results of each Fund, which is consistent with the results presented in each Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

**New Accounting Pronouncement –** In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

**Securities valuation** – Each Fund values its portfolio securities at market value as of the close of regular trading on the New York Stock Exchange (the "NYSE") (normally 4:00 p.m. Eastern time) on each business day the NYSE is open for business. The Funds value their listed securities on the basis of the security's last sale price on the security's primary exchange, if available, otherwise at the exchange's most recently quoted mean price. NASDAQ-listed securities are valued at the NASDAQ Official Closing Price. Investments representing shares of other open-end investment companies, other than exchange-traded funds ("ETFs"), if any, but including money market funds, are valued at their net asset value ("NAV") as reported by such companies. Option contracts are valued at the closing price on the exchange on which they are primarily traded; if no closing price is available at the time of valuation, the option will be valued at the mean of the closing bid and ask prices for that day. Future contracts are valued at

**WESTWOOD FUNDS**

the final settlement price, or, if a settled price is not available, at the last sale price as of the close of regular trading on the primary exchange on which they are traded. When using a quoted price and when the market is considered active, these securities will be classified as Level 1 within the fair value hierarchy (see below). Fixed income securities are generally valued using prices provided by an independent pricing service approved by the Board of Trustees of the Trust (the "Board"). The independent pricing service uses information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities, and various relationships between securities in determining these prices. Total return swaps are valued as the change in the value of the underlying security plus/minus the accrued income payment based on Secured Overnight Financing Rate ("SOFR") or some other form of indices on the notional amount. In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Funds value their securities and other assets at fair value as determined by the Adviser and Salient Advisors, as the Funds' valuation designees, in accordance with procedures adopted by the Board pursuant to Rule 2a-5 under the 1940 Act. Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Unavailable or unreliable market quotes may be due to the following factors: a substantial bid-ask spread; infrequent sales resulting in stale prices; insufficient trading volume; small trade sizes; a temporary lapse in any reliable pricing source; and actions of the securities or futures markets, such as the suspension or limitation of trading. As a result, the prices of securities used to calculate each Fund's NAV may differ from quoted or published prices for the same securities. Securities traded on foreign exchanges, if any, are fair valued by an independent pricing service and translated from the local currency into U.S. dollars using currency exchange rates supplied by an independent pricing service.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements.

Various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – quoted prices in active markets for identical securities

● Level 2 – other significant observable inputs

● Level 3 – significant unobservable inputs

Fixed income securities held by the Funds are classified as Level 2 since values are based on prices provided by an independent pricing service that utilizes various "other significant observable inputs" including bid and ask quotations, prices of similar securities, and interest rates, among other factors.

For most securities, both the latest transaction prices and adjustments are furnished by independent pricing services. The Adviser and Salient Advisors as the Funds' valuation designee is responsible for carrying out pricing and valuation duties in accordance with the Adviser's Valuation Procedures (the "Procedures"). The Funds value all other securities and assets for which market quotations are unavailable or unreliable at their fair value determined in good faith.

The inputs or methods used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. 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.

**WESTWOOD FUNDS**

The following is a summary of each Fund's investments and the inputs used to value the investments as of October 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Value Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $180624745 | $— | $— | $180624745 |
| Money Market Funds | 2562731 |  |  | 2562731 |
| Total Investment Securities | $183187476 | $— | $— | $183187476 |
| **MidCap Fund** |  |  |  |  |
| Common Stocks | $1758046 | $— | $— | $1758046 |
| Money Market Funds | 31706 |  |  | 31706 |
| Total Investment Securities | $1789752 | $— | $— | $1789752 |
| **SMidCap Fund** |  |  |  |  |
| Common Stocks | $93967397 | $— | $— | $93967397 |
| Money Market Funds | 2684372 |  |  | 2684372 |
| Total Investment Securities | $96651769 | $— | $— | $96651769 |
| **SmallCap Fund** |  |  |  |  |
| Common Stocks | $914617265 | $— | $— | $914617265 |
| Money Market Funds | 7368599 |  |  | 7368599 |
| Total Investment Securities | $921985864 | $— | $— | $921985864 |
| **AllCap Fund** |  |  |  |  |
| Common Stocks | $21241437 | $— | $— | $21241437 |
| Money Market Funds | 271396 |  |  | 271396 |
| Total Investment Securities | $21512833 | $— | $— | $21512833 |

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**WESTWOOD FUNDS**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Income Opportunity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments in Securities |  |  |  |  |
| U.S. Government & Agencies | $— | $48941185 | $— | $48941185 |
| Collateralized Mortgage Obligations |  | 14626844 |  | 14626844 |
| Convertible Bonds |  | 24271592 |  | 24271592 |
| Corporate Bonds |  | 167539226 |  | 167539226 |
| Foreign Governments |  | 4467550 |  | 4467550 |
| Common Stocks | 249190483 |  |  | 249190483 |
| Exchange-Traded Funds | 17621392 |  |  | 17621392 |
| Preferred Stocks | 10723126 |  |  | 10723126 |
| Money Market Funds | 7048757 |  |  | 7048757 |
| Total Investment Securities | $284583758 | $259846397 | $— | $544430155 |
| **Other Financial Instruments\*** |  |  |  |  |
| Written Option Contracts | $(972400) | $— | $— | $(972400) |
| Futures Contracts | 59099 |  |  | 59099 |
| Total Investments | $283670457 | $259846397 | $— | $543516854 |
| **Multi-Asset Income Fund** |  |  |  |  |
| U.S. Government & Agencies | $— | $3633094 | $— | $3633094 |
| Collateralized Mortgage Obligations |  | 2342358 |  | 2342358 |
| Convertible Bonds |  | 4881682 |  | 4881682 |
| Corporate Bonds |  | 62014720 |  | 62014720 |
| Foreign Governments |  | 1557654 |  | 1557654 |
| Common Stocks | 20114809 |  |  | 20114809 |
| Exchange-Traded Funds | 1848399 |  |  | 1848399 |
| Preferred Stocks | 1869939 |  | 500000 | 2369939 |
| Warrants |  |  | 87419 | 87419 |
| Money Market Funds | 3264735 |  |  | 3264735 |
| Total Investment Securities | $27097882 | $74429508 | $587419 | $102114809 |
| **Other Financial Instruments\*** |  |  |  |  |
| Written Option Contracts | $(120350) | $— | $— | $(120350) |
| Futures Contracts | 211960 |  |  | 211960 |
| Total Investments | $27189492 | $74429508 | $587419 | $102206419 |

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**WESTWOOD FUNDS**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Alternative Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Convertible Bonds | $— | $117631585 | $— | $117631585 |
| Corporate Bonds |  | 10453609 |  | 10453609 |
| Common Stocks | 724800 |  |  | 724800 |
| Purchased Option Contracts | 31000 |  |  | 31000 |
| Money Market Funds | 6430104 |  |  | 6430104 |
| Total Investment Securities | $7185904 | $128085194 | $— | $135271098 |
| **Other Financial Instruments\*** |  |  |  |  |
| Total Return Swaps at value (assets) | $— | $2486350 | $— | $2486350 |
| Total Return Swaps at value (liabilities) |  | (3215002) |  | (3215002) |
| Written Option Contracts | (39200) |  |  | (39200) |
| Futures Contracts | (165) |  |  | (165) |
| Total Investments | $7146539 | $127356542 | $— | $134503081 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**MLP & Energy Infrastructure Fund** | **Practical**<br>**Expedient<sup>(a)</sup>** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Affiliated Exchange-Traded Funds | $— | $49756039 | $— | $— | $49756039 |
| Master Limited Partnerships |  | 274487356 |  |  | 274487356 |
| MLP Related Companies | 12171314 | 863817440 |  |  | 875988754 |
| Money Market Funds |  | 2042013 |  |  | 2042013 |
| Total Investment Securities | $12171314 | $1190102848 | $— | $— | $1202274162 |
| **Other Financial Instruments\*** |  |  |  |  |  |
| Written Option Contracts | $— | $(429070) | $(30970) | $— | $(460040) |
| Total Investments | $12171314 | $1189673778 | $(30970) | $— | $1201814122 |
| **Real Estate Income Fund** |  |  |  |  |  |
| Common Stocks |  | $58927730 | $— | $— | $58927730 |
| Preferred Stocks |  | 175870702 |  | 9250000 | 185120702 |
| Money Market Funds |  | 13925031 |  |  | 13925031 |
| Total Investment Securities |  | $248723463 | $— | $9250000 | $257973463 |
| **Tactical Growth Fund** |  |  |  |  |  |
| Exchange-Traded Funds |  | $113677635 | $— | $— | $113677635 |
| Money Market Funds |  | 55711054 |  |  | 55711054 |
| Total Investment Securities |  | $169388689 | $— | $— | $169388689 |

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**WESTWOOD FUNDS**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Tactical Plus Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $7197531 | $— | $— | $7197531 |
| Purchased Option Contracts |  | 13440 |  | 13440 |
| Money Market Funds | 52181580 |  |  | 52181580 |
| Total Investment Securities | $59379111 | $13440 | $— | $59392551 |
| **Other Financial Instruments\*** |  |  |  |  |
| Futures Contracts | $1619134 | $— | $— | $1619134 |
| Total Investments | $60998245 | $13440 | $— | $61011685 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

(a) In
 accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent)
 practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended
 to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.

\* Other financial instruments are derivative instruments not reflected in the total investments at value on the Schedule of Investments but as separate schedule such as total return swap contracts, written option contracts, and futures contracts. These instruments are valued at the unrealized appreciation (depreciation) on the instrument.

The following is a reconciliation of Level 3 instruments held in the Fund for which significant unobservable inputs were used to determine fair value for the year ended October 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | | | | | | |
| **Asset Type** | **Balance<br> as of<br> October 31,<br> 2024** | **Net<br> Purchases/<br> Acquisitions** |<br>**Net Sales** |<br>**Realized<br> Losses** |<br>**Changes in<br> Unrealized<br> Appreciation<br> (Depreciation)** |<br>**Transfer<br> Into<br> Level 3** |<br>**Transfer<br> Out of<br> Level 3** |<br>**Balance<br> as of<br> October 31,<br> 2025** |
| Preferred Stocks | $500000 | $— | $— | $— | $— | $— | $— | $500000 |
| Warrants | 103109 |  |  |  | (15690) |  |  | 87419 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **MLP & Energy Infrastructure Fund** | **MLP & Energy Infrastructure Fund** | **MLP & Energy Infrastructure Fund** | | | | | | |
| **Asset Type** | **Balance<br> as of<br> October 31,<br> 2024** | **Net<br> Purchases/<br> Acquisitions** |<br>**Net Sales** |<br>**Realized<br> Losses** |<br>**Changes in<br> Unrealized<br> Appreciation<br> (Depreciation)** |<br>**Transfer<br> Into<br> Level 3** |<br>**Transfer<br> Out of<br> Level 3** |<br>**Balance<br> as of<br> October 31,<br> 2025** |
| Special Purpose Acquisition Companies | $315 | $— | $(315) | $— | $— | $— | $— | $— |

---

**WESTWOOD FUNDS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Real Estate Income Fund** | **Real Estate Income Fund** | **Real Estate Income Fund** | | | | | | |
| **Asset Type** | **Balance<br> as of<br> October 31,<br> 2024** | **Net<br> Purchases/<br> Acquisitions** |<br>**Net Sales** |<br>**Realized<br> Losses** |<br>**Changes in<br> Unrealized<br> Appreciation<br> (Depreciation)** |<br>**Transfer<br> Into<br> Level 3** |<br>**Transfer<br> Out of<br> Level 3** |<br>**Balance<br> as of<br> October 31,<br> 2025** |
| Preferred Stocks | $9250000 | $— | $— | $— | $— | $— | $— | $9250000 |

---

The change in net unrealized appreciation (depreciation) included in the Statements of Operations attributable to Level 3 investments that were held as of October 31, 2025 are included in the table above.

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 Fair Value Measurements for investments held as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | | | | |
| | **Fair Value<br> as of<br> October 31,<br> 2025** | <br>**Valuation<br> Technique** | <br>**Unobservable<br> Input** |<br>**Input Value/<br> Range** | <br>**Impact to<br> Valuation from<br> an Increase in<br> Input** |
| Preferred Stocks | $500000 | Original Purchase Price | Original Purchase Price | $25.00 | Increase |
| Warrants | 87419 | Broker Quote | Broker Quote | $19.50 | Increase |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Real Estate Income Fund** | **Real Estate Income Fund** | | | | |
| | **Fair Value<br> as of<br> October 31,<br> 2025** | <br>**Valuation<br> Technique** | <br>**Unobservable<br> Input** |<br>**Input Value/<br> Range** | <br>**Impact to<br> Valuation from<br> an Increase in<br> Input** |
| Preferred Stocks | $9250000 | Original Purchase Price | Original Purchase Price | $25.00/$950.00 | Increase |

---

The restricted securities held by the MLP & Energy Infrastructure Fund at October 31, 2025 are identified below and are also present in the MLP & Energy Infrastructure Fund's Schedule of Investments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **% of<br> Net Assets** | **Acquisition<br> Date** | **Shares/Units** | **Cost** | **Fair Value** |
| EMG Utica I Offshore Co-Investment, LP and Subsidiary | 0.65% | 2/22/2013\* | $11947421 | $11947421 | $7875032 |
| EMG Utica Midstream Fund, LP and Subsidiaries | 0.36% | 2/22/2013\* | 4052579 | 4052579 | 4296282 |
|  |  |  |  | $16000000 | $12171314 |

---

\* Original purchase date by acquired fund prior to merger.

**WESTWOOD FUNDS**

**Share valuation** – The NAV per share of each class of each Fund is calculated daily by dividing the total value of the assets attributable to that class, less liabilities attributable to that class, by the number of shares outstanding of that class. The offering price and redemption price per share of each class of each Fund is equal to the NAV per share of such class except for A Class Shares. A Class Shares have a front-end sales charge, which is deducted from your purchase price when you buy your shares.

**Investment income** – Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the security received. Interest income is accrued as earned. Withholding taxes on foreign dividends, if any, have been recorded in accordance with the Funds' understanding of the applicable country's tax rules and rates. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REIT's taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. Distributions received for each Fund's investments in Master Limited Partnerships ("MLPs") may be comprised of both income and return of capital. Each Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded. Discounts and premiums on fixed income securities, if any, are amortized using the effective interest method.

**Investment transactions** – Investment transactions are accounted for on the trade date. Realized gains and losses on investments sold are determined on a specific identification basis.

**Allocation among Classes** – Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation are allocated daily to each Class of a Fund based upon its proportionate share of total net assets of that Fund. Class-specific expenses are charged directly to the Class incurring the expense. Common expenses which are not attributable to a specific Class are allocated daily to each Class of shares of a Fund based upon its proportionate share of total net assets of that Fund. Distribution fees are class specific expenses.

**Common expenses** – Common expenses of the Trust are allocated among the Funds and the other series of the Trust based on the relative net assets of each series, the number of series in the Trust, or the nature of the services performed and the relative applicability to each series.

**Futures contracts** – A Fund may use futures contracts for tactical hedging purposes as well as to enhance a Fund's returns. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. When a Fund purchases or sells a futures contract, no price is paid to or received by a Fund. Instead, a Fund is required to deposit in a segregated asset account an amount of cash or qualifying securities. This is called the "initial margin deposit." Subsequent payments, known as "variation margin," are made or received by a Fund each day, depending on the daily fluctuations in the fair value of the underlying asset. A Fund recognizes an unrealized gain or loss equal to the daily valuation margin. If market conditions move unexpectedly, a Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The margin deposits for futures contracts and the variation receivable/payable are reported on the Statements of Assets and Liabilities.

**Options written/purchased** – The Funds may utilize longer maturity options for stock replacement when and as price and volatility relationships become more favorable for options versus underlying stocks or for tax and liquidity management purposes. The Funds are authorized to write (sell) and purchase put and call options. The risk in writing a call option is that the Funds give up the opportunity to profit if the market price of the security increases. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

**WESTWOOD FUNDS**

**Swap contracts** – The Funds are authorized to enter into swap contracts for the purposes of managing the Funds' interest rate duration, yield curve exposure and yield spread sensitivity. Swaps are a two-party contract in which the seller (buyer) will pay to the buyer (seller) the difference between the current value of a security and its value at the time the contract was entered. Interest rate swaps involve the exchange by a Fund with another party of their respective commitment to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Swap contracts are privately negotiated in the over-the-counter market ("OTC Swaps") or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("Centrally Cleared Swaps").

Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swaps. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on SOFR or some other form of indices on the notional amount. Payments received or made are recorded as realized gains or loss. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the Statements of Assets and Liabilities. Interest rate and Total Return swap contracts outstanding at period end, if any, are listed after a Fund's portfolio. In connection with swap agreements, securities may be set aside as collateral by a Fund's custodian.

Periodic payments made or received are recorded as realized gains or losses. The Statements of Assets and Liabilities reflect, if any, unrealized appreciation or depreciation and accrued periodic payments for swap contracts the Funds may have open.

Entering into swap contracts involve, to varying degrees, elements of credit, interest rate and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions or fluctuations in interest rates. Swaps outstanding at year end, if any, are listed on the Schedules of Investments. Refer to each Fund's Schedule of Investments for details regarding open swap contracts, if applicable.

There is the risk that the counterparty refuses to continue to enter into swap agreements with the Funds in the future, or requires increased fees, which could impair the Funds' ability to achieve their investment objective. A counterparty may also increase its collateral requirements, which may limit the Fund's ability to use leverage and reduce investment returns. In addition, if the Funds cannot locate a counterparty willing to enter into transactions with the Funds, they will not be able to implement their investment strategy.

**Foreign currency translation** – Securities and other assets and liabilities denominated in or expected to settle in foreign currencies are translated into U.S. dollars based on exchange rates on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;A. The
 fair values of investment securities and other assets and liabilities are translated as of the close of the NYSE each day.

&nbsp;&nbsp;&nbsp;&nbsp;B. Purchases
 and sales of investment securities and income and expenses are translated at the rate of exchange prevailing as of 4:00 p.m. Eastern Time
 on the respective date of such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Funds do not isolate that portion of the results of operations caused by changes in foreign exchange rates on investments from those caused
 by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on
 investments.

Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies, 2) currency gains or losses realized between the trade and settlement dates on securities transactions and 3) the difference between the amounts of dividends and foreign withholding taxes recorded on a Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and

**WESTWOOD FUNDS**

losses arise from changes in the value of assets and liabilities other than investments in securities that result from changes in exchange rates.

The Funds may be subject to foreign taxes related to foreign income received, capital gain on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which a Fund invests.

**Forward foreign currency contracts** – The Funds may enter into forward foreign currency contracts to offset the exposure to foreign currency. All foreign currency contracts are "marked- to-market" daily at the applicable translation rates, resulting in unrealized gains or losses. Realized and unrealized gains or losses from transactions in foreign contracts, if any, will be included on the Funds' Statements of Operations. Risks associated with these contracts include the potential inability of counterparties to meet the terms of their contracts and unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

**Borrowing costs** – From time to time, the Funds may have an overdrawn cash balance at the custodian due to redemptions or market movements. When this occurs, the Funds will incur borrowing costs charged by the custodian. Borrowing costs for each Fund, if any, for the year ended October 31, 2025 can be found on the Statements of Operations.

**ReFlow transactions** – Certain Funds may participate in ReFlow, a program designed to provide an alternative liquidity source for mutual funds experiencing redemptions of their shares. In order to pay cash to shareholders who redeem their shares on a given day, a mutual fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money, all of which impose certain costs on the fund. ReFlow provides participating mutual funds with another source of cash by standing ready to purchase shares from a fund equal to the amount of the fund's net redemptions on a given day. ReFlow then generally redeems those shares when the fund experiences net sales. In return for this service, the fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. The costs to a Fund for participating in ReFlow are generally expected to be influenced by and comparable to the cost of other sources of liquidity, such as the Fund's short-term lending arrangements or the costs of selling portfolio securities to meet redemptions. ReFlow is prohibited from acquiring more than 2.95% of the total net assets of any Fund. The Board has adopted certain procedures to govern the Funds' participation in ReFlow. During the year ended October 31, 2025, no ReFlow fees were incurred.

**Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Redemption fees** – In an effort to discourage short-term trading and defray costs incurred by shareholders as a result of short-term trading, the Alternative Income Fund charges a 1.00% redemption fee on redemptions (including exchanges) of shares that have been held for less than 30 days. The redemption fee is deducted from the Fund's sale proceeds and cannot be paid separately, and any proceeds of the fee are credited to the assets of the Fund from which the redemption was made. The fee does not apply to shares purchased with reinvested dividends or distributions. Redemption fees collected, if any, are shown on the Statements of Changes in Net Assets.

**Distributions to shareholders** – Value, MidCap, SMidCap, SmallCap, and AllCap Funds distribute to shareholders any net investment income dividends and net realized capital gains distributions, if any, at least once each year. Income Opportunity and Alternative Income Funds distribute to shareholders any net investment income dividends quarterly up until June 30, 2025 and then switched to monthly, and net realized capital gains distributions, if any, at least once each year. Multi-Asset Income Fund distributes to shareholders any net investment income dividends monthly and net realized capital gains distributions, if any, at least once each year. MLP & Energy Infrastructure and Real Estate Income Funds distribute substantially all of their net income to shareholders on a quarterly basis and their net capital gains to shareholders at least annually in December. Tactical Growth and Tactical Plus Funds distribute to shareholders any net investment income and net realized capital gains annually in December. The amount of such

**WESTWOOD FUNDS**

dividends and distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends and distributions to shareholders are recorded on the ex-dividend date.

The character of dividends paid to shareholders of the Funds for federal income tax purposes during the years ended October 31, 2025 and 2024, ten months ended October 31, 2024 and year December 31, 2023 if applicable, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period Ended** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions** |
| **Value Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;October 31, 2025 | $2922355 | $12376379 | $— | $15298734 |
| &nbsp;&nbsp;&nbsp;October 31, 2024 | $5072853 | $2494872 | $— | $7567725 |
| **MidCap Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;October 31, 2025 | $71196 | $36496 | $— | $107692 |
| &nbsp;&nbsp;&nbsp;October 31, 2024 | $34640 | $6193 | $— | $40833 |
| **SMidCap Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;October 31, 2025 | $1331124 | $— | $— | $1331124 |
| &nbsp;&nbsp;&nbsp;October 31, 2024 | $6852780 | $2603038 | $— | $9455818 |
| **SmallCap Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;October 31, 2025 | $32079740 | $34101537 | $— | $66181277 |
| &nbsp;&nbsp;&nbsp;October 31, 2024 | $21471116 | $26245748 | $— | $47716864 |
| **AllCap Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;October 31, 2025 | $377921 | $770461 | $— | $1148382 |
| &nbsp;&nbsp;&nbsp;October 31, 2024 | $512184 | $250648 | $— | $762832 |
| **Income Opportunity Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;October 31, 2025 | $17634376 | $— | $3280405 | $20914781 |
| &nbsp;&nbsp;&nbsp;October 31, 2024 | $19166079 | $— | $3678192 | $22844271 |
| **Multi-Asset Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;October 31, 2025 | $6741069 | $— | $— | $6741069 |
| &nbsp;&nbsp;&nbsp;October 31, 2024 | $5644409 | $— | $— | $5644409 |
| **Alternative Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;October 31, 2025 | $— | $3065706 | $464245 | $3529951 |
| &nbsp;&nbsp;&nbsp;October 31, 2024 | $872446 | $— | $3079172 | $3951618 |
| **MLP & Energy Infrastructure Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;October 31, 2025 | $54862631 | $— | $— | $54862631 |
| &nbsp;&nbsp;&nbsp;Ten months ended October 31, 2024\* | $39037838 | $— | $— | $39037838 |
| &nbsp;&nbsp;&nbsp;December 31, 2023 | $33587018 | $— | $20006122 | $53593140 |
| **Real Estate Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;October 31, 2025 | $13944491 | $— | $5570708 | $19515199 |
| &nbsp;&nbsp;&nbsp;October 31, 2024 | $9616028 | $8971397 | $— | $18587425 |
| **Tactical Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;October 31, 2025 | $4905175 | $— | $— | $4905175 |
| &nbsp;&nbsp;&nbsp;October 31, 2024 | $8904758 | $— | $— | $8904758 |

---

**WESTWOOD FUNDS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period Ended** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions** |
| **Tactical Plus Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;October 31, 2025 | $2570728 | $— | $— | $2570728 |
| &nbsp;&nbsp;&nbsp;October 31, 2024 | $2923885 | $189840 | $— | $3113725 |

---

\* Represents the ten months ended October 31, 2024.

**Federal income tax –** Each Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). Qualification generally will relieve the Funds of liability for federal income taxes to the extent 100% of their net investment income and net realized capital gains are distributed in accordance with the Code.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The following information is provided on a tax basis as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Value<br> Fund** | **MidCap<br> Fund** | **SMidCap<br> Fund** | **SmallCap<br> Fund** | **AllCap<br> Fund** |
| Federal income tax cost | $153469040 | $1619446 | $87790243 | $850675015 | $18842734 |
| Gross unrealized appreciation | $35195821 | $263539 | $14734844 | $134932658 | $3390280 |
| Gross unrealized depreciation | (5477385) | (93233) | (5873318) | (63621809) | (720181) |
| Net unrealized appreciation | 29718436 | 170306 | 8861526 | 71310849 | 2670099 |
| Undistributed ordinary income | 1734116 | 55297 | 2521180 | 21712922 | 723580 |
| Undistributed long-term capital gains | 30910886 | 73173 | 2193377 | 30517009 | 802543 |
| Total distributable earnings | $62363438 | $298776 | $13576083 | $123540780 | $4196222 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Income<br> Opportunity<br> Fund** | **Multi-Asset<br> Income<br> Fund** | **Alternative<br> Income<br> Fund** | **Real Estate<br> Income<br> Fund** |
| Federal income tax cost | $454656921 | $93990786 | $113660898 | $247139604 |
| Gross unrealized appreciation | $94680669 | $8709453 | $23273670 | $13549337 |
| Gross unrealized depreciation | (4876058) | (632409) | (1670765) | (2715478) |
| Net unrealized appreciation | 89804611 | 8077044 | 21602905 | 10833859 |
| Undistributed ordinary income |  | 23483 |  |  |
| Accumulated capital and other losses | (13534587) | (18177940) | (15519601) | (1892700) |
| Total distributable earnings (accumulated deficit) | $76270024 | $(10077413) | $6083304 | $8941159 |

---

**WESTWOOD FUNDS**

---

| | | |
|:---|:---|:---|
| | **Tactical<br> Growth Fund** | **Tactical<br> Plus Fund** |
| Federal income tax cost | $156894621 | $59537696 |
| Gross unrealized appreciation | $12682139 | $— |
| Gross unrealized depreciation | (188071) | (145145) |
| Net unrealized appreciation | 12494068 | (145145) |
| Undistributed ordinary income | 2084267 | 1439218 |
| Accumulated capital and other losses | (1022633) | (5494953) |
| Total distributable earnings (accumulated deficit) | $13555702 | $(4200880) |

---

The following information is computed on a tax basis for as of November 30, 2024. MLP & Energy Infrastructure Fund has a tax year end of November 30, 2024, which is different than the fiscal year of October 31, 2025.

---

| | |
|:---|:---|
| | **MLP & Energy<br> Infrastructure<br> Fund** |
| Federal income tax cost | $814494020 |
| Gross unrealized appreciation | $488028489 |
| Gross unrealized depreciation | (7193250) |
| Net unrealized appreciation | 480835239 |
| Net unrealized appreciation on foreign currency translation | 2036 |
| Undistributed ordinary income | 2130487 |
| Accumulated capital and other losses | (888262714) |
| Total accumulated deficit | $(405294952) |

---

The following information is provided on a tax basis as of October 31, 2025.

---

| | |
|:---|:---|
| | **MLP & Energy**<br> **Infrastructure**<br> **Fund** |
| Federal income tax cost | $815227316 |
| Gross unrealized appreciation | $396687009 |
| Gross unrealized depreciation | (9450203) |
| Net unrealized appreciation | $387236806 |

---

The difference between the federal income tax cost of investments and the financial statement cost of investments are due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These "book/tax" differences are temporary in nature and are primarily due to the tax deferral of losses on wash sales, constructive dividend income, partnership adjustments, straddle loss deferral, contingent debt adjustment, perpetual bond and options, future and swap mark to market adjustments.

**WESTWOOD FUNDS**

As of October 31, 2025, the following Funds had short-term and long-term capital loss carryforwards for federal income tax purposes, which may be carried forward indefinitely. These capital loss carryforwards are available to offset net realized capital gains in future years, thereby reducing future taxable gains distributions, if any.

---

| | | | |
|:---|:---|:---|:---|
| | **Capital Loss Carryovers** | **Capital Loss Carryovers** | **Capital Loss Carryovers** |
| <br>**Fund** | **Short-term** | **Long-term** | **Total** |
| Income Opportunity Fund | $13534587 | $— | $13534587 |
| Mult-Asset Income Fund | 3208571 | 14969369 | 18177940 |
| Real Estate Income Fund | 1892700 |  | 1892700 |
| Tactical Growth Fund |  | 1022633 | 1022633 |
| Tactical Plus Fund | 3965321 | 1529632 | 5494953 |

---

For the year ended October 31, 2025, the following Funds utilized the following capital loss carry forwards:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-term** | **Long-term** | **Total** |
| Income Opportunity Fund | $4653090 | $7311361 | $11964451 |
| Alternative Income Fund | 4289096 | 3906322 | 8195418 |
| Tactical Growth Fund | 2455863 | 3916974 | 6372837 |

---

Qualified late year ordinary losses incurred after December 31, 2024 and within the taxable year are deemed to arise on the first day of the Fund's next taxable year. For the year ended October 31, 2025, Alternative Income Fund deferred $10,399,473 of late year ordinary losses to November 1, 2025 for federal income tax purposes.

As of November 30, 2024, the MLP & Energy Infrastructure Fund had short-term and long-term capital loss carryforwards for federal income tax purposes, which may be carried forward indefinitely. These capital loss carryforwards are available to offset net realized capital gains in the current and future years, thereby reducing future taxable gains distributions, if any.

---

| | | | |
|:---|:---|:---|:---|
| | **Capital Loss Carryovers** | **Capital Loss Carryovers** | **Capital Loss Carryovers** |
| <br>**Fund** | **Short-term** | **Long-term** | **Total** |
| MLP & Energy Infrastructure Fund | $328797799 | $556037426 | $884835225 |

---

For the MLP & Energy Infrastructure Fund, included in the $884,835,225 is short-term available carry forward losses of $129,274,566 and long-term of $58,437,693 for a total of $187,712,259 from the merged Predecessor Fund with an annual limitation of $4,106,607.

During the tax year end ended November 30, 2024, the MLP & Energy Infrastructure Fund utilized $95,522,923 of capital loss carryforwards against current year gains.

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under current income tax regulations. These permanent differences that are credited or charged to Paid in Capital and distributable earnings/(loss) as of October 31, 2025 are primarily related to net operating losses, redemptions in-kind, non-deductible partnership expenses, prior year audit to tax return adjustments, and the utilization of earnings

**WESTWOOD FUNDS**

and profits distributed to shareholders on redemption of shares. As of October 31, 2025, the following adjustments were made:

---

| | | |
|:---|:---|:---|
|  | **Distributable<br> earnings/(loss)** | **Paid in<br> capital** |
| Value Fund | $(2706564) | 2706564 |
| SMidCap Fund | (489504) | 489504 |
| SmallCap Fund | (8953497) | 8953497 |
| AllCap Fund | (55091) | 55091 |
| Income Opportunity Fund | (1477785) | 1477785 |
| Multi-Asset Income Fund | (33649) | 33649 |
| Alternative Income Fund | 4146449 | (4146449) |
| MLP & Energy Infrastructure Fund | (14893228) | 14893228 |

---

The Funds recognize the tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" of being sustained assuming examination by tax authorities. Management has reviewed each Fund's tax positions for the current and all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. The Funds identify their major tax jurisdiction as U.S. Federal.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the year ended October 31, 2025, the Funds did not incur any interest or penalties.

In order to meet the distribution requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and maintain regulated investment company status, the MLP & Energy Infrastructure Fund paid a "deficiency dividend," as such term is defined by Section 860(f) of the Code, to the MLP & Energy Infrastructure Fund's shareholders totaling $5,648,856 from ordinary income on July 12, 2023. The Adviser reimbursed the MLP & Energy Infrastructure Fund in the amount of $32,497 for the amount of excise tax associated with the under-distribution. An estimated amount of $300,000 is accrued in the MLP & Energy Infrastructure Fund to cover any additional interest and penalties that may still be charged. The Adviser has committed to reimbursing the MLP & Energy Infrastructure Fund for this expense once the final amount is known and has $300,000 accrued in the Fund to cover the estimated amount.

**3. Investment Transactions**

The cost of security purchases and proceeds from sales and maturities of securities (excluding short-term debt securities having maturities one year or less and U.S. Government securities) for the year ended October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value<br> Fund** | **MidCap<br> Fund** | **SMidCap<br> Fund** | **SmallCap<br> Fund** |
| Purchases of investment securities | $145609554 | $1196362 | $63765404 | $632662676 |
| Proceeds from sales of investment securities | $180426241 | $1420217 | $75620898 | $784071954 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AllCap<br> Fund** | **Income<br> Opportunity<br> Fund** | **Multi-Asset<br> Income<br> Fund** | **Alternative<br> Income<br> Fund** |
| Purchases of investment securities | $16486430 | $250691012 | $55254848 | $107417999 |
| Proceeds from sales and maturities of investment securities | $18483209 | $263930176 | $53818312 | $120739923 |

---

**WESTWOOD FUNDS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MLP & Energy<br> Infrastructure<br> Fund** | **Real Estate**<br> **Income Fund** | **Broadmark<br> Tactical<br> Growth Fund** | **Broadmark<br> Tactical<br> Plus Fund** |
| Purchases of investment securities | $680379048 | $169914620 | $154130113 | $66786989 |
| Proceeds from sales and maturities of investment securities | $645889393 | $174066961 | $161457341 | $57174439 |

---

The cost of security purchases and proceeds from sales and maturities of U.S. Government long-term securities for year ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Income<br> Opportunity<br> Fund** | **Multi-Asset<br> Income<br> Fund** |
| Purchases of investment securities | $70724005 | $5197750 |
| Proceeds from sales and maturities of investment securities | $78984130 | $7540129 |

---

The Multi-Asset Income and MLP & Energy Infrastructure Funds invest in one or more Westwood Funds ("Underlying Funds"), which are also advised by the Adviser. The Underlying Funds are deemed affiliates of the Multi-Asset Income and MLP & Energy Infrastructure Funds, and the related activities in those investments were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** |
| <br>**Affiliate** | **Fair Value at<br> October 31,<br> 2024** | **Purchase<br> Cost** | **Sales<br> Proceeds** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Multi-Asset Income Fund** |  |  |  |  |  |
| Westwood Salient Enhanced Energy Income ETF | $494588 | $15463 | $(137586) | $(16405) | $(6208) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** |
| <br>**Affiliate** | **Fair Value at<br> October 31,<br> 2025** | **Dividend<br> Income** | **Long-Term<br> Capital Gain<br> Distributions** | **Shares at<br> October 31,<br> 2025** |
| **Multi-Asset Income Fund** |  |  |  |  |
| Westwood Salient Enhanced Energy Income ETF | $349852 | $21678 | $— | 16752 |

---

**WESTWOOD FUNDS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** |
| <br>**Affiliate** | **Fair Value at<br> October 31,<br> 2024** | **Purchase<br> Cost** | **Sales<br> Proceeds** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **MLP & Energy Infrastructure Fund** |  |  |  |  |  |
| Westwood Salient Enhanced Energy Income ETF | $10897303 | $— | $— | $— | $(849601) |
| Westwood Salient Enhanced Midstream Income ETF | 41842512 |  | (1294262) | 116013 | (955926) |
| Total | $52739815 | $— | $(1294262) | $116013 | $(1805527) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** |
| <br>**Affiliate** | **Fair Value at<br> October 31,<br> 2025** | **Dividend<br> Income** | **Long-Term<br> Capital Gain<br> Distributions** | **Shares at<br> October 31,<br> 2025** |
| **MLP & Energy Infrastructure Fund** |  |  |  |  |
| Westwood Salient Enhanced Energy Income ETF | $10047702 | $1299011 | $— | 481115 |
| Westwood Salient Enhanced Midstream Income ETF | 39708337 | 4246631 |  | 1565169 |
| Total | $49756039 | $5545642 | $— | 2046284 |

---

**4. Transactions with Related Parties**

**INVESTMENT MANAGEMENT AGREEMENT**

The Funds' investments are managed by the Adviser pursuant to the terms of an Investment Management Agreement. Each Fund pays the Adviser an investment management fee, based on the average net assets of each Fund, computed and accrued daily and paid monthly, at the annual rate shown in the table below.

Pursuant to an Expense Limitation Agreement ("ELA") between each Fund and the Adviser, the Adviser has contractually agreed, until March 1, 2026, (for Value, MidCap, SMidCap, SmallCap, AllCap, Income Opportunity, Multi-Asset Income, Alternative Income and Real Estate Income Funds) and April 30, 2026 (for MLP & Energy Infrastructure, Tactical Growth and Tactical Plus Funds) to reduce investment management fees and reimburse other expenses to the extent necessary to limit total annual fund operating expenses of each Fund (exclusive of interest; taxes; brokerage commissions; Rule 12b-1 distribution fees (if any), and except as noted on the next page, administrative servicing fees (if any); borrowing expenses such as dividend and interest expenses on securities sold short; acquired fund fees and expenses; costs to organize the Funds; other expenditures which are capitalized in accordance with

**WESTWOOD FUNDS**

generally accepted accounting principles; and extraordinary expenses) to an amount not exceeding the following percentages of average daily net assets attributable to each respective class:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Management<br> Fee** | **Institutional<br> Class Expense<br> Limitation** | **A Class<br> Expense<br> Limitation** | **C Class<br> Expense<br> Limitation** | **Ultra Class<br> Expense<br> Limitation** | **F Class<br> Expense<br> Limitation** |
| Value Fund | 0.50% | 0.55% | 0.55% | 0.55% | 0.55% | n/a |
| MidCap Fund | 0.58% | 0.58% | n/a | n/a | n/a | n/a |
| SMidCap Fund | 0.75% | 0.68% | n/a | n/a | 0.68% | n/a |
| SmallCap Fund | 0.85% | 0.79% | 0.79% | 0.79% | 0.79% | n/a |
| AllCap Fund | 0.45% | 0.45% | n/a | n/a | 0.45% | n/a |
| Income Opportunity Fund | 0.65% | 0.74% | 0.74% | 0.74% | 0.74% | n/a |
| Multi-Asset Income Fund\* | 0.38 %<sup>(a)</sup> | 0.10% | 0.10% | 0.10% | n/a | n/a |
| Alternative Income Fund\* | 0.53 %<sup>(b)</sup> | 0.00% | n/a | 0.00% | 0.00% | n/a |
| MLP & Energy Infrastructure Fund^ | 0.90% | 1.25% | 1.50% | 2.25% | n/a | n/a |
| Real Estate Income Fund^ | 0.70% | 1.10% | 1.50% | 2.05% | n/a | n/a |
| Broadmark Tactical Growth Fund^ | 1.10% | n/a | n/a | n/a | n/a | n/a |
| Broadmark Tactical Plus Fund^ | 1.40% | 1.35% | 1.60% | 2.35% | n/a | 1.04% |

---

---

| | |
|:---|:---|
| ^ | The ratios listed are the contractual amounts which include 12b-1 distribution and administrative services fees. |

---

The Funds' Adviser has agreed to waive fees in the pro-rata amount of the management fee charged by the Underlying Funds on each Fund's investment in such other Underlying Funds. This fee waiver is accrued daily and settled monthly. During the year ended October 31, 2025, the Multi-Asset Income and MLP & Energy Infrastructure Funds reduced investment advisory fees by $543 and $474,853, respectively.

The Adviser has contractually agreed to reduce its fees and reimburse expenses of the Multi-Asset Income Fund, and Alternative Income Fund in order to keep net operating expenses (excluding management fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses") from exceeding the Funds' average daily net assets as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Institutional<br> Shares<br> Expense<br> Limitation** | **A Class<br> Expense<br> Limitation** | **C Class<br> Expense<br> Limitation** | **Ultra Class<br> Expense<br> Limitation** |
| Multi-Asset Income Fund\* | 0.10% | 0.10% | 0.10% | n/a |
| Alternative Income Fund\* | 0.00% | 0.00% | 0.00% | 0.00% |

---

In addition, the Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.01% of the Alternative Income Fund's average daily net assets.

**WESTWOOD FUNDS**

\* In connection with the Adviser's Sensible Fees™ framework, for its services to each share class of Multi-Asset Income and Alternative Income Funds, the Adviser is entitled to a management fee, which consists of a base fee (the "Base Fee") and a positive or negative performance adjustment (the "Performance Adjustment") based on whether, and to what extent, the investment performance of each share class of each Fund exceeds, or is exceeded by, the performance of an index hurdle (the "Index Hurdle") over the 12-month period from November 1 of each year through October 31 of the following year (the "Performance Period"). For each share class of each Fund, the Base Fee and Performance Adjustment are each calculated and accrued daily based on the average daily net assets of the share class during the Performance Period.

<sup>(a)</sup> The Base Fee is an annual rate of 0.38%. The Index Hurdle is the Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&P 500<sup>®</sup> Index plus 1.00%. The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0032% of the share class's average daily net assets for each 0.01% by which the performance of the share class exceeds or lags the performance of the Index Hurdle over the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annual rate of +/- 0.32% of the share class's average daily net assets during the Performance Period, which would occur when the performance of the share class exceeds, or is exceeded by, the performance of the Index Hurdle by 1.00% over the Performance Period. Accordingly, the management fee will range from a minimum annual rate of 0.06% to a maximum annual rate of 0.70%.

<sup>(b)</sup> The Base Fee is an annual rate of 0.53%. The Index Hurdle is the FTSE 1-Month U.S. Treasury Bill Index plus 2.00%. The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0016% of the share class's average daily net assets for each 0.01% by which the performance of the share class exceeds or lags the performance of the Index Hurdle over the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annual rate of +/- 0.32% of the share class's average daily net assets during the Performance Period, which would occur when the performance of the share class exceeds, or is exceeded by, the performance of the Index Hurdle by 2.00% over the Performance Period. Accordingly, the management fee will range from a minimum annual rate of 0.21% to a maximum annual rate of 0.85%.

Under the terms of the ELA, investment management fee reductions and expense reimbursements by the Adviser are subject to repayment by the Funds for a period of three years after the date on which such fees and expenses were incurred or waived, provided that the repayments do not cause total annual fund operating expenses (exclusive of such reductions and reimbursements) to exceed (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. Fee waivers/expense reimbursements for the Predecessor Funds prior to the Reorganization on November 1, 2021 are not subject to recoupment by the Adviser. The prior 0.25% contractual management fee waiver for Real Estate Income Fund is not subject to recoupment. As of October 31, 2025, the Adviser may seek repayment of investment management fee reductions and expense reimbursements no later than the dates below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value<br> Fund** | **MidCap<br> Fund** | **SMidCap<br> Fund** | **SmallCap<br> Fund** |
| October 31, 2026 | $131653 | $50674 | $434607 | $1421371 |
| October 31, 2027 | 138668 | 49790 | 375911 | 1610873 |
| October 31, 2028 | 145495 | 55202 | 220977 | 1425758 |
|  | $415816 | $155666 | $1031495 | $4458002 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AllCap**<br> **Fund** | **Income<br> Opportunity<br> Fund** | **Multi-Asset<br> Income<br> Fund\*** | **Alternative<br> Income<br> Fund\*\*** |
| October 31, 2026 | $96664 | $— | $76545 | $344139 |
| October 31, 2027 | 98541 |  | 89835 | 263567 |
| October 31, 2028 | 104266 | 13000 | 96886 | 252630 |
|  | $299471 | $13000 | $263266 | $860336 |

---

**WESTWOOD FUNDS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MLP & Energy<br> Infrastructure<br> Fund\*\*\*** | **Real Estate**<br> **Income<br> Fund** | **Broadmark<br> Tactical<br> Growth Fund** | **Broadmark<br> Tactical<br> Plus Fund** |
| December 31, 2025 | $— | $— | $— | $85658 |
| October 31, 2026 |  |  |  | 349534 |
| October 31, 2027 |  |  |  | 412402 |
| October 31, 2028 |  |  |  | 370373 |
|  | $— | $— | $— | $1217967 |

---

\* For the year ended October 31, 2025, the Fund had $543 management fee waived related to investments in Underlying Funds that is not subject to recoupment.

\*\* For the year ended October 31, 2025, the Fund had $13,618 management fee waiver that is not subject to recoupment pursuant to the Management Fee Waiver Agreement.

\*\*\* For the year ended October 31, 2025, the Fund had $474,853 management fee waived related to investments in Underlying Funds that is not subject to recoupment.

**OTHER SERVICE PROVIDERS**

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting, and transfer agency services to the Funds. The Funds pay Ultimus fees in accordance with the agreements for such services. In addition, the Funds pay out-of-pocket expenses including, but not limited to, postage, supplies, and certain costs related to the pricing of the Funds' portfolio securities.

Under the terms of a Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC ("NLCS") provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the agreement, NLCS receives fees from the Funds. NLCS is a wholly-owned subsidiary of Ultimus.

Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the "Distributor") serves as the principal underwriter to the Funds. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser for acting as principal underwriter.

Certain officers of the Trust are also officers of Ultimus and are not paid by the Funds for servicing in such capacities.

**ADMINISTRATIVE SERVICES PLAN**

As of October 31, 2025, all Funds have adopted an administrative services plan (the "Plan") that provides that the applicable class of each Fund may pay financial intermediaries for shareholder services in an amount not to exceed

**WESTWOOD FUNDS**

the rate shown below based on the average daily net assets of each Fund's share class. During the year ended October 31, 2025 the Institutional Shares of the Funds incurred the following administrative services plan fees under the Plan:

---

| | | |
|:---|:---|:---|
| **Administrative service plan fees** | **Maximum<br> Rate** | **Expense<br> Incurred For<br> the year ended<br> October 31,<br> 2025** |
| Institutional Shares |  |  |
| Value Fund | 0.10% | $148438 |
| MidCap Fund | 0.20% | 1278 |
| SMidCap Fund | 0.20% | 120674 |
| SmallCap Fund | 0.20% | 521980 |
| AllCap Fund | 0.20% | 519 |
| Income Opportunity Fund | 0.10% | 306657 |
| Multi-Asset Income Fund | 0.19% | 25292 |
| Alternative Income Fund | 0.15% | 136553 |
| MLP & Energy Infrastructure Fund | 0.10% | 1000625 |
| Real Estate Income Fund | 0.05% | 86838 |
| Tactical Growth Fund | 0.05% | 79779 |
| Tactical Plus Fund | 0.10% | 33060 |
| A Class Shares |  |  |
| MLP & Energy Infrastructure Fund | 0.10% | 132978 |
| Real Estate Income Fund | 0.20% | 77687 |
| Tactical Growth Fund | 0.20% | 13511 |
| Tactical Plus Fund | 0.10% | 554 |
| C Class Shares |  |  |
| MLP & Energy Infrastructure Fund | 0.10% | 17234 |
| Real Estate Income Fund\* | 0.25% | 3124 |
| Tactical Growth Fund | 0.25% | 7237 |
| Tactical Plus Fund\* | 0.10% | 83 |
| F Class Shares |  |  |
| Tactical Plus Fund | 0.10% | 34265 |

---

\* C Class Shares converted to A Class Shares on February 7, 2025.

**DISTRIBUTION PLAN**

All Funds except for MidCap, SMidCap, and AllCap Funds have adopted a distribution plan under Rule 12b-1 of the 1940 Act (the "Plan") for A Class Shares and C Class Shares that allows the Funds to pay distribution and/or service fees for the sale and distribution of Fund shares, and for services provided to shareholders in an amount not to exceed

**WESTWOOD FUNDS**

0.25% based on average daily net assets of each Fund's A Class Shares, up to 0.75% of the average daily net assets of the Real Estate Income and Tactical Growth Funds' C Class Shares and 1.00% based on the average daily net assets of the Value, SmallCap, Income Opportunity, Multi-Asset Income, Alternative Income, MLP & Energy Infrastructure and Tactical Plus Funds' C Class Shares. During the year ended October 31, 2025, the A Class Shares and C Class Shares of the Funds incurred the following distribution fees under the Plan:

---

| | |
|:---|:---|
| **Distribution fee** | **Expense<br> Incurred For<br> the year ended<br> October 31,<br> 2025** |
| Value Fund |  |
| &nbsp;&nbsp;&nbsp;A Class Shares | $5292 |
| &nbsp;&nbsp;&nbsp;C Class Shares\* | 503 |
| SmallCap Fund |  |
| &nbsp;&nbsp;&nbsp;A Class Shares | 7249 |
| &nbsp;&nbsp;&nbsp;C Class Shares | 42019 |
| Income Opportunity Fund |  |
| &nbsp;&nbsp;&nbsp;A Class Shares | 108208 |
| &nbsp;&nbsp;&nbsp;C Class Shares | 128114 |
| Multi-Asset Income Fund |  |
| &nbsp;&nbsp;&nbsp;A Class Shares | 21345 |
| &nbsp;&nbsp;&nbsp;C Class Shares\* | 486 |
| Alternative Income Fund |  |
| &nbsp;&nbsp;&nbsp;A Class Shares | 1783 |
| &nbsp;&nbsp;&nbsp;C Class Shares\* | 1123 |
| MLP & Energy Infrastructure Fund |  |
| &nbsp;&nbsp;&nbsp;A Class Shares | 407448 |
| &nbsp;&nbsp;&nbsp;C Class Shares | 172337 |
| Real Estate Income Fund |  |
| &nbsp;&nbsp;&nbsp;A Class Shares | 214221 |
| &nbsp;&nbsp;&nbsp;C Class Shares\* | 9371 |
| Tactical Growth Fund |  |
| &nbsp;&nbsp;&nbsp;A Class Shares | 39190 |
| &nbsp;&nbsp;&nbsp;C Class Shares | 21710 |
| Tactical Plus Fund |  |
| &nbsp;&nbsp;&nbsp;A Class Shares | 1386 |
| &nbsp;&nbsp;&nbsp;C Class Shares\* | 826 |

---

\* C Class Shares converted to A Class Shares on February 7, 2025.

**WESTWOOD FUNDS**

**TRUSTEE COMPENSATION**

Each member of the Board (a "Trustee") who is not an "interested person" (as defined by the 1940 Act, as amended) of the Trust ("Independent Trustee") receives an annual retainer and meeting fees, plus reimbursement for travel and other meeting-related expenses.

**PRINCIPAL HOLDERS OF FUND SHARES**

As of October 31, 2025, the following shareholders owned of record 25% or more of the outstanding shares of the Funds:

---

| | |
|:---|:---|
| **NAME OF RECORD OWNER** | **% Ownership** |
| **Value Fund** |  |
| &nbsp;&nbsp;&nbsp;Band & Co. (for the benefit of its customers) | 49% |
| **MidCap Fund** |  |
| &nbsp;&nbsp;&nbsp;UBS Financial Services, Inc. (for the benefit of its customers) | 58% |
| &nbsp;&nbsp;&nbsp;Westwood Management Corp. (for the benefit of its customers) | 36% |
| **SMidCap Fund** |  |
| &nbsp;&nbsp;&nbsp;National Financial Services, LLC (for the benefit of its customers) | 50% |
| &nbsp;&nbsp;&nbsp;UBS Financial Services, Inc. (for the benefit of its customers) | 27% |
| **SmallCap Fund** |  |
| &nbsp;&nbsp;&nbsp;National Financial Services, LLC (for the benefit of its customers) | 53% |
| **AllCap Fund** |  |
| &nbsp;&nbsp;&nbsp;U.S. Bank CAPINCO | 98% |
| **Multi-Asset Income Fund** |  |
| &nbsp;&nbsp;&nbsp;National Financial Services, LLC (for the benefit of its customers) | 57% |
| **Alternative Income Fund** |  |
| &nbsp;&nbsp;&nbsp;National Financial Services, LLC (for the benefit of its customers) | 69% |
| **MLP & Energy Infrastructure Fund** |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Smith Barney, LLC (for the benefit of its customers) | 49% |
| **Real Estate Income Fund** |  |
| &nbsp;&nbsp;&nbsp;Charles Schwab & Co., Inc. (for the benefit of its customers) | 43% |
| **Broadmark Tactical Growth Fund** |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Smith Barney, LLC (for the benefit of its customers) | 35% |
| &nbsp;&nbsp;&nbsp;Wells Fargo Clearing Services, LLC (for the benefit of its customers) | 27% |
| **Broadmark Tactical Plus Fund** |  |
| &nbsp;&nbsp;&nbsp;National Financial Services, LLC (for the benefit of its customers) | 99% |

---

A beneficial owner of 25% or more of a Fund's outstanding shares may be considered a controlling person of the Fund. That shareholder's vote could have a more significant effect on matters presented at a shareholders' meeting.

**WESTWOOD FUNDS**

**5. Derivative Transactions**

The following is a summary of the fair value of derivative instruments held by the Funds listed below as of October 31, 2025 presented on the Statements of Assets and Liabilities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** |
| <br>**Type of Derivative** | **<br> Futures<br> Contracts\*** | **Unrealized<br> appreciation<br> for swap<br> agreements\*** | **Investments,<br> at value for<br> written options** | **Futures<br> Contracts\*** | **Unrealized<br> depreciation<br> for swap<br> agreements\*** |
| **Income Opportunity Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Risk Exposure | $— | $— | $(972400) | $— | $— |
| &nbsp;&nbsp;&nbsp;Currency Risk Exposure |  |  |  | (67790) |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Risk Exposure | 126889 |  |  |  |  |
| **Multi-Asset Income Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Risk Exposure | $— | $— | $(120350) | $— | $— |
| &nbsp;&nbsp;&nbsp;Currency Risk Exposure |  |  |  | (13558) |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Risk Exposure | 225519 |  |  |  |  |
| **Alternative Income Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Risk Exposure | $— | $2486350 | $(39200) | $— | $(3215002) |
| &nbsp;&nbsp;&nbsp;Interest Rate Risk Exposure |  |  |  | (165) |  |
| **MLP & Energy Infrastructure Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Risk Exposure | $— | $— | $(460040) | $— | $— |
| **Tactical Plus Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Risk Exposure | $1619134 | $— | $— | $— | $— |

---

Amounts designated as "—" are $0 or have been rounded to $0.

\* Total fair value is presented by Primary Risk Exposure. For future contracts, if any, the amounts represents their cumulative appreciation/depreciation, which includes movements of variation margin.

**WESTWOOD FUNDS**

The following summary of the effect of derivatives instruments for the Funds on the Statements of Operations for the year ended October 31, 2025:

**Income Opportunity Fund - for the year ended October 31, 2025**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Derivative** | **Risk** | **Location** | **Realized<br> Gains** | **Location** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Index call options written | Equity | Net realized losses from written option contracts | $(7066918) | Net change in unrealized appreciation (depreciation) on written option contracts | $112337 |
| Futures contracts purchased | Equity | Net realized gains (losses) from long futures contracts | $393949 | Net change in unrealized appreciation (depreciation) on long futures contracts | $59099 |

---

**Multi-Asset Income Fund - for the year ended October 31, 2025**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Derivative** | **Risk** | **Location** | **Realized<br> Gains** | **Location** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Index call options written | Equity | Net realized losses from written option contracts | $(434409) | Net change in unrealized appreciation (depreciation) on written option contracts | $(34224) |
| Futures contracts purchased | Equity | Net realized gains (losses) from long futures contracts | $(52322) | Net change in unrealized appreciation (depreciation) on long futures contracts | $211960 |

---

**WESTWOOD FUNDS**

**Alternative Income Fund - for the year ended October 31, 2025**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Derivative** | **Risk** | **Location** | **Realized<br> Gains (Losses)** | **Location** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Index put options purchased | Equity | Net realized gains from purchased option contracts | $— | Net change in unrealized appreciation (depreciation) on purchased option contracts | $(141886) |
| Index call options written | Equity | Net realized gains (losses) from written option contracts | $(362230) | Net change in unrealized appreciation (depreciation) on written option contracts | $31404 |
| Futures contracts purchased | Equity | Net realized losses from long futures contracts | $(81924) | Net change in unrealized appreciation (depreciation) on long futures contracts | $(165) |
| Swap transactions | Equity | Net realized losses from swap transactions | $(12610702) | Net change in unrealized appreciation (depreciation) on swap transactions | $(1523781) |

---

**MLP & Energy Infrastructure Fund - for the year ended October 31, 2025**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Derivative** | **Risk** | **Location** | **Realized<br> Gains** | **Location** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Index call options written | Equity | Net realized gains (losses) from written option contracts | $2592474 | Net change in unrealized appreciation (depreciation) on written option contracts | $200429 |

---

**Tactical Plus Fund - for the year ended October 31, 2025**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Derivative** | **Risk** | **Location** | **Realized<br> Gains (Losses)** | **Location** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Index put options purchased | Equity | Net realized losses from purchased option contracts | $(1135004) | Net change in unrealized appreciation (depreciation) on purchased option contracts | $(197825) |

---

**WESTWOOD FUNDS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Derivative** | **Risk** | **Location** | **Realized<br> Gains (Losses)** | **Location** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Index call options purchased | Equity | Net realized losses from purchased option contracts | $(22596) | Net change in unrealized appreciation (depreciation) on purchased option contracts | $— |
| Futures contracts purchased | Equity | Net realized gains from long futures contracts | $561152 | Net change in unrealized appreciation (depreciation) on long futures contracts | $— |
| Futures contracts sold short | Equity | Net realized losses from short futures contracts | $(2498288) | Net change in unrealized appreciation (depreciation) on short futures contracts | $2407279 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

**Offsetting Assets and Liabilities:**

Alternative Income, MLP & Energy Infrastructure, Real Estate Income, Tactical Growth, and Tactical Plus Funds are required to disclose the impact of offsetting assets and liabilities represented in the Statements of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of setoff criteria: the amounts owed by these Funds to another party are determinable, the Funds have the right to set off the amounts owed with the amounts owed by the other party, the Funds intend to set off, and the Funds' right of setoff is enforceable at law.

A fund is subject to various netting arrangements with select counterparties ("Master Agreements" or "MNAs"). Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets in the Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability in the Statements of Assets and Liabilities as deposits due to counterparties. The market value

**WESTWOOD FUNDS**

of any securities received as collateral is not reflected as a component of net asset value. A fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Customer account agreements and related addendums govern cleared derivatives transactions such as futures, options on futures, and cleared Over The Counter ("OTC") derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency which is segregated at a broker account registered with the Commodities Futures Trading Commission ("CFTC"), or the applicable regulator. In the U.S., counterparty risk is believed to be reduced as creditors of the futures broker do not have claim to fund assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the funds. Variation margin, or changes in market value, are exchanged daily, but generally may not be netted between futures and cleared OTC derivatives.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern OTC financial derivative transactions entered into by a fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian.

As of October 31, 2025, derivative assets and liabilities by type by Fund are as follows:

---

| | | |
|:---|:---|:---|
| **Descriptions** | **Assets** | **Liabilities** |
| **Income Opportunity Fund** |  |  |
| Derivatives Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;Options contracts\* | $— | $(972400) |
| &nbsp;&nbsp;&nbsp;Futures contracts^ | 126889 | (67790) |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | 126889 | (1040190) |
| Derivative not subject to a MNA or similar agreement | (126889) | 1040190 |
| Total assets and liabilities subject to a MNA | $— | $— |
| **Multi-Asset Income Fund** |  |  |
| Derivatives Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;Options contracts\* | $— | $(120350) |
| &nbsp;&nbsp;&nbsp;Futures contracts^ | 225519 | (13558) |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | 225519 | (133908) |
| Derivative not subject to a MNA or similar agreement | (225519) | 133908 |
| Total assets and liabilities subject to a MNA | $— | $— |

---

**WESTWOOD FUNDS**

---

| | | |
|:---|:---|:---|
| **Descriptions** | **Assets** | **Liabilities** |
| **Alternative Income Fund** |  |  |
| Derivatives Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;Options contracts\* | $— | $(39200) |
| &nbsp;&nbsp;&nbsp;Futures contracts^ |  | (165) |
| &nbsp;&nbsp;&nbsp;Swap agreements | 2486350 | (3215002) |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | 2486350 | (3254367) |
| Derivative not subject to a MNA or similar agreement |  | 39365 |
| Total assets and liabilities subject to a MNA | $2486350 | $(3215002) |
| **MLP & Energy Infrastructure Fund** |  |  |
| Derivatives Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;Options contracts\* | $— | $(460040) |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities |  | (460040) |
| Derivative not subject to a MNA or similar agreement |  | 460040 |
| Total assets and liabilities subject to a MNA | $— | $— |
| **Tactical Plus Fund** |  |  |
| Derivatives Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts^ | $1619134 | $— |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | 1619134 |  |
| Derivative not subject to a MNA or similar agreement | (1619134) |  |
| Total assets and liabilities subject to a MNA | $— | $— |

---

Amounts designated as "—" are $0 or have been rounded to $0.

---

| | |
|:---|:---|
| \* | Includes options contracts purchased at value as reported on the Statements of Assets and Liabilities. |
| ^ | The amount represents their cumulative appreciation/depreciation which includes movements of variation margin. |

---

The following table represents derivative assets by counterparty, net of amounts available for offset under an MNA and net of the related collateral received by the Fund as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alternative Income Fund** | **Derivative Assets<br> Subject to a<br> MNA by Counterparty** | **Derivative Liabilities<br> Subject to a<br> MNA by Counterparty** | **Net Amount of<br> Derivative Assets** | **Non-cash**<br> **Collateral<br> Received<sup>(a)</sup>** | **Net<br> Exposure** |
| BNP Paribas | $2486350 | $(3215002) | $(728652) | $728652 | $— |

---

<sup>(a)</sup> The actual collateral received or pledged may be in excess of the amounts shown in the tables. The tables only reflect collateral amounts up to the amount of the financial instruments disclosed on the Statements of Assets and Liabilities.

Certain derivative contracts are executed under either standardized netting agreements or, for exchange-traded derivatives, the relevant contracts for a particular exchange that contain enforceable netting provisions. A derivative netting arrangement creates an enforceable right of set-off that becomes effective and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early

**WESTWOOD FUNDS**

termination. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract.

**6. Investments in Money Market Funds**

In order to maintain sufficient liquidity to implement investment strategies, or for temporary defensive purposes, the Funds may at times invest a significant portion of their assets in shares of money market funds. As of October 31, 2025, Tactical Growth Fund and Tactical Plus Fund had 32.9% and 83.6%, respectively, of the value of its net assets invested in shares of a money market fund registered under the 1940 Act. The annual report, along with the report of the independent registered public accounting firm is included in the money market fund's N-CSR available at www.sec.gov. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. While investor losses in money market funds have been rare, they are possible. The Funds, as investors in money market funds, indirectly bear the fees and expenses of those funds, which are in addition to the fees and expenses of the respective Fund.

**7. Certain Investments and Risks**

Below are summaries of some, but not all, of the principal risks of investing in one or more of the Funds, each of which could adversely affect a Fund's NAV, yield and total return. Each risk listed below does not necessarily apply to each Fund, and you should read each Fund's prospectus carefully for a description of the principal risks associated with investing in a particular Fund.

**RISKS ASSOCIATED WITH LOWER RATE DEBT SECURITIES**

Multi-Asset Income Fund invests substantially all of its assets in high yield, or "junk," bonds, and such investments represent highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the corporation issuing these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities. In addition, insufficient liquidity in the non-investment grade bond market may make it more difficult to dispose of non-investment grade bonds and may cause the Fund to experience sudden and substantial price declines.

**SECTOR RISK**

If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio would be adversely affected. As of October 31, 2025, Alternative Income Fund had 34.8% of the value of its net assets invested in securities in the Technology sector, and Real Estate Income Fund had 82.3% of the value of its net assets invested in securities in the Real Estate sector.

**WESTWOOD FUNDS**

**8. Contingencies and Commitments**

The Funds indemnify the Trust's officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts that contain a variety of representations and warranties and 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, based on experience, the Funds expect the risk of loss to be remote.

**9. In-Kind Transactions**

During the year ended October 31, 2025, there were no redeemed shares of beneficial interest in exchange for securities.

**10. Subsequent Events**

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted the following:

Subsequent to October 31, 2025, the Westwood Quality AllCap Fund had net capital redemptions in the amount of $21,444,113, which represented 97.5% of the net assets of the Fund.

The following Fund paid distributions to shareholders subsequent to October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Per Share** | **Per Share** | **Per Share** |
| | <br>**Record Date** | <br>**Ex-Date** | **Income** | **Short-Term<br> Capital Gain** | **Long-Term<br> Capital Gain** |
| Value Fund - Institutional Shares | 12/11/2025 | 12/12/2025 | $— | $— | $2.4094 |
| Value Fund - A Class Shares | 12/11/2025 | 12/12/2025 |  |  | 2.4094 |
| Value Fund - Ultra Shares | 12/11/2025 | 12/12/2025 |  |  | 2.4094 |
| MidCap Fund - Institutional Shares | 12/11/2025 | 12/12/2025 |  | 0.3212 | 0.5293 |
| SMidCap Fund - Institutional Shares | 12/11/2025 | 12/12/2025 |  | 0.3965 | 0.3801 |
| SMidCap Fund - Ultra Shares | 12/11/2025 | 12/12/2025 |  | 0.3965 | 0.3801 |
| SmallCap Fund - Institutional Shares | 12/11/2025 | 12/12/2025 |  | 0.3551 | 0.6615 |
| SmallCap Fund - A Class Shares | 12/11/2025 | 12/12/2025 |  | 0.3551 | 0.6615 |
| SmallCap Fund - C Class Shares | 12/11/2025 | 12/12/2025 |  | 0.3551 | 0.6615 |
| SmallCap Fund - Ultra Shares | 12/11/2025 | 12/12/2025 |  | 0.3551 | 0.6615 |

---

**WESTWOOD FUNDS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Per Share** | **Per Share** | **Per Share** |
| | <br>**Record Date** | <br>**Ex-Date** | **Income** | **Short-Term<br> Capital Gain** | **Long-Term<br> Capital Gain** |
| Income Opportunity Fund - Institutional Shares | 11/25/2025 | 11/26/2025 | $0.0296 | $— | $— |
| Income Opportunity Fund - A Class Shares | 11/25/2025 | 11/26/2025 | 0.0285 |  |  |
| Income Opportunity Fund - C Class Shares | 11/25/2025 | 11/26/2025 | 0.0215 |  |  |
| Income Opportunity Fund - Ultra Shares | 11/25/2025 | 11/26/2025 | 0.0309 |  |  |
| Multi-Asset Income Fund - Institutional Shares | 11/25/2025 | 11/26/2025 | 0.0464 |  |  |
| Multi-Asset Income Fund - A Class Shares | 11/25/2025 | 11/26/2025 | 0.0448 |  |  |
| Alternative Income Fund - Institutional Shares | 11/25/2025 | 11/26/2025 | 0.0157 |  |  |
| Alternative Income Fund - A Class Shares | 11/25/2025 | 11/26/2025 | 0.0145 |  |  |
| Alternative Income Fund - Ultra Shares | 11/25/2025 | 11/26/2025 | 0.0164 |  |  |
| MLP & Energy Infrastructure Fund - Institutional Shares | 11/14/2025 | 11/17/2025 | 0.1150 |  |  |
| MLP & Energy Infrastructure Fund - A Class Shares | 11/14/2025 | 11/17/2025 | 0.1100 |  |  |
| MLP & Energy Infrastructure Fund - C Class Shares | 11/14/2025 | 11/17/2025 | 0.0878 |  |  |
| MLP & Energy Infrastructure Fund - Ultra Shares | 11/14/2025 | 11/17/2025 | 0.1173 |  |  |

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**WESTWOOD FUNDS**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders of Westwood Funds and

Board of Trustees of Ultimus Managers Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, open written option contracts, futures contracts, and total return swap agreements, of Westwood Quality Value Fund, Westwood Quality MidCap Fund, Westwood Quality SMidCap Fund, Westwood Quality SmallCap Fund, Westwood Quality AllCap Fund, Westwood Income Opportunity Fund, Westwood Multi-Asset Income Fund, Westwood Alternative Income Fund, Westwood Salient MLP & Energy Infrastructure Fund, Westwood Real Estate Income Fund, Westwood Broadmark Tactical Growth Fund, and Westwood Broadmark Tactical Plus Fund ("Westwood Funds" or the "Funds"), each a series of Ultimus Managers Trust, as of October 31, 2025, the related statements of operations and changes in net assets, and the financial highlights as noted 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 each of the Funds as of October 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods noted in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Names** | **Statements of Operations** | **Statements of Changes in Net Assets** | **Financial Highlights** |
| Westwood Quality Value Fund,<br> Westwood Quality MidCap Fund,<br> Westwood Quality SMidCap Fund,<br> Westwood Quality SmallCap Fund,<br> Westwood Quality AllCap Fund,<br> Westwood Income Opportunity Fund,<br> Westwood Multi-Asset Income Fund,<br> Westwood Alternative Income Fund | For the year ended October 31, 2025. | For the years ended October 31, 2025, and 2024. | For the years ended October 31, 2025, 2024, and 2023. |
| Westwood Salient MLP & Energy Infrastructure Fund | For the year ended October 31, 2025. | For the year ended October 31, 2025, the ten-month period ended October 31, 2024, and the year ended December 31, 2023. | For the year ended October 31, 2025, the ten-month period ended October 31, 2024, and the year ended December 31, 2023. |
| Westwood Real Estate Income Fund,<br> Westwood Broadmark Tactical Growth Fund,<br> Westwood Broadmark Tactical Plus Fund | For the year ended October 31, 2025. | For the years ended October 31, 2025, and 2024. | For the years ended October 31, 2025, and 2024, and the ten-month period ended October 31, 2023. |

---

The financial highlights of the Westwood Quality Value Fund, Westwood Quality MidCap Fund, Westwood Quality SMidCap Fund, Westwood Quality SmallCap Fund, Westwood Quality AllCap Fund, Westwood Income Opportunity Fund, Westwood Multi-Asset Income Fund, and Westwood Alternative Income Fund, for the year ended October 31, 2022, and Westwood Quality AllCap Fund's financial highlights for the period ended October 31, 2021, were audited by other auditors whose report dated December 30, 2022, expressed an unqualified opinion on those financial highlights. The financial highlights for the Westwood Quality Value Fund, Westwood Quality MidCap Fund, Westwood Quality SMidCap Fund, Westwood Quality SmallCap Fund, Westwood Income Opportunity Fund, Westwood Multi-Asset Income Fund, and Westwood Alternative Income Fund for the year ended October 31, 2021, were audited by other auditors, whose report dated December 29, 2021, expressed an unqualified opinion on those financial highlights.

**WESTWOOD FUNDS**

The financial highlights for the Westwood Salient MLP & Energy Infrastructure Fund, Westwood Real Estate Income Fund, Westwood Broadmark Tactical Growth Fund, and Westwood Broadmark Tactical Plus Fund for the year ended December 31, 2022, were audited by another auditor, whose report dated March 1, 2023, expressed an unqualified opinion on those financial highlights. The financial highlights for the Westwood Salient MLP & Energy Infrastructure Fund, Westwood Real Estate Income Fund, Westwood Broadmark Tactical Growth Fund, and Westwood Broadmark Tactical Plus Fund for the year ended December 31, 2021, and prior, were audited by other auditors, whose report, dated February 24, 2022, expressed an unqualified opinion on those financial highlights.

**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 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.

Our audits include 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 include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and underlying issuers; when replies were not received from brokers, we performed other auditing procedures. 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. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies within the Westwood Family of Funds since 2023.

![](img_002.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

December 30, 2025

**WESTWOOD FUNDS**

**ADDITIONAL INFORMATION** *(Unaudited)*

**Changes in and/or Disagreements with Accountants**

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

The Board of Trustees (the "Board"), including the Independent Trustees voting separately, has reviewed and approved the continuance of the: (i) Investment Advisory Agreement with Westwood Management Corp. ("Westwood") with respect to the Westwood Alternative Income Fund, Westwood Income Opportunity Fund, Westwood Multi-Asset Income Fund, Westwood Quality AllCap Fund, Westwood Quality MidCap Fund, Westwood Quality SmallCap Fund, Westwood Quality SMid Cap Fund, and Westwood Quality Value Fund, (ii) Investment Advisory Agreement with Westwood with respect to the Westwood Real Estate Income Fund, Westwood Broadmark Tactical Growth Fund, and Westwood Salient MLP & Energy Infrastructure Fund; (iii) Investment Advisory Agreement with Salient Advisors, L.P. ("Salient") with respect to the Westwood Broadmark Tactical Plus Fund; (iv) Sub-Advisory Agreement between Salient and Broadmark Asset Management LLC ("Broadmark") with respect to the Westwood Broadmark Tactical Plus Fund; and (v) Sub-Advisory Agreement between Westwood and Broadmark with respect to the Westwood Broadmark Tactical Growth Fund (individually, a "Westwood Fund" and collectively, the "Westwood Funds") for an additional one year term.

The Board approved the Investment Advisory Agreements and Sub-Advisory Agreements at a meeting held on July 21-22, 2025, at which all of the Trustees were present (the "Meeting").

Prior to the Meeting, each of Westwood and Salient (each a "Westwood Adviser" and together, the "Westwood Advisers") and Broadmark (the "Sub-Adviser") provided a response to a letter sent by the counsel to the Independent Trustees, on their behalf, requesting various information relevant to the Independent Trustees' consideration of the renewal of the Investment Advisory Agreements and Sub-Advisory Agreements with respect to the Funds. In approving the continuance of the Investment Advisory Agreements and Sub-Advisory Agreements, the Independent Trustees considered all information they deemed reasonably necessary to evaluate the terms of the Agreements. The principal areas of review by the Independent Trustees were: (1) the nature, extent and quality of the services provided by the Westwood Advisers and the Sub-Adviser; (2) the investment performance of the Funds; (3) the costs of the services provided and profits realized by the Westwood Advisers and the Sub-Adviser from their relationships with the Funds; (4) the financial condition of the Westwood Advisers and the Sub-Adviser; (5) the fall out benefits derived by the Westwood Advisers and their affiliates (including the Sub-Adviser) from their relationships with the Funds and (6) the extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the Funds' shareholders. The Independent Trustees' evaluation of the quality of the Westwood Advisers' services and the Sub-Adviser's services also took into consideration their knowledge gained through presentations and reports from the Westwood Advisers and the Sub-Adviser over the course of the preceding year. The Independent Trustees' analysis of these factors is set forth below.

**WESTWOOD FUNDS**

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

The Board evaluated the level and depth of knowledge of the Westwood Advisers as well as the Sub-Adviser, including the professional experience and qualifications of senior personnel. The Board noted the affiliation of the Westwood Advisers and the Sub-Adviser and the fact that they shared many of the same personnel and resources. In evaluating the quality of services provided by the Westwood Advisers and the Sub-Adviser, the Board took into account its familiarity with the Westwood Advisers and Sub-Adviser's senior management through Board meetings, discussions and reports during the preceding year. The Board also took into account the Westwood Advisers and the Sub-Adviser's compliance policies and procedures based on discussion with the Westwood Advisers, the Sub-Adviser and the CCO. The quality of administrative and other services, including each Westwood Adviser's role in coordinating the activities of each Westwood Fund's other service providers, was also considered. The Board also considered the Westwood Advisers' relationship with their affiliates (including the Sub-Adviser) and the resources available to them, as well as any potential conflicts of interest. The Board discussed the nature and extent of the services provided by the Westwood Advisers and the Sub-Adviser including, without limitation, each Westwood Adviser's continuous review, supervision and administration of the investment program of the Westwood Funds and the Sub-Adviser's provision of the continuous investment program of the Westwood Funds. The Board also considered the Westwood Advisers and the Sub-Adviser's succession planning for senior personnel. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Westwood Funds by each Westwood Adviser under its respective Advisory Agreement and the Sub-Adviser under the Sub-Advisory Agreements.

***Fees and Expenses and Comparative Accounts***

The Board compared each of the advisory and sub-advisory fees, as applicable, and the total expense ratio for each Westwood Fund with various comparative data. In particular, the Board compared each Westwood Fund's advisory fee and overall expense ratio to the median advisory fees and expense ratios for its custom peer group provided by Broadridge Financial Solutions, Inc. ("Broadridge") and fees charged to the Westwood Advisers and the Sub-Adviser's other client accounts. In reviewing the comparison in fees and expense ratios between each Westwood Fund and comparable funds, the Board also considered the differences in types of funds being compared, the styles of investment management, the size of each Westwood Fund relative to the comparable funds, and the nature of the investment strategies. The Board also considered each Westwood Adviser's commitment to limit each Westwood Fund's expenses under the Westwood expense limitation agreement until at least March 1, 2026. The Board noted that the net expense ratio for each of the Alternative Income Fund, the Tactical Growth Fund, the AllCap Fund, the MidCap Fund, the Small Cap Fund, the SMidCap Fund, the Value Fund and the MLP and Energy Infrastructure Fund were all in the first or second quartile for expenses relative to their respective custom peer groups provided by Broadridge, while the net expense ratio for each of the Income Opportunity Fund, Multi-Asset Income Fund, Real Estate Income Fund and Tactical Plus Fund were all in the third or fourth quartile for expenses relative to their respective custom peer groups provided by Broadridge. The Board also noted that the contractual advisory fee for each of the Alternative Income Fund, the AllCap Fund, the MidCap Fund, the SMidCap Fund, the Value Fund and the MLP and Energy Infrastructure Fund were all in the first or second quartile for advisory fees relative to their respective custom peer groups provided by Broadridge, while the contractual advisory fee for each of the Income Opportunity Fund, Multi-Asset Income Fund, Real Estate Income Fund, the Small Cap Fund, the Tactical Growth Fund, and Tactical Plus Fund were all in the third or fourth quartile for advisory fees relative to their respective custom peer groups provided by Broadridge. The Board further noted Westwood's response in the Board Materials that it seeks for each Fund to be within the top two quartiles of comparable expenses to its peers, and that if fees and expenses fell out of the top two quartiles, Westwood would consider a reduction in advisory fee or further limiting the Funds' expenses, as appropriate. The Board also noted that the Alternative Income Fund and the Multi-Asset Income Fund each had a base fee coupled with a positive or negative performance adjustment.

The Board also compared the sub-advisory fee paid to the Sub-Adviser and the fees charged to the Sub-Adviser's other client accounts. The Board noted that the sub-advisory fee under the Sub-Advisory Agreements was paid by each Westwood Adviser out of its respective advisory fees it receives from the Tactical Funds. The Board considered the

**WESTWOOD FUNDS**

amount to be retained by each Westwood Adviser and the sub-advisory fee to be paid to the Sub-Adviser with respect to various services that they each provided to the Westwood Funds. The Board discussed each Westwood Adviser's process for monitoring the performance of the Sub-Adviser, which included an examination of both qualitative and quantitative elements of the Sub-Adviser's organization, personnel, procedures, investment discipline, infrastructure and performance. The Board considered that the Westwood Advisers conduct periodic compliance due diligence of the Sub-Adviser, during which each Westwood Adviser examines a wide variety of factors, such as the financial condition of the Sub-Adviser, the quality of the Sub-Adviser's systems, the effectiveness of the Sub-Adviser's disaster recovery programs, trade allocation and execution procedures, compliance with the Sub-Adviser's policies and procedures, results of regulatory examinations and any other factors that might affect the quality of services to be provided by the Sub-Adviser to the Fund. The Board noted that the Westwood Advisers' compliance monitoring processes also would include quarterly reviews of compliance certifications, and that any issues arising from such certifications and the Advisor's compliance reviews of the Sub-Adviser would be reported to the Board.

***Fund Performance***

The Board also considered, among other data, each Westwood Fund's performance results during certain periods ended April 30, 2025 and noted that the Board reviews on a quarterly basis detailed information about each Westwood Fund's performance results, portfolio composition and investment strategies. The Board noted Westwood's efforts to address underperforming Funds. The Board also took into account current market conditions and their effect on each Fund's performance.

***Economies of Scale***

The Board also considered the effect of each Westwood Fund's growth and size on its performance and expenses. The Board noted that the Westwood Advisers limited fees and/or reimbursed expenses for the Westwood Funds in order to reduce each Fund's operating expenses to targeted levels. The Board considered the effective advisory fee under the Advisory Agreement as a percentage of assets at different asset levels and possible economies of scale that might be realized if the assets of the Westwood Funds increased. The Board noted that the sub-advisory fee under the Sub-Advisory Agreement is paid by each Westwood Adviser out of the advisory fee that it receives from a Westwood Fund. The Board also noted that the advisory fee schedule for the Westwood Funds currently did not have breakpoints, and considered Westwood's assertion that adding breakpoints was not necessary at this time. The Board noted that if a Westwood Fund's assets increase over time, the Fund might realize other economies of scale if assets increase proportionally more than certain other expenses. The Board further noted that the advisory fee payable to each Westwood Adviser from the Westwood Funds was reduced by the sub-advisory fee paid by the Adviser to the Sub-Adviser, as applicable.

***Financial Condition and Profitability***

Additionally, the Board took into consideration the financial condition and profitability of each Westwood Adviser and its affiliates (including the Sub-Adviser) and the direct and indirect benefits derived by each Westwood Adviser and its affiliates from their relationship with the Funds. The information considered by the Board included operating profit margin information for each Fund, each Westwood Adviser's business as a whole, as well as the Sub-Adviser's business. The Board considered each Westwood Adviser's commitment to contractually limit each Westwood Fund's net operating expenses and its payment of the sub-advisory fee out of the advisory fee it received from each Westwood Fund. The Board reviewed the profitability of each Westwood Adviser's relationship with the Westwood Funds both before and after tax expenses. The Board recognized that each of the Adviser and the Sub-Adviser should be entitled to earn a reasonable level of profits in exchange for the level of services each provides to the Fund and the entrepreneurial risk that each Westwood Adviser assumes as investment adviser. Based upon its review, the Board concluded that each Westwood Adviser and Sub-Adviser's level of profitability, if any, from their relationship with the Funds was reasonable and not excessive. The Board also considered whether each Westwood Adviser and Sub-Adviser has the financial wherewithal to continue to provide services to each Fund, noting its ongoing commitment to provide support and resources to the Fund as needed.

**WESTWOOD FUNDS**

***Fall-Out Benefits***

The Board also noted that each Westwood Adviser and the Sub-Adviser derive benefits to their reputations and other benefits from their association with the Funds. The Board recognized that each Westwood Adviser and the Sub-Adviser should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the Westwood Funds and the entrepreneurial risk that it assumes as an investment adviser or sub-adviser, as applicable. Based upon its review the Board concluded that each Westwood Adviser's and Sub-Adviser's level of profitability from its relationship with the Westwood Funds was reasonable and not excessive.

In considering the renewal of each of the Advisory and Sub-Advisory Agreements, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the various factors. The Trustees evaluated all information available to them. The Board concluded the following: (a) each of the Westwood Advisers and Sub-Adviser demonstrated that it possesses the capability and resources to perform the duties required of it under the Advisory and Sub-Advisory Agreement, respectively; (b) each of the Westwood Advisers and Sub-Adviser maintains an appropriate compliance program; (c) the overall performance of each Westwood Fund is satisfactory relative to the performance of funds with similar investment objectives and relevant indices; and (d) each Westwood Fund's advisory and sub-advisory fees are reasonable in light of the services received by each Westwood Fund from a Westwood Adviser and the Sub-Adviser and the other factors considered. Based on their conclusions, the Trustees determined with respect to each Westwood Fund that continuation of the Advisory and Sub-Advisory Agreements was in the best interests of the Fund and its shareholders.

**WESTWOOD FUNDS**

**OTHER FEDERAL TAX INFORMATION** *(Unaudited)*

For the fiscal year ended October 31, 2025, The Funds designated the following as long-term capital gain distributions:

---

| | |
|:---|:---|
|  | **Long term<br> capital gain** |
| Value Fund | $15082944 |
| MidCap Fund | 36496 |
| SMidCap Fund | 489504 |
| Small Cap Fund | 43055034 |
| AllCap Fund | 825552 |
| Alternative Income Fund | 3065706 |

---

**Qualified Dividend Income** – The following Funds designate the following of its ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%:

---

| | |
|:---|:---|
|  | **Qualified<br> Dividend<br> Income** |
| Value Fund | 100.00% |
| MidCap Fund | 36.60% |
| SMidCap Fund | 31.23% |
| Small Cap Fund | 48.86% |
| AllCap Fund | 89.92% |
| Income Opportunity Fund | 23.08% |
| Multi-Asset Income Fund | 8.01% |
| Real Estate Income Fund | 91.10% |
| Tactical Growth Fund | 30.27% |
| Tactical Plus Fund | 1.98% |

---

**Dividends Received Deduction** – Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distributions that qualifies under tax law. For the fiscal year ended October 31, 2025, the following Funds had the following ordinary income dividends qualified for the corporate dividends received deduction:

---

| | |
|:---|:---|
|  | **Dividend<br> Received<br> Deduction** |
| Value Fund | 100.00% |
| MidCap Fund | 38.55% |
| SMidCap Fund | 33.23% |
| Small Cap Fund | 50.96% |

---

**WESTWOOD FUNDS**

---

| | |
|:---|:---|
|  | **Dividend<br> Received<br> Deduction** |
| AllCap Fund | 89.87% |
| Income Opportunity Fund | 22.30% |
| Multi-Asset Income Fund | 7.51% |
| Real Estate Income Fund | 100.00% |
| Tactical Growth Fund | 31.13% |
| Tactical Plus Fund | 3.00% |

---

**The Westwood Funds**

P.O. Box 541150

Omaha, NE 68154

1-877-FUND-WHG

www.westwoodfunds.com

**Adviser:**

Westwood Management Corp.

200 Crescent Court, Suite 1200

Dallas, TX 75201

**Distributor:**

Ultimus Fund Distributors, LLC

225 Pictoria Drive

Suite 450

Cincinnati, OH 45246

**Administrator:**

Ultimus Fund Solutions, LLC

225 Pictoria Drive

Suite 450

Cincinnati, OH 45246

**Legal Counsel:**

Sullivan & Worcester LLP

1666 K Street, NW

Suite 700

Washington, D.C. 20006

**Independent Registered Public Accounting Firm:**

Cohen & Company, Ltd.

1835 Market Street, Suite 310

Philadelphia, PA 19103

This information must be preceded or accompanied by a current

prospectus for the Funds.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](img_001.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Salient Enhanced Midstream Income ETF** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Salient Enhanced Energy Income ETF** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood LBRTY Global Equity ETF** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annual Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**and Additional Information** | **October 31, 2025** |

---

---

| |
|:---|
| **Investment Adviser:** |
| **Westwood Management Corp.** |

---

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **TABLE OF CONTENTS** |

---

---

| | |
|:---|:---|
| Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;Westwood Salient Enhanced Midstream Income ETF | 1 |
| &nbsp;&nbsp;&nbsp;Westwood Salient Enhanced Energy Income ETF | 4 |
| &nbsp;&nbsp;&nbsp;Westwood LBRTY Global Equity ETF | 7 |
| Statements of Assets and Liabilities | 10 |
| Statements of Operations | 11 |
| Statements of Changes in Net Assets | 12 |
| Financial Highlights | 13 |
| Notes to Financial Statements | 16 |
| Report of Independent Registered Public Accounting Firm | 28 |
| Additional Information | 30 |
| Other Federal Tax Information | 31 |

---

**WESTWOOD SALIENT ENHANCED MIDSTREAM INCOME ETF**

**OCTOBER 31, 2025**

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **MASTER LIMITED PARTNERSHIPS — 24.7%<sup>(a)</sup>** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Crude & Refined Products — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners, L.P. <sup>(b)</sup> | 19599 | $873135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy, L.P. <sup>(b)</sup> | 57513 | 940913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX, L.P. <sup>(b)</sup> | 148525 | 7539129 |
|  |  | 9353177 |
| **Gathering & Processing — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Partners, L.P. <sup>(b)</sup> | 128009 | 4796497 |
| **Natural Gas Liquids Infrastructure — 15.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. <sup>(b)</sup> | 792034 | 13329933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. <sup>(b)</sup> | 326637 | 10057153 |
|  |  | 23387086 |
| **Total Master Limited Partnerships** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $34,947,163) |  | $37536760 |
| **MLP RELATED COMPANIES — 75.7%** |  |  |
| **Crude & Refined Products — 17.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. <sup>(b)</sup> | 286363 | 13350243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains GP Holdings, L.P. - Class A <sup>(b)</sup> | 375073 | 6477511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Corporation <sup>(b)</sup> | 279685 | 7252232 |
|  |  | 27079986 |
| **Gathering & Processing — 22.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corporation <sup>(b)</sup> | 409864 | 7070154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. <sup>(b)</sup> | 72779 | 7968574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream, L.P. - Class A <sup>(b)</sup> | 202717 | 6882242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. <sup>(b)</sup> | 113736 | 4379973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation <sup>(b)</sup> | 45879 | 7067201 |
|  |  | 33368144 |
| **Liquefied Natural Gas — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. <sup>(b)</sup> | 32501 | 6890212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextDecade Corporation <sup>(b)(c)</sup> | 118108 | 700380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global, Inc. - Class A <sup>(b)</sup> | 116612 | 999365 |
|  |  | 8589957 |
| **Natural Gas Liquids Infrastructure — 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. <sup>(b)</sup> | 109844 | 7359548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corporation <sup>(b)</sup> | 199200 | 7535736 |
|  |  | 14895284 |

---

**MLP RELATED COMPANIES — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Natural Gas Pipelines — 20.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. <sup>(b)</sup> | 426540 | $11171083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corporation <sup>(b)</sup> | 150951 | 7571702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The) <sup>(b)</sup> | 208495 | 12065605 |
|  |  | 30808390 |
| **Total MLP Related Companies** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $111,164,883) |  | $114741761 |
| **Investments at Value — 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $146,112,046) |  | $152278521 |
| **Liabilities in Excess of Other Assets — (0.4%)** |  | (661898) |
| **Net Assets — 100.0%** |  | $151616623 |

---

MLP - Master Limited Partnership

<sup>(a)</sup> The security is considered a non-income producing security as any distributions received during the last 12 months (if applicable) are treated as return of capital per Generally Accepted Accounting Principles.

<sup>(b)</sup> All or a portion of the security covers a written call option. The total value of these securities as of October 31, 2025 was $144,023,055.

<sup>(c)</sup> Non-income producing security.

*The accompanying notes are an integral part of the financial statements.*

 

**WESTWOOD SALIENT ENHANCED MIDSTREAM INCOME ETF**

**OCTOBER 31, 2025**

**SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strike<br> Price** | **Contracts** | **Notional<br> Value** | **Value of<br> Options** |
| **Call Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corporation, 11/21/25 | $20.00 | 928 | $1600800 | $4640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corporation, 11/21/25 | 21.00 | 33 | 56925 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corporation, 12/19/25 | 19.00 | 16 | 27600 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corporation, 12/19/25 | 20.00 | 2916 | 5030100 | 14580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc., 11/21/25 | 250.00 | 303 | 6423600 | 12120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc., 11/21/25 | 260.00 | 3 | 63600 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc., 12/19/25 | 230.00 | 1 | 21200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc., 12/19/25 | 240.00 | 1 | 21200 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners, L.P., 11/21/25 | 50.00 | 176 | 784080 | 3520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners, L.P., 12/19/25 | 45.00 | 8 | 35640 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners, L.P., 12/19/25 | 50.00 | 2 | 8910 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc., 11/21/25 | 115.00 | 602 | 6591298 | 85785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc., 11/21/25 | 120.00 | 33 | 361317 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc., 11/21/25 | 125.00 | 5 | 54745 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc., 12/19/25 | 115.00 | 3 | 32847 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc., 12/19/25 | 120.00 | 48 | 525552 | 9360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc., 11/21/25 | 50.00 | 182 | 848484 | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc., 11/21/25 | 52.50 | 498 | 2321676 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc., 12/19/25 | 50.00 | 2040 | 9510481 | 32640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P., 11/21/25 | 17.00 | 290 | 488070 | 6960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P., 11/21/25 | 18.00 | 5368 | 9034344 | 21472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P., 12/19/25 | 18.00 | 1866 | 3140478 | 20526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P., 11/21/25 | 32.00 | 51 | 157029 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P., 11/21/25 | 33.00 | 2948 | 9076891 | 8844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P., 12/19/25 | 33.00 | 104 | 320216 | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy, L.P., 11/21/25 | 17.50 | 498 | 814728 | 4980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy, L.P., 12/19/25 | 17.50 | 48 | 78528 | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream, L.P. - Class A, 11/21/25 | 35.00 | 56 | 190120 | 2800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream, L.P. - Class A, 11/21/25 | 38.00 | 1628 | 5527060 | 16280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream, L.P. - Class A, 11/21/25 | 42.00 | 153 | 519435 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream, L.P. - Class A, 12/19/25 | 35.00 | 72 | 244440 | 4680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream, L.P. - Class A, 12/19/25 | 36.00 | 16 | 54320 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 11/21/25 | 29.00 | 927 | 2427813 | 3708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 11/21/25 | 30.00 | 103 | 269757 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 12/19/25 | 28.00 | 17 | 44523 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 12/19/25 | 29.00 | 17 | 44523 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 12/19/25 | 30.00 | 2988 | 7825572 | 20916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc., 11/21/25 | 40.00 | 14 | 53914 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc., 11/21/25 | 45.00 | 484 | 1863884 | 9680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc., 11/21/25 | 50.00 | 27 | 103977 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc., 12/19/25 | 40.00 | 551 | 2121901 | 86506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc., 12/19/25 | 45.00 | 4 | 15404 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX, L.P., 11/21/25 | 50.00 | 36 | 182736 | 3780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX, L.P., 11/21/25 | 55.00 | 430 | 2182680 | 2150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX, L.P., 12/19/25 | 55.00 | 939 | 4766364 | 9390 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD SALIENT ENHANCED MIDSTREAM INCOME ETF**

**OCTOBER 31, 2025**

**SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Strike<br> Price | Contracts | Notional<br> Value | Value of<br> Options |
| **Call Option Contracts — continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextDecade Corporation, 11/21/25 | $7.00 | 89 | $52777 | $890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextDecade Corporation, 11/21/25 | 8.00 | 946 | 560978 | 3784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextDecade Corporation, 11/21/25 | 9.00 | 3 | 1779 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextDecade Corporation, 12/19/25 | 7.00 | 84 | 49812 | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 11/21/25 | 75.00 | 937 | 6277900 | 11244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 11/21/25 | 80.00 | 27 | 180900 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 12/19/25 | 70.00 | 4 | 26800 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 12/19/25 | 75.00 | 75 | 502500 | 3750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corporation, 11/21/25 | 40.00 | 1353 | 5118399 | 37884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corporation, 11/21/25 | 45.00 | 523 | 1978509 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corporation, 12/19/25 | 40.00 | 16 | 60528 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains GP Holdings, L.P. - Class A, 11/21/25 | 19.00 | 2809 | 4851143 | 11236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains GP Holdings, L.P. - Class A, 11/21/25 | 20.00 | 29 | 50083 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains GP Holdings, L.P. - Class A, 12/19/25 | 18.00 | 710 | 1226170 | 16330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Corporation, 11/21/25 | 30.00 | 2534 | 6570662 | 19005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Corporation, 12/19/25 | 30.00 | 111 | 287823 | 5550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation, 11/21/25 | 165.00 | 26 | 400504 | 5590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation, 11/21/25 | 170.00 | 4 | 61616 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation, 11/21/25 | 175.00 | 4 | 61616 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation, 11/21/25 | 180.00 | 395 | 6084580 | 11455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation, 11/21/25 | 190.00 | 3 | 46212 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation, 12/19/25 | 165.00 | 3 | 46212 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corporation, 11/21/25 | 55.00 | 1362 | 6831792 | 13620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corporation, 11/21/25 | 57.50 | 60 | 300960 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corporation, 12/19/25 | 55.00 | 12 | 60192 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global, Inc. - Class A, 11/21/25 | 12.50 | 5 | 4285 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global, Inc. - Class A, 11/21/25 | 17.50 | 105 | 89985 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global, Inc. - Class A, 12/19/25 | 10.00 | 4 | 3428 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global, Inc. - Class A, 12/19/25 | 12.50 | 993 | 851001 | 17874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Partners, L.P., 11/21/25 | 40.00 | 911 | 3413517 | 11843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Partners, L.P., 11/21/25 | 41.00 | 26 | 97423 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Partners, L.P., 12/19/25 | 40.00 | 279 | 1045413 | 6975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The), 11/21/25 | 65.00 | 530 | 3067110 | 7950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The), 11/21/25 | 70.00 | 1434 | 8298558 | 57360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The), 12/19/25 | 65.00 | 8 | 46296 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The), 12/19/25 | 70.00 | 8 | 46296 | 140 |
| **Total Written Option Contracts**<br> (Premiums $1,461,930) |  |  | $144522521 | $651123 |

---

The average monthly notional value of written option contracts during the year ended October 31, 2025 was $94,823,125.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD SALIENT ENHANCED ENERGY INCOME ETF**

**OCTOBER 31, 2025**

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **MLP RELATED COMPANIES — 100.9%** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Exploration & Production — 64.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corporation <sup>(a)</sup> | 11345 | $256964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation <sup>(a)</sup> | 32200 | 5078584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips <sup>(a)</sup> | 20289 | 1802881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. <sup>(a)</sup> | 17732 | 419539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation <sup>(a)</sup> | 13988 | 454470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. <sup>(a)</sup> | 6452 | 923862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. <sup>(a)</sup> | 11226 | 1188160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corporation <sup>(a)</sup> | 14308 | 766623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corporation <sup>(a)</sup> | 4950 | 511384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation <sup>(a)</sup> | 57122 | 6532472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation <sup>(a)</sup> | 18227 | 750952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corporation <sup>(a)</sup> | 354 | 333957 |
|  |  | 19019848 |
| **Gathering & Processing — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation <sup>(a)</sup> | 5003 | 770662 |
| **Natural Gas Liquids Infrastructure — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. <sup>(a)</sup> | 13852 | 928084 |
| **Natural Gas Pipelines — 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. <sup>(a)</sup> | 45437 | 1189995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The) <sup>(a)</sup> | 25580 | 1480315 |
|  |  | 2670310 |
| **Oilfield Services & Equipment — 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company <sup>(a)</sup> | 22082 | 1068990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Company <sup>(a)</sup> | 20910 | 561224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. <sup>(a)</sup> | 31866 | 1149088 |
|  |  | 2779302 |

---

**MLP RELATED COMPANIES — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Refining — 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corporation <sup>(a)</sup> | 6800 | $1325388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 <sup>(a)</sup> | 9060 | 1233428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation <sup>(a)</sup> | 7420 | 1258135 |
|  |  | 3816951 |
| **Investments at Value — 100.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $29,874,754) |  | $29985157 |
| **Liabilities in Excess of Other Assets — (0.9%)** |  | (265031) |
| **Net Assets — 100.0%** |  | $29720126 |

---

MLP - Master Limited Partnership

<sup>(a)</sup> All or a portion of the security covers a written call option. The total value of securities as of October 31, 2025 was $28,625,822.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD SALIENT ENHANCED ENERGY INCOME ETF**

**OCTOBER 31, 2025**

**SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strike<br> Price** | **Contracts** | **Notional<br> Value** | **Value of<br> Options** |
| **Call Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corporation, 11/21/25 | $25.00 | 100 | $226500 | $3700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corporation, 11/21/25 | 27.50 | 4 | 9060 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corporation, 12/19/25 | 25.00 | 3 | 6795 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company, 11/21/25 | 48.00 | 164 | 793924 | 25092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company, 11/21/25 | 50.00 | 31 | 150071 | 2635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company, 11/21/25 | 55.00 | 7 | 33887 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company, 12/19/25 | 55.00 | 7 | 33887 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation, 11/21/25 | 165.00 | 267 | 4211124 | 21093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation, 11/21/25 | 170.00 | 44 | 693968 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation, 12/19/25 | 165.00 | 11 | 173492 | 2178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips, 11/21/25 | 95.00 | 27 | 239922 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips, 11/21/25 | 100.00 | 145 | 1288470 | 3770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips, 11/21/25 | 105.00 | 14 | 124404 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips, 12/19/25 | 95.00 | 6 | 53316 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc., 11/21/25 | 25.00 | 156 | 369096 | 5460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc., 11/21/25 | 26.00 | 6 | 14196 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc., 12/19/25 | 25.00 | 6 | 14196 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation, 11/21/25 | 37.50 | 123 | 399627 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation, 11/21/25 | 40.00 | 5 | 16245 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation, 12/19/25 | 35.00 | 4 | 12996 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., 11/21/25 | 150.00 | 49 | 701631 | 12005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., 11/21/25 | 155.00 | 10 | 143190 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., 12/19/25 | 155.00 | 2 | 28638 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc., 11/21/25 | 115.00 | 15 | 158760 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc., 11/21/25 | 125.00 | 87 | 920808 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc., 12/19/25 | 115.00 | 4 | 42336 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corporation, 11/21/25 | 55.00 | 107 | 573306 | 16050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corporation, 11/21/25 | 60.00 | 24 | 128592 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corporation, 12/19/25 | 55.00 | 4 | 21432 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corporation, 11/21/25 | 105.00 | 36 | 371916 | 8496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corporation, 11/21/25 | 110.00 | 7 | 72317 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corporation, 11/21/25 | 115.00 | 2 | 20662 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corporation, 12/19/25 | 110.00 | 2 | 20662 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation, 11/21/25 | 115.00 | 33 | 377388 | 6732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation, 11/21/25 | 120.00 | 480 | 5489280 | 25920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation, 12/19/25 | 120.00 | 29 | 331644 | 4495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Company, 11/21/25 | 24.00 | 156 | 418704 | 45084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Company, 11/21/25 | 25.00 | 28 | 75152 | 6216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Company, 11/21/25 | 27.00 | 7 | 18788 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Company, 12/19/25 | 29.00 | 7 | 18788 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 11/21/25 | 29.00 | 341 | 893079 | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 11/21/25 | 30.00 | 15 | 39285 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 12/19/25 | 28.00 | 15 | 39285 | 330 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD SALIENT ENHANCED ENERGY INCOME ETF**

**OCTOBER 31, 2025**

**SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strike<br> Price** | **Contracts** | **Notional<br> Value** | **Value of<br> Options** |
| **Call Option Contracts — continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 12/19/25 | $30.00 | 60 | $157140 | $420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corporation, 11/21/25 | 190.00 | 41 | 799131 | 40795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corporation, 11/21/25 | 195.00 | 10 | 194910 | 6900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corporation, 11/21/25 | 200.00 | 9 | 175419 | 4005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corporation, 11/21/25 | 210.00 | 2 | 38982 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corporation, 12/19/25 | 210.00 | 2 | 38982 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation, 11/21/25 | 45.00 | 24 | 98880 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation, 11/21/25 | 50.00 | 137 | 564440 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation, 11/21/25 | 52.50 | 6 | 24720 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation, 12/19/25 | 45.00 | 6 | 24720 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 11/21/25 | 75.00 | 19 | 127300 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 11/21/25 | 80.00 | 108 | 723600 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 12/19/25 | 75.00 | 4 | 26800 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66, 11/21/25 | 140.00 | 66 | 898524 | 14190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66, 11/21/25 | 145.00 | 14 | 190596 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66, 11/21/25 | 155.00 | 3 | 40842 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66, 12/19/25 | 145.00 | 3 | 40842 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd., 11/21/25 | 35.00 | 42 | 151452 | 8232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd., 11/21/25 | 37.50 | 239 | 861834 | 17208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd., 11/21/25 | 40.00 | 11 | 39666 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd., 12/19/25 | 40.00 | 10 | 36060 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation, 11/21/25 | 165.00 | 7 | 107828 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation, 11/21/25 | 175.00 | 37 | 569948 | 1757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation, 11/21/25 | 185.00 | 1 | 15404 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation, 12/19/25 | 165.00 | 2 | 30808 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corporation, 11/21/25 | 1000.00 | 3 | 283014 | 6390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation, 11/21/25 | 170.00 | 45 | 763020 | 21825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation, 11/21/25 | 175.00 | 20 | 339120 | 5040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation, 11/21/25 | 190.00 | 3 | 50868 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation, 12/19/25 | 185.00 | 2 | 33912 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The), 11/21/25 | 65.00 | 199 | 1151613 | 2985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The), 11/21/25 | 70.00 | 35 | 202545 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The), 12/19/25 | 65.00 | 9 | 52083 | 360 |
| **Total Written Option Contracts**<br> (Premiums $503,975) |  |  | $28625822 | $347802 |

---

The average monthly notional value of written option contracts during the year ended October 31, 2025 was $17,804,830.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD LBRTY GLOBAL EQUITY ETF**

**OCTOBER 31, 2025**

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCKS — 100.1%** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Australia — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | 251 | $4042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woolworths Group Ltd. | 62 | 1153 |
|  |  | 5195 |
| **Austria — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verbund AG | 20 | 1544 |
| **Bermuda — 0.0% <sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | 1 | 315 |
| **Canada — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corporation | 33 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco Corporation | 43 | 4395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian National Railway Company | 193 | 18506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc. | 1 | 2632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 2 | 3247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortis, Inc. | 272 | 13673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydro One Ltd. | 124 | 4573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metro, Inc. | 73 | 4866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien Ltd. | 116 | 6318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power Corporation of Canada | 65 | 3045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | 46 | 4564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Life Financial, Inc. | 101 | 6143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teck Resources Ltd. - Class B | 252 | 10810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Connections, Inc. | 12 | 2013 |
|  |  | 86305 |
| **Cayman Islands — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. <sup>(b)</sup> | 34 | 6379 |
| **Denmark — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S - Class B | 310 | 15116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orsted A/S <sup>(b)</sup> | 276 | 4933 |
|  |  | 20049 |
| **France — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Liquide S.A. | 129 | 24970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danone S.A. | 209 | 18474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric SE | 10 | 2837 |
|  |  | 46281 |
| **Germany — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASF SE | 50 | 2466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.ON SE | 282 | 5246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTU Aero Engines AG | 30 | 13076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RWE AG | 61 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symrise AG | 79 | 6537 |
|  |  | 30325 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **India — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Ltd. - ADR | 142 | $2353 |
| **Ireland — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH plc | 109 | 12982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kerry Group plc - Class A | 41 | 3738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde plc | 3 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity plc | 11 | 2717 |
|  |  | 20692 |
| **Japan — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aeon Company Ltd. | 600 | 9498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. | 100 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daiichi Sankyo Company Ltd. | 500 | 11904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corporation | 400 | 9292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kao Corporation | 100 | 4231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirin Holdings Company Ltd. | 300 | 4214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 1800 | 27214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | 200 | 4135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resona Holdings, Inc. | 900 | 8722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Company Ltd. | 100 | 3021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. | 300 | 9165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Company Ltd. | 200 | 5390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unicharm Corporation | 600 | 3712 |
|  |  | 101545 |
| **Netherlands — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adyen N.V. <sup>(b)</sup> | 10 | 17160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | 6 | 6350 |
|  |  | 23510 |
| **Norway — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinor ASA | 428 | 10225 |
| **Portugal — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDP S.A. | 630 | 3130 |
| **Spain — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iberdrola S.A. | 716 | 14497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naturgy Energy Group S.A. | 68 | 2060 |
|  |  | 16557 |
| **Switzerland — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nestle S.A. | 116 | 11083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 212 | 26155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sika AG | 8 | 1563 |
|  |  | 38801 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD LBRTY GLOBAL EQUITY ETF**

**OCTOBER 31, 2025**

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Taiwan Province of China — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 26 | $7811 |
| **United Kingdom — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashtead Group plc | 66 | 4399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP plc | 1514 | 8797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | 82 | 7284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSK plc | 192 | 4491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haleon plc | 872 | 4056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Group plc | 748 | 5739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings plc | 130 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Group plc (The) | 310 | 4681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unilever plc | 176 | 10610 |
|  |  | 52050 |
| **United States — 78.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 98 | 21368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(b)</sup> | 153 | 39186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AECOM | 79 | 10614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Inc. - Class A <sup>(b)</sup> | 98 | 12401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 221 | 62143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 187 | 52700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(b)</sup> | 369 | 90117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Company | 45 | 16232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | 240 | 18950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 15 | 6792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | 30 | 6063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corporation - Class A | 224 | 31212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 316 | 85438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 84 | 19580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. <sup>(b)</sup> | 36 | 10848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 39 | 6783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. <sup>(b)</sup> | 5 | 3661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | 970 | 51846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corporation (The) | 136 | 14678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems, Inc. - Class B | 88 | 4473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corporation <sup>(b)</sup> | 84 | 8461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 157 | 58032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. <sup>(b)</sup> | 39 | 13209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust | 11 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | 2 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. <sup>(b)</sup> | 167 | 5292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | 24 | 2105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group (The) | 8 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati Financial Corporation | 14 | 2164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corporation | 4 | 733 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 303 | $22152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corporation | 121 | 8899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Company (The) | 38 | 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Company | 276 | 21266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 60 | 5845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corporation | 8 | 3016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc. <sup>(b)</sup> | 160 | 6882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay, Inc. <sup>(b)</sup> | 12 | 3124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | 100 | 6144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | 18 | 16406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. - Class A <sup>(b)</sup> | 18 | 9774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 103 | 9293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Company | 41 | 18927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation | 173 | 5621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 20 | 2864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 21 | 3579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc. <sup>(b)</sup> | 72 | 7137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 6 | 2391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dover Corporation | 82 | 14880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc. <sup>(b)</sup> | 180 | 9103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 9 | 2855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company | 39 | 33651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 10 | 6758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | 12 | 10152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 182 | 8991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 38 | 9567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corporation | 155 | 7149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 39 | 5208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corporation <sup>(b)</sup> | 6 | 9957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Company | 27 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 125 | 5203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Company | 38 | 11740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Mills, Inc. | 98 | 4568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 58 | 45784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 17 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | 42 | 5216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 36 | 13664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 66 | 9655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | 28 | 8607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(b)</sup> | 6 | 3206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 49 | 9255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 74 | 23023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. <sup>(b)</sup> | 2 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation | 62 | 7422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty Corporation | 105 | 2169 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD LBRTY GLOBAL EQUITY ETF**

**OCTOBER 31, 2025**

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corporation | 9 | $10879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennox International, Inc. | 18 | 9090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loews Corporation | 21 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 10 | 3773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 10 | 6131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 25 | 2344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 71 | 46033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 191 | 98901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 22 | 2821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | 138 | 7929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 60 | 9840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morningstar, Inc. | 9 | 1911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp, Inc. | 113 | 13309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(b)</sup> | 8 | 8951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | 570 | 115419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation | 45 | 1854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | 37 | 9717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. <sup>(b)</sup> | 6 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 246 | 35938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 71 | 6940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Company (The) | 196 | 29472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation (The) | 7 | 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 3 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC, Inc. <sup>(b)</sup> | 66 | 13104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | 19 | 5293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc. - Class A <sup>(b)</sup> | 12 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 19 | 8533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corporation | 106 | 6146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reddit, Inc. - Class A <sup>(b)</sup> | 1 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regency Centers Corporation | 27 | 1862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Class A <sup>(b)</sup> | 61 | 8953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins, Inc. | 36 | 2074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 18 | 2861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corporation - Class A | 54 | 10339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap-on, Inc. | 12 | 4027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoFi Technologies, Inc. <sup>(b)</sup> | 214 | 6352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation | 158 | 12777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 56 | 8781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corporation | 6 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>(b)</sup> | 32 | 8204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. <sup>(b)</sup> | 81 | 36981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 83 | 11632 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **United States — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc. | 59 | $1988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. <sup>(b)</sup> | 9 | 4679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 54 | 18444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 64 | 21808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.R. Berkley Corporation | 29 | 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.W. Grainger, Inc. | 5 | 4895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | 105 | 9132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corporation | 76 | 11416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The) | 138 | 7986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zillow Group, Inc. - Class C <sup>(b)</sup> | 46 | 3449 |
|  |  | 1749101 |
| **Investments at Value — 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,853,323) |  | $2222168 |
| **Liabilities in Excess of Other Assets — (0.1%)** |  | (1376) |
| **Net Assets — 100.0%** |  | $2220792 |

---

A/S - Aktieselskab

ADR - American Depositary Receipt

AG - Aktiengesellschaft

ASA - Allmennaksjeselskap

N.V. - Naamloze Vennootschap

plc - Public Limited Company

S.A. - Societe Anonyme

SE - Societe Europaea

<sup>(a)</sup> Percentage rounds to less than 0.1%.

<sup>(b)</sup> Non-income producing security.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**OCTOBER 31, 2025**

 **STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Westwood<br> Salient<br> Enhanced<br> Midstream<br> Income ETF** | **Westwood<br> Salient<br> Enhanced<br> Energy<br> Income ETF** | **Westwood**<br> **LBRTY**<br> **Global**<br> **Equity ETF** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $146112046 | $29874754 | $1853323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $152278521 | $29985157 | $2222168 |
| &nbsp;&nbsp;&nbsp;Cash | 728958 | 139328 |  |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 632236 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold | 5095 | 277572 |  |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 581809 | 7740 | 1906 |
| &nbsp;&nbsp;&nbsp;Reclaims receivable | 126572 |  | 368 |
| Total assets | 154353191 | 30409797 | 2224442 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased | 634403 |  |  |
| &nbsp;&nbsp;&nbsp;Written call options, at value (Notes 2 & 5) (premiums received $1,461,930, $503,975, $—) | 651123 | 347802 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency due to custodian (Cost $—, $—, $2,698) |  |  | 2723 |
| &nbsp;&nbsp;&nbsp;Distributions payable | 1344375 | 320625 |  |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 4) | 106667 | 21244 | 927 |
| Total liabilities | 2736568 | 689671 | 3650 |
| **CONTINGENCIES AND COMMITMENTS (NOTE 9)** |  |  |  |
| **NET ASSETS** | 151616623 | 29720126 | 2220792 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in capital | $154685820 | $31185791 | $1866780 |
| Distributable earnings (accumulated deficit) | (3069197) | (1465665) | 354012 |
| **NET ASSETS** | $151616623 | $29720126 | $2220792 |
| **Shares of beneficial interest outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;(unlimited number of shares authorized, no par value) | $6000000 | $1425000 | $75000 |
| **Net asset value, offering price and redemption price per share (Note 1)** | $25.27 | $20.86 | $29.61 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FOR THE YEAR ENDED OCTOBER 31, 2025<sup>(a)</sup>**

**STATEMENTS OF OPERATIONS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Westwood<br> Salient<br> Enhanced<br> Midstream<br> Income ETF** | **Westwood<br> Salient<br> Enhanced<br> Energy<br> Income ETF** | **Westwood<br> LBRTY<br> Global<br> Equity ETF** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from master limited partnerships | $1777849 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less return of capital distributions | (1777849) |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from master limited partnership related companies | 3477435 | 545198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less return of capital on dividends from master limited partnership related companies | (989075) | (527) |  |
| &nbsp;&nbsp;&nbsp;Dividend income |  |  | 28085 |
| &nbsp;&nbsp;&nbsp;Tax reclaims received | 107971 |  | 364 |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes on dividends | (299582) | (972) | (2169) |
| Total investment income | 2296749 | 543699 | 26280 |
| **EXPENSES** |  |  |  |
| Investment management fees (Note 4) | 779068 | 150328 | 7935 |
| **NET INVESTMENT INCOME** | 1517681 | 393371 | 18345 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, IN-KIND TRANSACTIONS, FOREIGN CURRENCIES, AND WRITTEN OPTIONS** |  |  |  |
| Net realized gains (losses) from investment transactions | 930617 | (204869) | (16447) |
| Net realized gains from in-kind transactions (Note 3) | 140318 |  | 286592 |
| Net realized losses from foreign currency transactions | (2055) | (12) | (32) |
| Net realized gains from written option contracts (Note 5) | 182247 | 399905 |  |
| Net change in unrealized appreciation (depreciation) on investment transactions | (384450) | 271394 | 368845 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | (538) | 20 | (56) |
| Net change in unrealized appreciation (depreciation) on written option contracts (Note 5) | 1094089 | 111493 |  |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS, IN-KIND TRANSACTIONS, FOREIGN CURRENCIES, AND WRITTEN OPTIONS** | 1960228 | 577931 | 638902 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $3477909 | $971302 | $657247 |

---

<sup>(a)</sup> Except for Westwood LBRTY Global Equity ETF, which represents the period from the commencement of operations (March 26, 2025) through October 31, 2025.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Westwood Salient<br> Enhanced Midstream<br> Income ETF** | **Westwood Salient<br> Enhanced Midstream<br> Income ETF** | **Westwood Salient<br> Enhanced Energy<br> Income ETF** | **Westwood Salient<br> Enhanced Energy<br> Income ETF** | **Westwood<br> LBRTY Global<br> Equity ETF** |
|  | **Year<br> Ended<br> October 31,<br> 2025** | **Period<br> Ended<br> October 31,<br> 2024 <sup>(a)</sup>** | **Year<br> Ended<br> October 31,<br> 2025** | **Period<br> Ended<br> October 31,<br> 2024 <sup>(b)</sup>** | **Period<br> Ended<br> October 31,<br> 2025 <sup>(c)</sup>** |
| **FROM OPERATIONS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1517681 | $256462 | $393371 | $91565 | $18345 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments, in-kind transactions, written options, and foreign currency transactions | 1251127 | (1787319) | 195024 | 98533 | 270113 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, written options, and foreign currency translations | 709101 | 6267334 | 382907 | (116331) | 368789 |
| Net increase in net assets resulting from operations | 3477909 | 4736477 | 971302 | 73767 | 657247 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (8250388) | (2733750) | (1818859) | (691875) | (16623) |
| &nbsp;&nbsp;&nbsp;From return of capital | (2003987) |  | (504266) |  |  |
| Total distributions | (10254375) | (2733750) | (2323125) | (691875) | (16623) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | 102120936 | 61133515 | 16941118 | 14748939 | 2959144 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (662992) | (6201097) |  |  | (1378976) |
| Net increase in net assets from capital share transactions | 101457944 | 54932418 | 16941118 | 14748939 | 1580168 |
| **TOTAL INCREASE IN NET ASSETS** | 94681478 | 56935145 | 15589295 | 14130831 | 2220792 |
| **NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 56935145 |  | 14130831 |  |  |
| &nbsp;&nbsp;&nbsp;End of period | $151616623 | $56935145 | $29720126 | $14130831 | $2220792 |
| **CAPITAL SHARES ACTIVITY** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3825000 | 2450000 | 800000 | 625000 | 125000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (25000) | (250000) |  |  | (50000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 3800000 | 2200000 | 800000 | 625000 | 75000 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | 2200000 |  | 625000 |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 6000000 | 2200000 | 1425000 | 625000 | 75000 |

---

<sup>(a)</sup> Represents the period from the commencement of operations (April 8, 2024) through October 31, 2024.

<sup>(b)</sup> Represents the period from the commencement of operations (April 30, 2024) through October 31, 2024.

<sup>(c)</sup> Represents the period from the commencement of operations (March 26, 2025) through October 31, 2025.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD SALIENT ENHANCED MIDSTREAM INCOME ETF** |
| **FINANCIAL HIGHLIGHTS** |

---

**SELECTED PER SHARE DATA & RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD**

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> October 31,<br> 2025** | **Period Ended** **<br> October 31,<br> 2024<sup>(a)</sup>** |
| Net asset value at beginning of period | $25.88 | $25.02 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.42 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains on investments | 1.66 <sup>(c)</sup> | 2.27 |
| Total from investment operations | 2.08 | 2.43 |
| Variable transaction fees (Note 6) <sup>(b)</sup> | 0.01 | 0.01 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.17) | (1.58) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.53) |  |
| Total distributions | (2.70) | (1.58) |
| Net asset value at end of period | $25.27 | $25.88 |
| Market price at end of period | $25.37 | $25.97 |
| Total return <sup>(d)</sup> | 7.93% | 10.05 %<sup>(e)</sup> |
| Total return at market <sup>(f)</sup> | 7.95% | 10.42 %<sup>(e)</sup> |
| Net assets at end of period (000's) | $151617 | $56935 |
| Ratio of total expenses to average net assets | 0.80% | 0.80 %<sup>(g)</sup> |
| Ratio of net investment income to average net assets | 1.55% | 1.08 %<sup>(g)</sup> |
| Portfolio turnover rate <sup>(h)</sup> | 12% | 47 %<sup>(e)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Represents the period from the commencement of operations (April 8, 2024) through October 31, 2024.*

*<sup>(b)</sup>* *Per share net investment income and variable transaction fees have been determined on the basis of average number of shares outstanding during the period.*

*<sup>(c)</sup>* *Represents a balancing figure derived from other amounts in the financial highlights table that captures all other changes affecting net asset value per share. This per share amount does not correlate to the aggregate of the net realized and unrealized losses on the Statement of Operations for the same period.*

*<sup>(d)</sup>* *Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.*

*<sup>(e)</sup>* *Not annualized.*

*<sup>(f)</sup>* *Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., NYSE) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund's closing price on the listing market.*

*<sup>(g)</sup>* *Annualized.*

*<sup>(h)</sup>* *Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions, if any (Note 3).*

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD SALIENT ENHANCED ENERGY INCOME ETF** |
| **FINANCIAL HIGHLIGHTS** |

---

**SELECTED PER SHARE DATA & RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD**

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> October 31,<br> 2025** | **Period Ended<br> October 31,<br> 2024<sup>(a)</sup>** |
| Net asset value at beginning of period | $22.61 | $24.41 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.47 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.47 | (0.65) |
| Total from investment operations | 0.94 | (0.46) |
| Variable transaction fees (Note 6) <sup>(b)</sup> | 0.01 | 0.01 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.11) | (1.35) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.59) |  |
| Total distributions | (2.70) | (1.35) |
| Net asset value at end of period | $20.86 | $22.61 |
| Market price at end of period | $20.88 | $22.65 |
| Total return <sup>(c)</sup> | 4.57% | (1.87 %)<sup>(d)</sup> |
| Total return at market <sup>(e)</sup> | 4.47% | (1.70 %)<sup>(d)</sup> |
| Net assets at end of period (000's) | $29720 | $14131 |
| Ratio of total expenses to average net assets | 0.85% | 0.85 %<sup>(f)</sup> |
| Ratio of net investment income to average net assets | 2.22% | 1.61 %<sup>(f)</sup> |
| Portfolio turnover rate <sup>(g)</sup> | 11% | 14 %<sup>(d)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Represents the period from the commencement of operations (April 30, 2024) through October 31, 2024.*

*<sup>(b)</sup>* *Per share net investment income and variable transaction fees have been determined on the basis of average number of shares outstanding during the period.*

*<sup>(c)</sup>* *Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.*

*<sup>(d)</sup>* *Not annualized.*

*<sup>(e)</sup>* *Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., Nasdaq) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund's closing price on the listing market.*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions, if any (Note 3).*

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD LBRTY GLOBAL EQUITY ETF** |
| **FINANCIAL HIGHLIGHTS** |

---

**SELECTED PER SHARE DATA & RATIOS FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD**

---

| | |
|:---|:---|
| | **Period Ended<br> October 31,<br> 2025<sup>(a)</sup>** |
| Net asset value at beginning of period | $24.74 |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains on investments | 4.84 |
| Total from investment operations | 5.03 |
| Variable transaction fees (Note 6) <sup>(b)</sup> | 0.02 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) |
| Net asset value at end of period | $29.61 |
| Market price at end of period | $29.67 |
| Total return <sup>(c)</sup> | 20.48 %<sup>(d)</sup> |
| Total return at market <sup>(e)</sup> | 20.72 %<sup>(d)</sup> |
| Net assets at end of period (000's) | $2221 |
| Ratio of total expenses to average net assets | 0.50 %<sup>(f)</sup> |
| Ratio of net investment income to average net assets | 1.15 %<sup>(f)</sup> |
| Portfolio turnover rate <sup>(g)</sup> | 23 %<sup>(d)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.*

*<sup>(a)</sup>* *Represents the period from the commencement of operations (March 26, 2025) through October 31, 2025.*

*<sup>(b)</sup>* *Per share net investment income and variable transaction fees have been determined on the basis of average number of shares outstanding during the period.*

*<sup>(c)</sup>* *Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.*

*<sup>(d)</sup>* *Not annualized.*

*<sup>(e)</sup>* *Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., NYSE Arca) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund's closing price on the listing market.*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions, if any (Note 3).*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**1. Organization**

Westwood Salient Enhanced Midstream Income ETF ("Midstream Income ETF"), Westwood Salient Enhanced Energy Income ETF ("Energy Income ETF") and Westwood LBRTY Global Equity ETF ("Global Equity ETF") (individually, a "Fund" and collectively, the "Funds") are each a series of Ultimus Managers Trust (the "Trust"), an open-end investment company established as an Ohio business trust under a Declaration of Trust dated February 28, 2012. The Trust is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"). Other series of the Trust are not included in this report. The Midstream Income ETF commenced operations on April 8, 2024, the Energy Income ETF commenced operations on April 30, 2024 and the Global Equity ETF commenced operations on March 26, 2025.

The Midstream Income ETF and Energy Income ETF are non-diversified, exchange-traded funds ("ETF") that seek to provide current income and capital appreciation. The Global Equity ETF seeks to track the performance, before fees and expenses, of the TOBAM LBRTY<sup>®</sup> All World Equity Index. The Fund is classified as diversified, however, the Fund may operate as a non-diversified fund to the approximate extent the TOBAM LBRTY<sup>®</sup> All World Equity Index is non-diversified.

Shares of the Midstream Income ETF are listed and traded on the New York Stock Exchange ("NYSE"). Shares of the Energy Income ETF are listed and traded on the Nasdaq Stock Market ("Nasdaq"). Shares of the Global Equity ETF are listed and traded on the New York Stock Exchange Arca ("NYSE Arca"). Market prices for the Shares may be different from their net asset value ("NAV".) The Funds issue and redeem shares solely to certain financial institutions such as registered broker-dealers and banks ("Authorized Participants" or "APs") that have entered into agreements with the Funds' distributor on a continuous basis at the NAV per share in aggregations of a specified number of shares called "Creation Units." Creation Units generally are issued in exchange for a basket of securities ("Deposit Securities"), together with the deposit of a specified cash payment ("Balancing Amount"). Shares are not individually redeemable, but are redeemable only in Creation Unit aggregations, and generally in exchange for portfolio securities and a specified cash payment. A Creation Unit of the Funds consists of a block of shares.

Westwood Management Corporation (the "Adviser" or "Westwood") serves as investment advisor to the Funds. Westwood is wholly owned subsidiary of Westwood Holdings Group, Inc., an institutional asset management company.

The Adviser has retained Vident Asset Management (the "Sub-Adviser") to serve as the trading sub-adviser for the Funds. The Sub-Adviser is responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions, subject to supervision of the Adviser and the Board of Trustees of the Trust (the "Board").

Other series of the Trust, that are also managed by the Adviser, invest in the Midstream Income ETF and Energy Income ETF, therefore making them affiliates of the other series.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect each Fund's financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the Adviser of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and

**WESTWOOD FUNDS**

assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**New accounting pronouncement** – In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management does not believe there will be any impact on the Funds' financial statements.

**2. Significant Accounting Policies**

The following is a summary of the Funds' significant accounting policies. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Funds follow accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services – Investment Companies."

**Securities valuation** – Each Fund values its portfolio securities at market value as of the close of regular trading on the New York Stock Exchange (the "NYSE") (normally 4:00 p.m. Eastern time) on each business day the NYSE is open for business. The Funds value their listed securities on the basis of the security's last sale price on the security's primary exchange, if available, otherwise at the exchange's most recently quoted mean price. NASDAQ-listed securities are valued at the NASDAQ Official Closing Price. Investments representing shares of other open-end investment companies, other than exchange-traded funds ("ETFs"), if any, but including money market funds, are valued at their NAV as reported by such companies. Option contracts are valued at the closing price on the exchange on which they are primarily traded; if no closing price is available at the time of valuation, the option will be valued at the mean of the closing bid and ask prices for that day. When using a quoted price and when the market is considered active, these securities will be classified as Level 1 within the fair value hierarchy (see below). Fixed income securities, if any, are generally valued using prices provided by an independent pricing service approved by the Board. The independent pricing service uses information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities, and various relationships between securities in determining these prices. In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Funds value its securities and other assets at fair value as determined by the Adviser, as the Funds' valuation designee, in accordance with procedures adopted by the Board pursuant to Rule 2a-5 under the 1940 Act. Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Unavailable or unreliable market quotes may be due to the following factors: a substantial bid-ask spread; infrequent sales resulting in stale prices; insufficient trading volume; small trade sizes; a temporary lapse in any reliable pricing source; and actions of the securities or futures markets, such as the suspension or limitation of trading. As a result, the prices of securities used to calculate the Funds' NAV may differ from quoted or published prices for the same securities. Securities traded on foreign exchanges, if any, are fair valued by an independent pricing service and translated from the local currency into U.S. dollars using currency exchange rates supplied by an independent pricing service.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – quoted prices in active markets for identical securities

● Level 2 – other significant observable inputs

**WESTWOOD FUNDS**

● Level 3 – significant unobservable inputs

The inputs or methods used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. 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.

The following is a summary of each Fund's investments and the inputs used to value the investments as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Midstream Income ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Master Limited Partnerships | $37536760 | $— | $— | $37536760 |
| MLP Related Companies | 114741761 |  |  | 114741761 |
| Total Investment Securities | $152278521 | $— | $— | $152278521 |
| **Other Financial Instruments** |  |  |  |  |
| Written Option Contracts | $(496875) | $(154248) | $— | $(651123) |
| Total | $151781646 | $(154248) | $— | $151627398 |
| **Energy Income ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| MLP Related Companies | $29985157 | $— | $— | $29985157 |
| Total Investment Securities | $29985157 | $— | $— | $29985157 |
| **Other Financial Instruments** |  |  |  |  |
| Written Option Contracts | $(344990) | $(2812) | $— | $(347802) |
| Total | $29640167 | $(2812) | $— | $29637355 |
| **Global Equity ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $2222168 | $— | $— | $2222168 |
| Total Investment Securities | $2222168 | $— | $— | $2222168 |

---

Refer to the Funds' Schedules of Investments for a listing of securities by sector and industry type. The Funds did not hold any derivative instruments or any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the year or period ended October 31, 2025.

**Cash** – The Funds' cash, if any, is held in a bank account with balances which may exceed the Federal Deposit Insurance Corporation (FDIC) limit of $250,000. The cash balances reflected on the Statements of Assets and Liabilities for the Funds represent the amount held as of October 31, 2025.

**Share valuation** – The NAV per share of each Fund is calculated daily by dividing the total value of the assets, less the liabilities, by the number of shares outstanding. The offering price and redemption price per share is equal to the NAV per share.

**Investment income** – Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the security received. Interest income is accrued as earned. Withholding taxes on foreign dividends, if any, have been recorded in accordance with the Funds' understanding of the applicable country's tax rules and rates. Distributions received for the Funds' investments in Master Limited

**WESTWOOD FUNDS**

Partnerships ("MLPs") may be comprised of both income and return of capital. The Funds record investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded.

**Investment transactions** – Investment transactions are accounted for on the trade date. Realized gains and losses on investments sold are determined on a specific identification basis.

**Common expenses** – Common expenses of the Trust are allocated among the Funds and the other series of the Trust based on the relative net assets of each series, the number of series in the Trust, or the nature of the services performed and the relative applicability to each series.

**Options written/purchased** – The Midstream Income ETF and Energy Income ETF may utilize longer maturity options for stock replacement when and as price and volatility relationships become more favorable for options versus underlying stocks or for tax and liquidity management purposes. The Funds are authorized to write (sell) and purchase put and call options. The risk in writing a call option is that the Funds give up the opportunity to profit if the market price of the security increases. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

**Foreign currency translation** – Securities and other assets and liabilities denominated in or expected to settle in foreign currencies are translated into U.S. dollars based on exchange rates on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The fair values of investment securities and other assets and liabilities are translated as of the close of the NYSE each day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Purchases and sales of investment securities and income and expenses are translated at the rate of exchange prevailing as of 4:00 p.m. Eastern Time on the respective date of such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Funds do not isolate that portion of the results of operations caused by changes in foreign exchange rates on investments from those caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments.

Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies, 2) currency gains or losses realized between the trade and settlement dates on securities transactions and 3) the difference between the amounts of dividends and foreign withholding taxes recorded on a Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities that result from changes in exchange rates.

The Funds may be subject to foreign taxes related to foreign income received, capital gain on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.

**Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.

**WESTWOOD FUNDS**

**Distributions to shareholders** – The Midstream Income ETF and Energy Income ETF each distributes substantially all of its net income to shareholders on a monthly basis and its net capital gains to shareholders at least annually in December. The Global Equity ETF distributes substantially all of its net income to shareholders on a quarterly basis and its net capital gains to shareholders at least annually in December. The amount of such dividends and distributions is determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends and distributions to shareholders are recorded on the ex-dividend date.

The character of dividends paid to shareholders of the Funds for federal income tax purposes during the periods ended October 31, 2025 and 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period Ended** | **Ordinary**<br> **Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions** |
| **Midstream Income ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;October 31, 2025 | $8250388 | $— | $2003987 | $10254375 |
| &nbsp;&nbsp;&nbsp;October 31, 2024 | $2733750 | $— | $— | $2733750 |
| **Energy Income ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;October 31, 2025 | $1818859 | $— | $504266 | $2323125 |
| &nbsp;&nbsp;&nbsp;October 31, 2024 | $691875 | $— | $— | $691875 |
| **Global Equity ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;October 31, 2025 | $16623 | $— | $— | $16623 |

---

**Federal income tax** – Each Fund has qualified and intends to continue to qualify as regulated investment companies under the Internal Revenue Code of 1986, as amended (the "Code"). Qualification generally will relieve the Funds of liability for federal income taxes to the extent 100% of their net investment income and net realized capital gains are distributed in accordance with the Code.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The following information is provided on a tax basis as of October 31, 2025.

---

| | |
|:---|:---|
| | **Global<br> Equity ETF** |
| Federal income tax cost | $1853314 |
| Gross unrealized appreciation | $424532 |
| Gross unrealized depreciation | (55678) |
| Net unrealized appreciation | 368854 |
| Net unrealized appreciation (depreciation) on foreign currency translation | (56) |
| Undistributed ordinary income | 3355 |
| Accumulated capital and other losses | (18141) |
| Total distributable earnings | $354012 |

---

**WESTWOOD FUNDS**

As of October 31, 2025, the Global Equity ETF had short-term and long-term capital loss carryforwards for federal income tax purposes, which may be carried forward indefinitely. These capital loss carryforwards are available to offset net realized capital gains in future years, thereby reducing future taxable gains distributions, if any.

---

| | | | |
|:---|:---|:---|:---|
| | **Capital Loss Carryovers** | **Capital Loss Carryovers** | **Capital Loss Carryovers** |
| <br>**Fund** | **Short-term** | **Long-term** | **Total** |
| Global Equity ETF | $18141 | $— | $18141 |

---

The following information is computed on a tax basis for each item as of November 30, 2024. The Midstream Income ETF and Energy Income ETF have a tax year end of November 30, 2024, which is different than the fiscal year end of October 31, 2025.

---

| | | |
|:---|:---|:---|
| | **Midstream<br> Income ETF** | **Energy<br> Income ETF** |
| Federal income tax cost | $56166106 | $14009823 |
| Gross unrealized appreciation | $14494757 | $1306776 |
| Gross unrealized depreciation | (3612269) | (545005) |
| Net unrealized appreciation | 10882488 | 761771 |
| Net unrealized appreciation on written options | 1207848 |  |
| Net unrealized depreciation on foreign currency translation | (111) | (32) |
| Distributions payable | (534375) | (140625) |
| Accumulated capital and other losses | (3775424) |  |
| Total distributable earnings | $7780426 | $621114 |

---

The following information is provided on a tax basis as of October 31, 2025.

---

| | | |
|:---|:---|:---|
| | **Midstream<br> Income ETF** | **Energy<br> Income ETF** |
| Federal income tax cost | $143287427 | $29874755 |
| Gross unrealized appreciation | $14830869 | $1637990 |
| Gross unrealized depreciation | (5028969) | (1302435) |
| Net unrealized appreciation (depreciation) | $9801900 | $335555 |
| Net unrealized depreciation on foreign currency translation | $(847) | $— |

---

The difference between the federal income tax cost of investments and the financial statement cost of investments are due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These "book/tax" differences are temporary in nature and are primarily due to the tax deferral on losses on wash sales, partnership adjustments, options mark to market adjustments, and C-corp basis adjustments.

As of November 30, 2024, the Midstream Income ETF had short-term and long-term capital loss carryforwards for federal income tax purposes, which may be carried forward indefinitely. These capital loss carryforwards are available to offset net realized capital gains in future years, thereby reducing future taxable gains distributions, if any.

---

| | | | |
|:---|:---|:---|:---|
| | **Capital Loss Carryovers** | **Capital Loss Carryovers** | **Capital Loss Carryovers** |
| <br>**Fund** | **Short-term** | **Long-term** | **Total** |
| Midstream Income ETF | $2771296 | $1004128 | $3775424 |

---

**WESTWOOD FUNDS**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under current income tax regulations. These permanent differences that are credited or charged to Paid-in capital and Distributable earnings as of October 31, 2025 are primarily related to adjustments for publicly traded partnerships, return of capital distributions and/or redemptions in-kind.

As of October 31, 2025, the following adjustments were made:

---

| | | |
|:---|:---|:---|
| | **Distributable<br> earnings** | **Paid-in<br> capital** |
| Midstream Income ETF | $(299446) | $299446 |
| Global Equity ETF | (286612) | 286612 |

---

The Funds recognize the tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" of being sustained assuming examination by tax authorities. Management has reviewed the Funds' tax positions for the current and open periods and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. The Funds identify its major tax jurisdiction as U.S. Federal.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the period ended October 31, 2025, the Funds did not incur any interest or penalties.

**3. Investment Transactions**

During the year or period ended October 31, 2025, cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions and short-term investments were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Midstream<br> Income ETF** | **Energy<br> Income ETF** | **Global Equity<br> ETF** |
| Purchases of investment securities (excluding in-kind transactions) | $22638953 | $2029352 | $559465 |
| Proceeds from sales of investment securities (excluding in-kind transactions) | $12010022 | $2640712 | $560676 |

---

Purchases and sales of in-kind transactions for the period ended October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Midstream<br> Income ETF** | **Energy<br> Income ETF** | **Global Equity<br> ETF** |
| Purchases of in-kind transactions | $87187642 | $16257846 | $2954878 |
| Sales of in-kind transactions | $661935 | $— | $1370489 |

---

**4. Transactions with Related Parties**

**INVESTMENT MANAGEMENT AGREEMENT**

The Funds' investments are managed by the Adviser pursuant to the terms of an Investment Management Agreement (the "Agreement"). The Midstream Income ETF, Energy Income ETF and Global Equity ETF, pay the Adviser an investment management fee, computed and accrued daily and paid monthly, at the annual rate of 0.80%, 0.85%,

**WESTWOOD FUNDS**

and 0.50% of average daily net assets, respectively. Pursuant to its Agreement, the Adviser is required to pay all other expenses of the Funds (other than interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, and litigation expenses, and other non-routine or extraordinary expenses) so that total annual fund operating expenses remain at 0.80%, 0.85%, and 0.50% of the Midstream Income ETF, Energy Income ETF and Global Equity ETF average daily net assets, respectively. During the year or period ended October 31, 2025, the Adviser earned $779,068, $150,328 and $7,935 of fees from the Midstream Income ETF, Energy Income ETF, and Global Equity ETF, respectively, under the Agreement. At October 31, 2025, the Midstream Income ETF, Energy Income ETF, and Global Equity ETF owed the Adviser $106,667, $21,244 and $927, respectively, relating to the investment management fee.

For its services, the Sub-Adviser is paid by the Adviser, which fee is calculated daily and paid monthly, at an annual rate based on the average daily net assets of each Fund at the following rate: 0.05% (subject to a minimum of $35,000 per year per Fund).

**OTHER SERVICE PROVIDERS**

Ultimus Fund Solutions, LLC ("Ultimus") provides administration and fund accounting services to the Funds. The Adviser pays Ultimus fees in accordance with the agreements for such services.

Under the terms of a Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC ("NLCS") provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the agreement, NLCS receives fees from the Adviser. NLCS is a wholly-owned subsidiary of Ultimus.

Under the terms of a Distribution Agreement with the Trust, Northern Lights Distributors, LLC (the "Distributor") serves as the principal underwriter to the Funds. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser for acting as principal underwriter.

Certain officers of the Trust are also officers of Ultimus and are not paid by the Funds for servicing in such capacities.

**TRUSTEE COMPENSATION**

Each member of the Board (a "Trustee") who is not an "interested person" (as defined by the 1940 Act, as amended) of the Trust ("Independent Trustee") receives an annual retainer and meeting fees, plus reimbursement for travel and other meeting-related expenses.

**5. Derivative Transactions**

The following is a summary of the fair value of derivative instruments held by the Funds listed below as of October 31, 2025 presented on the Statements of Assets and Liabilities.

---

| | |
|:---|:---|
| | **Liabilities** |
| <br>**Type of Derivative** | **Investments,<br> at value<br> for written<br> options** |
| **Midstream Income ETF** |  |
| &nbsp;&nbsp;&nbsp;Equity Risk Exposure | $(651123) |
| **Energy Income ETF** |  |
| &nbsp;&nbsp;&nbsp;Equity Risk Exposure | $(347802) |

---

**WESTWOOD FUNDS**

The following summary of the effect of derivatives instruments for the Funds on the Statements of Operations for the period ended October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Type of Derivative** | <br>**Risk** | <br>**Location** |<br>**Realized**<br>**Gains** | <br>**Location** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Midstream Income ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Call options written | Equity | Net realized gains from written option contracts | $182247 | Net change in unrealized appreciation (depreciation) on written option contracts | $1094089 |
| **Energy Income ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Call options written | Equity | Net realized gains from written option contracts | $399905 | Net change in unrealized appreciation (depreciation) on written option contracts | $111493 |

---

**Offsetting Assets and Liabilities:**

The Funds are required to disclose the impact of offsetting assets and liabilities represented on the Statements of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of setoff criteria: the amounts owed by the Funds to another party are determinable, the Funds have the right to set off the amounts owed with the amounts owed by the other party, the Funds intend to set off, and the Funds' right of setoff is enforceable at law.

A fund is subject to various netting arrangements with select counterparties ("Master Agreements" or "MNAs"). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at prearranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A fund's overall exposure to

**WESTWOOD FUNDS**

counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

As of October 31, 2025, derivative assets and liabilities by type by Fund are as follows:

---

| | | |
|:---|:---|:---|
| **Descriptions** | **Assets** | **Liabilities** |
| **Midstream Income ETF** |  |  |
| Derivatives Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;Options contract | $— | $(651123) |
| Total derivative assets and liabilities on the Statement of Assets and Liabilities |  | (651123) |
| Derivatives not subject to a MNA or similar agreement |  | 651123 |
| Total assets and liabilities subject to a MNA | $— | $— |
| **Energy Income ETF** |  |  |
| Derivatives Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;Options contract | $— | $(347802) |
| Total derivative assets and liabilities on the Statement of Assets and Liabilities |  | (347802) |
| Derivatives not subject to a MNA or similar agreement |  | 347802 |
| Total assets and liabilities subject to a MNA | $— | $— |

---

Certain derivative contracts are executed under either standardized netting agreements or, for exchange-traded derivatives, the relevant contracts for a particular exchange that contain enforceable netting provisions. A derivative netting arrangement creates an enforceable right of set-off that becomes effective and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early termination. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract.

**6. Capital Share Transactions**

Only certain financial institutions such as registered broker-dealers and banks that have entered into agreements with the APs may acquire shares directly from the Funds and tender their shares for redemption directly to the Funds. Such purchases and redemptions are made at NAV per share and only in large blocks, or Creation Units, of shares. Purchases and redemptions directly with the Funds must follow the Funds' procedures, which are described in the Funds' Statement of Additional Information ("SAI").

A creation transaction, which is subject to acceptance by the Funds' Distributor and the Funds, generally takes place when an AP deposits into the Funds a designated portfolio of securities ("Deposit Securities") (including any portion of such securities for which cash may be substituted) and a specified amount of cash approximating the holdings of the Funds in exchange for a specified number of Creation Units. The composition of such portfolio generally corresponds pro rata to the holdings of the Funds. However, the Funds may, in certain circumstances, offer Creation Units partially or solely for cash. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) held by the Funds and a specified amount of cash. Except when aggregated in Creation Units, shares are not redeemable. The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is received in an acceptable form under the AP agreement. Realized gains (losses) resulting from in-kind redemption of shares, if any, are reflected separately on the Statements of Operations.

**WESTWOOD FUNDS**

The Funds charge APs standard creation and redemption transaction fees ("Transaction Fees") to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. The standard creation and redemption transaction fees are set forth in the table below. The standard creation transaction fee is charged to the AP on the day such AP creates a Creation Unit, and is the same regardless of the number of Creation Units purchased by the AP on the applicable business day. Similarly, the standard redemption transaction fee is charged to the AP on the day such AP redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by the AP on the applicable business day. Creations and redemptions for cash (when cash creations and redemptions (in whole or in part) are available or specified) are also subject to an additional charge (up to the maximum amounts shown in the table below). This charge is intended to compensate for brokerage, tax, foreign exchange, execution, price movement and other costs and expenses related to cash transactions (which may, in certain instances, be based on a good faith estimate of transaction costs). For the period ended October 31, 2025, the Midstream Income ETF, Energy Income ETF and Global Equity ETF received $42,500, $6,500 and $18,000, respectively, in transaction fees.

The Transaction Fees for the Funds are listed in the table below:

---

| | | |
|:---|:---|:---|
| | **Fee for <br>In-Kind and <br> Cash Purchases** | **Maximum<br> Additional Variable<br> Charge for <br> Cash Purchases \*** |
| Midstream Income ETF | $500 | 2.00% |
| Energy Income ETF | $500 | 2.00% |
| Global Equity ETF | $1800 | 2.00% |

---

\* As a percentage of the amount invested.

**7. Sector Risk**

If the Funds have significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Funds than would be the case if the Funds did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Funds and increase the volatility of the Funds' NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Funds' portfolio would be adversely affected. As of October 31, 2025, the Midstream Income ETF had 25.1% and 25.2% of the value of its net assets invested in securities in the Gathering & Processing and Natural Gas Liquids Infrastructure sectors, respectively, and the Energy Income ETF had 64.0% of the value of its net assets in securities in the Exploration & Production sector.

**8. Non-Diversification Risk**

The Midstream Income ETF and Energy Income ETF are non-diversified funds. Because each Fund may invest in securities of a smaller number of issuers, each Fund may be more exposed to the risks associated with and developments affecting and individual issuer than a fund that invests more widely, which may, therefore, have a greater impact on each Funds' performance.

**WESTWOOD FUNDS**

**9. Contingencies and Commitments**

The Funds indemnify the Trust's officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business the Fund enters into contracts that contain a variety of representations and warranties and 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 Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**10. Subsequent Events**

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events except for the following:

The following funds paid distributions to shareholders subsequent to October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Record Date** | **Ex-Date** | **Income<br> Per Share** |
| **Midstream Income ETF** | 11/26/2025 | 11/26/2025 | $0.225 |
| **Energy Income ETF** | 11/26/2025 | 11/26/2025 | 0.225 |

---

Effective December 12, 2025, for its services, the Sub-Adviser is paid fee by the Adviser, which fee is calculated daily and paid monthly, at an annual rate based on the average daily net assets of each Fund at the following rate: 0.05% of the Fund's first $100 million of average daily net assets; 0.04% of the Fund's next $250 million of average daily net assets; and 0.02% of the Fund's average daily net assets over $350 million (subject to a minimum of $35,000 per year per Fund on the first six Westwood-managed funds that use the Sub-Adviser as well as subject to a maximum cap).

**WESTWOOD FUNDS**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders of Westwood Funds and

Board of Trustees of Ultimus Managers Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and open written option contracts, of Westwood Salient Enhanced Midstream Income ETF, Westwood Salient Enhanced Energy Income ETF, and Westwood LBRTY Global Equity ETF ("Westwood Funds" or the "Funds"), each a series of Ultimus Managers Trust, as of October 31, 2025, the related statements of operations and changes in net assets and the financial highlights as noted 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 each of the Funds as of October 31, 2025, the results of their operations, changes in net assets, and the financial highlights for each of the periods noted in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | |
|:---|:---|:---|
| **Fund Names** | **Statements of Operations** | **Statements of Changes in Net Assets and Financial Highlights** |
| Westwood Salient Enhanced Midstream Income ETF | For the year ended October 31, 2025. | For the year ended October 31, 2025, and the period April 8, 2024 (commencement of operations) through October 31, 2024. |
| Westwood Salient Enhanced Energy Income ETF | For the year ended October 31, 2025. | For the year ended October 31, 2025, and the period April 30, 2024 (commencement of operations) through October 31, 2024. |
| Westwood LBRTY Global Equity ETF | For the period March 26, 2025 (commencement of operations) through October 31, 2025. | For the period March 26, 2025 (commencement of operations) through October 31, 2025. |

---

**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 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.

Our audits include 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 include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as

**WESTWOOD FUNDS**

evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies within the Westwood Family of Funds since 2023.

![](img_002.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

December 30, 2025

**WESTWOOD FUNDS**

**ADDITIONAL INFORMATION** *(Unaudited)*

**Changes in and/or Disagreements with Accountants**

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Not applicable.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

**WESTWOOD FUNDS**

**OTHER FEDERAL TAX INFORMATION**

**Qualified Dividend Income** – The following Funds designate the following of its ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate:

---

| | |
|:---|:---|
| **Fund** | **Qualified<br> Dividend<br> Income** |
| Midstream Income ETF | 100.00% |
| Energy Income ETF | 100.00% |
| Global Equity ETF | 100.00% |

---

**Dividends Received Deduction** – Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distributions that qualifies under tax law. For the tax year ended November 30, 2024, the following Funds had the following ordinary income dividends qualified for the corporate dividends received deduction:

---

| | |
|:---|:---|
| **Fund** | **Dividend<br> Received<br> Deduction** |
| Midstream Income ETF | 24.11% |
| Energy Income ETF | 100.00% |

---

For the year ended October 31, 2025, the Global Equity ETF had 68.31% of ordinary income dividends qualified for the corporate dividends received deduction.

**The Westwood Funds**

P.O. Box 541150

Omaha, NE 68154

1-800-994-0755

www.westwoodetfs.com

**Adviser:**

Westwood Management Corp.

200 Crescent Court, Suite 1200

Dallas, TX 75201

**Distributor:**

Northern Lights Distributors, LLC

4221 North 203rd Street

Suite 100

Elkhorn, NE 68022

**Administrator:**

Ultimus Fund Solutions, LLC

225 Pictoria Drive

Suite 450

Cincinnati, OH 45246

**Legal Counsel:**

Sullivan & Worcester LLP

1666 K Street, NW

Suite 700

Washington, D.C. 20006

**Independent Registered Public Accounting Firm:**

Cohen & Company, Ltd.

1835 Market Street, Suite 310

Philadelphia, PA 19103

This information must be preceded or accompanied by a current

prospectus for the Fund.

(b) Included
 in (a)

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

There has been no material changes to the manner in which shareholders may recommend nominees to the Registrant's Board of Trustees or the Nominations & Governance Committee (the "Committee"). The Registrant does not have formal procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees. While the Registrant does not have formal procedure, the Committee shall to the extent required under applicable law, when identifying potential candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder.

**Item 16.** **Controls and Procedures.**

(a) Based on their evaluation of the registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90
 days of the filing date of this report, the registrant's principal executive officer and principal financial officer have concluded
 that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information
 relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly
 during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed,
 summarized, and reported on a timely basis.

(b) There were no changes in the registrant's internal
 control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the
 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal
 control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19.** **Exhibits.**

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) [Code of Ethics filed herewith](umt_ex99codeeth.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto](umt_ex99cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) Certifications required by Rule 30a-2(b) under the
 Act (17 CFR 270.30a-2(b)): [Attached hereto](umt_ex99-906cert.htm)

---

| | |
|:---|:---|
| Exhibit 99.CODE ETH | [Code of Ethics](umt_ex99codeeth.htm) |
| Exhibit 99.CERT | [Certifications required by Rule 30a-2(a) under the Act](umt_ex99cert.htm) |
| Exhibit 99.906CERT | [Certifications required by Rule 30a-2(b) under the Act](umt_ex99-906cert.htm) |

---

**SIGNATURES** 

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

(Registrant) Ultimus
 Managers Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Todd E. Heim |
|  | Todd E. Heim, President and Principal Executive Officer |

---

Date <u>January 9, 2026</u>

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/ Todd E. Heim |
|  | Todd E. Heim, President and Principal Executive Officer |

---

Date <u>January 9, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Daniel D. Bauer |
|  | Daniel D. Bauer, Treasurer and Principal Financial Officer |

---

Date <u>January 9, 2026</u>

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**EX-99.CERT**

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

I, Todd E. Heim, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. I have reviewed this report on Form N-CSR of Ultimus Managers Trust:

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | January 9, 2026 | /s/ Todd E. Heim |
|  |  | Todd E. Heim, President and Principal Executive Officer |

---

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

I, Daniel D. Bauer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Ultimus Managers Trust:

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

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

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

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| Date: | January 9, 2026 | /s/ Daniel D. Bauer |
| | | Daniel D. Bauer, Treasurer and Principal Financial Officer |

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## Exhibit 99.906

**EX-99.906CERT**

**<u>certifications</u>**

Todd E. Heim, President and Principal Executive Officer, and Daniel D. Bauer, Principal Financial Officer, of Ultimus Managers Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2025 (the "Form N-CSR") fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| PRINCIPAL EXECUTIVE OFFICER | PRINCIPAL FINANCIAL OFFICER |
| Ultimus Managers Trust | Ultimus Managers Trust |
| /s/ Todd E. Heim | /s/ Daniel D. Bauer |
| Todd E. Heim, President and Principal Executive Officer | Daniel D. Bauer, Treasurer and Principal Financial Officer |

---

Date: January 9, 2026 Date: January 9, 2026

***A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to The Ultimus Managers Trust and will be retained by The Ultimus Managers Trust and furnished to the Securities and Exchange Commission or its staff upon request.***

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**Exhibit 99.CODE ETH**

**ULTIMUS MANAGERS TRUST**

![](umt-coe_001.jpg)

**Code Of Ethics For Principal Executive And**

**Principal Financial Officers**

**Effective: October 1, 2013**

**I.** **Covered Officers/Purpose of the Code** 

The code of ethics (this "Code") for Ultimus Managers Trust (the "Trust") applies to the Trust's Principal Executive Officer(s) and Principal Financial Officer(s) (the "Covered Officers") for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Trust) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust or the Trust's investment advisers (the "investment advisers") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and an investment adviser or a third party service provider of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust and/or for the investment adviser or third party service provider) be involved in establishing policies and implementing decisions that will have different effects on the investment adviser(s) or third party service provider and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the investment adviser or third party service provider and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. The foregoing activities, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but the Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

● not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

● not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

● not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

● report at least annually any affiliations or other relationships that could potentially present a conflict of interest with the Trust.

There are some conflict of interest situations that should always be discussed with the Chief Compliance Officer of the Trust (the "CCO"), who may choose to seek the assistance of legal counsel to the Trust ("Trust Counsel"), if such situations might have a material adverse effect on the Trust. Examples of these include:

● service as a director on the board of any public company;

● the receipt of non-nominal gifts from affiliates of the Fund or the Fund's service providers;

● the receipt of entertainment from any company with which the Trust has current or prospective business dealings, including investments in such companies, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment advisers, principal underwriter, administrator or any affiliated person thereof; and

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions, including but not limited to certain soft dollar arrangements, or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

● each Covered Officer shall become familiar with the disclosure requirements generally applicable to the Trust;

● each Covered Officer shall not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's management and auditors, and to governmental regulators and self-regulatory organizations;

● each Covered Officer may, to the extent appropriate within the Covered Officer's area of responsibility and to the extent deemed necessary in the sole discretion of the Covered Officer, consult with other officers and employees of the Trust and the investment advisers and the Trust's administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and

● it is the responsibility of each Covered Officer to promote Trust compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that the Covered Officer has received, read and understands this Code;

● annually thereafter affirm to the Board that the Covered Officer has complied with the requirements of this Code;

● not retaliate against any other Covered Officer or any employee of the Trust or its affiliated persons for reports of potential violations of this Code that are made in good faith; and

● notify the CCO promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CCO may seek the advise of Trust Counsel regarding specific situations in which questions are presented under the Code and the CCO has the authority to interpret this Code in any particular situation. However, any approvals or waivers<sup>1</sup> will be considered by the Board.

<sup>1</sup> For this purpose, the term "waiver" includes the approval by the Trust of a material departure from a provision of this Code or the Trust's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the Trust's management.

The Trust will follow these procedures in investigating and enforcing this Code:

● the CCO shall (with the assistance of Trust Counsel if requested) take all appropriate action to investigate any reported potential violations;

● if, after such investigation, the CCO believes that no violation has occurred, then no further action is required;

● any matter that the CCO believes may be a violation shall be reported to the Trustees of the Trust who are not "interested persons," as defined by Section 2(a)(19) of the Investment Company Act, of the Trust (the "Independent Trustees");

● if the Independent Trustees concur that a violation may have occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include a review of, and appropriate modifications to, applicable Trust policies and procedures; notification to appropriate personnel or the board of the investment adviser or other relevant service provider; or a recommendation to dismiss the Covered Officer;

● the Board will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and the investment advisers' and the principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees.

**VII.** **Confidentiality** 

All reports and records of the Trust prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code, such matters shall not be disclosed to anyone other than an investment adviser to any series of the Trust to which such reports or records relate, the Board, the CCO and Trust Counsel.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

**CODE OF ETHICS**

**FOR PRINCIPAL EXECUTIVE** 

**AND** 

**PRINCIPAL FINANCIAL OFFICERS**

**CERTIFICATE OF COMPLIANCE**

As a Covered Officer as defined in the Code of Ethics For Principal Executive and Principal Financial Officers of Ultimus Managers Trust (the "Code"), I hereby certify that I have received and have read and fully understand the Code, and I recognize that I am subject to the Code. I further certify that I will comply with the requirements of the Code.

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| |
|:---|
| Signature |
| Name (Please Print) |
| Date |

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