# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-25-001553
**Filing Date:** 2025-9
**Character Count:** 266220
**Document Hash:** 8ae2cfe18ad3934d9d5f611e25a82b33
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-001553.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000910472-25-001553

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 251347926

**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 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           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY VALUE FUND** | **WESTWOOD QUALITY VALUE FUND** | **WESTWOOD QUALITY VALUE FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 98.2%** | **Shares** | **Value** |
| **Communications - 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | &nbsp;&nbsp;30089 | &nbsp;&nbsp;$3583901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;31341 | &nbsp;&nbsp;6014338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;2526 | &nbsp;&nbsp;1953709 |
|  |  | &nbsp;&nbsp;7968047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;14999 | &nbsp;&nbsp;3575912 |
| **Consumer Discretionary - 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | &nbsp;&nbsp;28871 | &nbsp;&nbsp;6758990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;8199 | &nbsp;&nbsp;1653492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | &nbsp;&nbsp;12306 | &nbsp;&nbsp;3692661 |
|  |  | &nbsp;&nbsp;5346153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | &nbsp;&nbsp;38190 | &nbsp;&nbsp;3754841 |
| **Consumer Staples - 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Beverages - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;13215 | &nbsp;&nbsp;1822613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey Company (The) | &nbsp;&nbsp;21534 | &nbsp;&nbsp;4008123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | &nbsp;&nbsp;31877 | &nbsp;&nbsp;2989106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;36808 | &nbsp;&nbsp;3606448 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY VALUE FUND** | **WESTWOOD QUALITY VALUE FUND** | **WESTWOOD QUALITY VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 98.2% (Continued)** | **Shares** | **Value** |
| **Energy - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;24691 | &nbsp;&nbsp;$3744143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;15354 | &nbsp;&nbsp;1842787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;33288 | &nbsp;&nbsp;3716273 |
|  |  | &nbsp;&nbsp;9303203 |
| **Financials - 20.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 9.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;74934 | &nbsp;&nbsp;3542130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;23224 | &nbsp;&nbsp;6879878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Corporation | &nbsp;&nbsp;37488 | &nbsp;&nbsp;3530245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;49130 | &nbsp;&nbsp;3961352 |
|  |  | &nbsp;&nbsp;17913605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;5512 | &nbsp;&nbsp;3988428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;26837 | &nbsp;&nbsp;4960283 |
|  |  | &nbsp;&nbsp;8948711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 5.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company | &nbsp;&nbsp;11534 | &nbsp;&nbsp;3313141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | &nbsp;&nbsp;6649 | &nbsp;&nbsp;3137530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation (The) | &nbsp;&nbsp;18367 | &nbsp;&nbsp;4445549 |
|  |  | &nbsp;&nbsp;10896220 |
| **Health Care - 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;22282 | &nbsp;&nbsp;3670737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | &nbsp;&nbsp;8104 | &nbsp;&nbsp;3702474 |
|  |  | &nbsp;&nbsp;7373211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation | &nbsp;&nbsp;2519 | &nbsp;&nbsp;1747027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;40560 | &nbsp;&nbsp;5118267 |
| **Industrials - 15.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation | &nbsp;&nbsp;12512 | &nbsp;&nbsp;3898864 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY VALUE FUND** | **WESTWOOD QUALITY VALUE FUND** | **WESTWOOD QUALITY VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 98.2% (Continued)** | **Shares** | **Value** |
| **Industrials - 15.3% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Commercial Support Services - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;15101 | &nbsp;&nbsp;$3460545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;13132 | &nbsp;&nbsp;1995145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;9948 | &nbsp;&nbsp;4352051 |
|  |  | &nbsp;&nbsp;6347196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Construction - 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corporation <sup>(a)</sup> | &nbsp;&nbsp;11652 | &nbsp;&nbsp;4316251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Company | &nbsp;&nbsp;3462 | &nbsp;&nbsp;1815369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veralto Corporation | &nbsp;&nbsp;34628 | &nbsp;&nbsp;3630053 |
|  |  | &nbsp;&nbsp;5445422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corporation | &nbsp;&nbsp;130585 | &nbsp;&nbsp;4640991 |
| **Materials - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction Materials - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;16202 | &nbsp;&nbsp;3633946 |
| **Real Estate - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corporation | &nbsp;&nbsp;46684 | &nbsp;&nbsp;3347243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corporation | &nbsp;&nbsp;7864 | &nbsp;&nbsp;1638779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;31679 | &nbsp;&nbsp;3382683 |
|  |  | &nbsp;&nbsp;8368705 |
| **Technology - 13.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;38213 | &nbsp;&nbsp;3071179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;21176 | &nbsp;&nbsp;3834127 |
|  |  | &nbsp;&nbsp;6905306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;11369 | &nbsp;&nbsp;6065361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;12360 | &nbsp;&nbsp;3192959 |
|  |  | &nbsp;&nbsp;9258320 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY VALUE FUND** | **WESTWOOD QUALITY VALUE FUND** | **WESTWOOD QUALITY VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 98.2% (Continued)** | **Shares** | **Value** |
| **Technology - 13.5% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | &nbsp;&nbsp;14998 | &nbsp;&nbsp;$4005966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp;13465 | &nbsp;&nbsp;4651753 |
|  |  | &nbsp;&nbsp;8657719 |
| **Utilities - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;44810 | &nbsp;&nbsp;3184199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Company (The) | &nbsp;&nbsp;37794 | &nbsp;&nbsp;3570777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;32327 | &nbsp;&nbsp;3526229 |
|  |  | &nbsp;&nbsp;10281205 |
| **Total Common Stocks** (Cost $136,318,285) | **Total Common Stocks** (Cost $136,318,285) | &nbsp;&nbsp;$179928848 |
| **MONEY MARKET FUNDS - 1.8%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class U, 4.25% <sup>(b)</sup> <br> (Cost $3,339,679) | &nbsp;&nbsp;3339679 | &nbsp;&nbsp;$3339679 |
| **Investments at Value - 100.0%** (Cost $139,657,964) | **Investments at Value - 100.0%** (Cost $139,657,964) | &nbsp;&nbsp;$183268527 |
| **Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup>** | **Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup>** | &nbsp;&nbsp;13791 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$183282318 |

---

plc - Public Limited Company <br>

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of July 31, 2025.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY MIDCAP FUND** | **WESTWOOD QUALITY MIDCAP FUND** | **WESTWOOD QUALITY MIDCAP FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 97.9%** | **Shares** | **Value** |
| **Consumer Discretionary - 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home Construction - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | &nbsp;&nbsp;220 | &nbsp;&nbsp;$26039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;189 | &nbsp;&nbsp;34990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 5.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | &nbsp;&nbsp;86 | &nbsp;&nbsp;24768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | &nbsp;&nbsp;386 | &nbsp;&nbsp;37951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. <sup>(a)</sup> | &nbsp;&nbsp;76 | &nbsp;&nbsp;39141 |
|  |  | &nbsp;&nbsp;101860 |
| **Consumer Staples - 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Company, Inc. | &nbsp;&nbsp;374 | &nbsp;&nbsp;26415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | &nbsp;&nbsp;279 | &nbsp;&nbsp;26162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interparfums, Inc. | &nbsp;&nbsp;253 | &nbsp;&nbsp;30512 |
|  |  | &nbsp;&nbsp;56674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;257 | &nbsp;&nbsp;27216 |
| **Energy - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 5.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corporation | &nbsp;&nbsp;250 | &nbsp;&nbsp;27582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;219 | &nbsp;&nbsp;32557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Corporation <sup>(a)</sup> | &nbsp;&nbsp;145 | &nbsp;&nbsp;25249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corporation | &nbsp;&nbsp;1149 | &nbsp;&nbsp;16270 |
|  |  | &nbsp;&nbsp;101658 |
| **Financials - 14.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | &nbsp;&nbsp;1221 | &nbsp;&nbsp;23626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;212 | &nbsp;&nbsp;27011 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY MIDCAP FUND** | **WESTWOOD QUALITY MIDCAP FUND** | **WESTWOOD QUALITY MIDCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.9% (Continued)** | **Shares** | **Value** |
| **Financials - 14.9% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 5.2% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | &nbsp;&nbsp;569 | &nbsp;&nbsp;$24939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;155 | &nbsp;&nbsp;13623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Corporation | &nbsp;&nbsp;269 | &nbsp;&nbsp;25332 |
|  |  | &nbsp;&nbsp;90905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;198 | &nbsp;&nbsp;36596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | &nbsp;&nbsp;121 | &nbsp;&nbsp;38154 |
|  |  | &nbsp;&nbsp;74750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;371 | &nbsp;&nbsp;28801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company | &nbsp;&nbsp;80 | &nbsp;&nbsp;22980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;66 | &nbsp;&nbsp;22163 |
|  |  | &nbsp;&nbsp;73944 |
| **Health Care - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc. <sup>(a)</sup> | &nbsp;&nbsp;355 | &nbsp;&nbsp;24016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation | &nbsp;&nbsp;22 | &nbsp;&nbsp;15258 |
|  |  | &nbsp;&nbsp;39274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper Companies, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;389 | &nbsp;&nbsp;27498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;227 | &nbsp;&nbsp;20805 |
|  |  | &nbsp;&nbsp;48303 |
| **Industrials - 14.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;184 | &nbsp;&nbsp;27955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;64 | &nbsp;&nbsp;27999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;104 | &nbsp;&nbsp;26762 |
|  |  | &nbsp;&nbsp;82716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Construction - 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | &nbsp;&nbsp;197 | &nbsp;&nbsp;27948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corporation <sup>(a)</sup> | &nbsp;&nbsp;109 | &nbsp;&nbsp;40377 |
|  |  | &nbsp;&nbsp;68325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;161 | &nbsp;&nbsp;28637 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY MIDCAP FUND** | **WESTWOOD QUALITY MIDCAP FUND** | **WESTWOOD QUALITY MIDCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.9% (Continued)** | **Shares** | **Value** |
| **Industrials - 14.7% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 3.1% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veralto Corporation | &nbsp;&nbsp;253 | &nbsp;&nbsp;$26522 |
|  |  | &nbsp;&nbsp;55159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corporation | &nbsp;&nbsp;748 | &nbsp;&nbsp;26584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services, Inc. | &nbsp;&nbsp;180 | &nbsp;&nbsp;25929 |
|  |  | &nbsp;&nbsp;52513 |
| **Materials - 12.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. <sup>(a)</sup> | &nbsp;&nbsp;1261 | &nbsp;&nbsp;35711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;192 | &nbsp;&nbsp;17823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;274 | &nbsp;&nbsp;19764 |
|  |  | &nbsp;&nbsp;73298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction Materials - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;222 | &nbsp;&nbsp;25474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;126 | &nbsp;&nbsp;28261 |
|  |  | &nbsp;&nbsp;53735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Containers & Packaging - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;174 | &nbsp;&nbsp;17289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corporation of America | &nbsp;&nbsp;132 | &nbsp;&nbsp;25575 |
|  |  | &nbsp;&nbsp;42864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco Corporation | &nbsp;&nbsp;234 | &nbsp;&nbsp;17534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corporation | &nbsp;&nbsp;994 | &nbsp;&nbsp;26858 |
|  |  | &nbsp;&nbsp;44392 |
| **Real Estate - 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 8.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;356 | &nbsp;&nbsp;32809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;1299 | &nbsp;&nbsp;22005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corporation | &nbsp;&nbsp;560 | &nbsp;&nbsp;31433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;544 | &nbsp;&nbsp;36546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;1042 | &nbsp;&nbsp;26102 |
|  |  | &nbsp;&nbsp;148895 |
| **Technology - 15.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;710 | &nbsp;&nbsp;57063 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY MIDCAP FUND** | **WESTWOOD QUALITY MIDCAP FUND** | **WESTWOOD QUALITY MIDCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.9% (Continued)** | **Shares** | **Value** |
| **Technology - 15.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 4.7% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>(a)</sup> | &nbsp;&nbsp;357 | &nbsp;&nbsp;$26393 |
|  |  | &nbsp;&nbsp;83456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;692 | &nbsp;&nbsp;40627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corporation <sup>(a)</sup> | &nbsp;&nbsp;1732 | &nbsp;&nbsp;43750 |
|  |  | &nbsp;&nbsp;84377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 5.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;76 | &nbsp;&nbsp;35003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corporation | &nbsp;&nbsp;205 | &nbsp;&nbsp;35748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;144 | &nbsp;&nbsp;29592 |
|  |  | &nbsp;&nbsp;100343 |
| **Utilities - 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 6.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corporation | &nbsp;&nbsp;376 | &nbsp;&nbsp;24444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corporation | &nbsp;&nbsp;502 | &nbsp;&nbsp;37047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Company | &nbsp;&nbsp;175 | &nbsp;&nbsp;24222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;347 | &nbsp;&nbsp;24568 |
|  |  | &nbsp;&nbsp;110281 |
| **Total Common Stocks** (Cost $1,510,478) | **Total Common Stocks** (Cost $1,510,478) | &nbsp;&nbsp;$1726008 |
| **MONEY MARKET FUNDS - 2.7%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.22% <sup>(b)</sup> <br> (Cost $48,244) | &nbsp;&nbsp;48244 | &nbsp;&nbsp;$48244 |
| **Investments at Value - 100.6%** (Cost $1,558,722) | **Investments at Value - 100.6%** (Cost $1,558,722) | &nbsp;&nbsp;$1774252 |
| **Liabilities in Excess of Other Assets - (0.6%)** | **Liabilities in Excess of Other Assets - (0.6%)** | &nbsp;&nbsp; (9984) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$1764268 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of July 31, 2025.

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 97.4%** | **Shares** | **Value** |
| **Consumer Discretionary - 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Automotive - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing Company <sup>(a)</sup> | &nbsp;&nbsp;14520 | &nbsp;&nbsp;$1953811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. (The) | &nbsp;&nbsp;21602 | &nbsp;&nbsp;1380584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;4220 | &nbsp;&nbsp;1954746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;7609 | &nbsp;&nbsp;1408654 |
|  |  | &nbsp;&nbsp;4743984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;26564 | &nbsp;&nbsp;1349186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | &nbsp;&nbsp;6707 | &nbsp;&nbsp;1931616 |
|  |  | &nbsp;&nbsp;3280802 |
| **Consumer Staples - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interparfums, Inc. | &nbsp;&nbsp;14949 | &nbsp;&nbsp;1802849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;13860 | &nbsp;&nbsp;1467774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corporation <sup>(a)</sup> | &nbsp;&nbsp;13479 | &nbsp;&nbsp;1123205 |
| **Energy - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 5.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corporation | &nbsp;&nbsp;13708 | &nbsp;&nbsp;1512404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Corporation <sup>(a)</sup> | &nbsp;&nbsp;5645 | &nbsp;&nbsp;982964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corporation | &nbsp;&nbsp;116726 | &nbsp;&nbsp;1652840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy Company | &nbsp;&nbsp;51651 | &nbsp;&nbsp;1425051 |
|  |  | &nbsp;&nbsp;5573259 |
| **Financials - 16.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 8.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;15175 | &nbsp;&nbsp;1933447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | &nbsp;&nbsp;40026 | &nbsp;&nbsp;1754340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;12963 | &nbsp;&nbsp;1139318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Corporation | &nbsp;&nbsp;14631 | &nbsp;&nbsp;1377801 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.4% (Continued)** | **Shares** | **Value** |
| **Financials - 16.0% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 8.3% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corporation | &nbsp;&nbsp;14443 | &nbsp;&nbsp;$1848415 |
|  |  | &nbsp;&nbsp;8053321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A | &nbsp;&nbsp;4876 | &nbsp;&nbsp;1468359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | &nbsp;&nbsp;4866 | &nbsp;&nbsp;1534347 |
|  |  | &nbsp;&nbsp;3002706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury General Corporation | &nbsp;&nbsp;21746 | &nbsp;&nbsp;1505910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;5971 | &nbsp;&nbsp;1455372 |
|  |  | &nbsp;&nbsp;2961282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marex Group plc | &nbsp;&nbsp;37263 | &nbsp;&nbsp;1437606 |
| **Health Care - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc. <sup>(a)</sup> | &nbsp;&nbsp;19320 | &nbsp;&nbsp;1306998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper Companies, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;21373 | &nbsp;&nbsp;1510857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corporation <sup>(a)</sup> | &nbsp;&nbsp;17380 | &nbsp;&nbsp;1885904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;8310 | &nbsp;&nbsp;993045 |
|  |  | &nbsp;&nbsp;4389806 |
| **Industrials - 18.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR Corporation <sup>(a)</sup> | &nbsp;&nbsp;26308 | &nbsp;&nbsp;1965471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>(a)</sup> | &nbsp;&nbsp;16464 | &nbsp;&nbsp;966437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc. - Class A | &nbsp;&nbsp;5740 | &nbsp;&nbsp;1111149 |
|  |  | &nbsp;&nbsp;4043057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 5.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;9988 | &nbsp;&nbsp;1517477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;4939 | &nbsp;&nbsp;2160714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;7265 | &nbsp;&nbsp;1869502 |
|  |  | &nbsp;&nbsp;5547693 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.4% (Continued)** | **Shares** | **Value** |
| **Industrials - 18.1% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Construction - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corporation <sup>(a)</sup> | &nbsp;&nbsp;5111 | &nbsp;&nbsp;$1893268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Intermediate Products - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timken Company (The) | &nbsp;&nbsp;19066 | &nbsp;&nbsp;1450732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;11499 | &nbsp;&nbsp;2045327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO, Inc. <sup>(a)</sup> | &nbsp;&nbsp;11371 | &nbsp;&nbsp;1367818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation Equipment - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Bird Corporation <sup>(a)</sup> | &nbsp;&nbsp;25341 | &nbsp;&nbsp;1135023 |
| **Materials - 11.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. <sup>(a)</sup> | &nbsp;&nbsp;51160 | &nbsp;&nbsp;1448851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensient Technologies Corporation | &nbsp;&nbsp;11554 | &nbsp;&nbsp;1297399 |
|  |  | &nbsp;&nbsp;2746250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction Materials - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;17454 | &nbsp;&nbsp;2002846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;7213 | &nbsp;&nbsp;1617804 |
|  |  | &nbsp;&nbsp;3620650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Containers & Packaging - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;13571 | &nbsp;&nbsp;1348415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Forestry, Paper & Wood Products - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Company | &nbsp;&nbsp;10942 | &nbsp;&nbsp;917049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco Corporation | &nbsp;&nbsp;12667 | &nbsp;&nbsp;949138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corporation | &nbsp;&nbsp;35285 | &nbsp;&nbsp;953401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | &nbsp;&nbsp;5894 | &nbsp;&nbsp;892469 |
|  |  | &nbsp;&nbsp;2795008 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.4% (Continued)** | **Shares** | **Value** |
| **Real Estate - 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate Services - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmark Group, Inc. - Class A | &nbsp;&nbsp;55956 | &nbsp;&nbsp;$848853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 10.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;39609 | &nbsp;&nbsp;1530492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;40889 | &nbsp;&nbsp;1068429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;51542 | &nbsp;&nbsp;1406066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;16239 | &nbsp;&nbsp;973041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;14703 | &nbsp;&nbsp;1355028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic Corporation | &nbsp;&nbsp;47551 | &nbsp;&nbsp;1944360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | &nbsp;&nbsp;45220 | &nbsp;&nbsp;1651887 |
|  |  | &nbsp;&nbsp;9929303 |
| **Technology - 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>(a)</sup> | &nbsp;&nbsp;14109 | &nbsp;&nbsp;1043078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;26174 | &nbsp;&nbsp;1536676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corporation <sup>(a)</sup> | &nbsp;&nbsp;76558 | &nbsp;&nbsp;1933855 |
|  |  | &nbsp;&nbsp;3470531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;11338 | &nbsp;&nbsp;967812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;2893 | &nbsp;&nbsp;1332429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;5657 | &nbsp;&nbsp;1162513 |
|  |  | &nbsp;&nbsp;3462754 |
| **Utilities - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avista Corporation | &nbsp;&nbsp;50181 | &nbsp;&nbsp;1871751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;18007 | &nbsp;&nbsp;2256818 |
|  |  | &nbsp;&nbsp;4128569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gas & Water Utilities - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Fuel Gas Company | &nbsp;&nbsp;16374 | &nbsp;&nbsp;1421099 |
| **Total Common Stocks** (Cost $82,307,173) | **Total Common Stocks** (Cost $82,307,173) | &nbsp;&nbsp;$94311880 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 2.7%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class U, 4.25% <sup>(b)</sup> <br> (Cost $2,597,500) | &nbsp;&nbsp;2597500 | &nbsp;&nbsp;$2597500 |
| **Investments at Value - 100.1%** (Cost $84,904,673) | **Investments at Value - 100.1%** (Cost $84,904,673) | &nbsp;&nbsp;$96909380 |
| **Liabilities in Excess of Other Assets - (0.1%)** | **Liabilities in Excess of Other Assets - (0.1%)** | &nbsp;&nbsp; (119451) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$96789929 |

---

plc - Public Limited Company <br> REIT - Real Estate Investment Trust <br>

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of July 31, 2025.

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMALLCAP FUND** | **WESTWOOD QUALITY SMALLCAP FUND** | **WESTWOOD QUALITY SMALLCAP FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.2%** | **Shares** | **Value** |
| **Consumer Discretionary - 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home Construction - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;350892 | &nbsp;&nbsp;$19751711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. (The) | &nbsp;&nbsp;222849 | &nbsp;&nbsp;14242280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Products - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;535994 | &nbsp;&nbsp;19692419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;373593 | &nbsp;&nbsp;18974789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;61260 | &nbsp;&nbsp;10530594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMS, Inc. <sup>(a)</sup> | &nbsp;&nbsp;43338 | &nbsp;&nbsp;4751578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonic Automotive, Inc. - Class A | &nbsp;&nbsp;135444 | &nbsp;&nbsp;9799373 |
|  |  | &nbsp;&nbsp;44056334 |
| **Consumer Staples - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J & J Snack Foods Corporation | &nbsp;&nbsp;82818 | &nbsp;&nbsp;9349324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Garden & Pet Company - Class A <sup>(a)</sup> | &nbsp;&nbsp;303626 | &nbsp;&nbsp;10784795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interparfums, Inc. | &nbsp;&nbsp;173136 | &nbsp;&nbsp;20880202 |
|  |  | &nbsp;&nbsp;31664997 |
| **Energy - 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 6.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Corporation <sup>(a)</sup> | &nbsp;&nbsp;61717 | &nbsp;&nbsp;10746781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinity Natural Resources, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;513629 | &nbsp;&nbsp;7658209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Oil and Gas, Inc. | &nbsp;&nbsp;649245 | &nbsp;&nbsp;18282739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy Company | &nbsp;&nbsp;733697 | &nbsp;&nbsp;20242700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Energy, Inc. <sup>(a)</sup> | &nbsp;&nbsp;452479 | &nbsp;&nbsp;8456833 |
|  |  | &nbsp;&nbsp;65387262 |
| **Financials - 22.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 17.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corporation | &nbsp;&nbsp;598403 | &nbsp;&nbsp;18969375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son Ltd. (The) | &nbsp;&nbsp;231925 | &nbsp;&nbsp;10554907 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMALLCAP FUND** | **WESTWOOD QUALITY SMALLCAP FUND** | **WESTWOOD QUALITY SMALLCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 99.2% (Continued)** | **Shares** | **Value** |
| **Financials - 22.3% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 17.3% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Corporation | &nbsp;&nbsp;320861 | &nbsp;&nbsp;$19917446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City Holding Company | &nbsp;&nbsp;156755 | &nbsp;&nbsp;19139785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coastal Financial Corporation <sup>(a)</sup> | &nbsp;&nbsp;105908 | &nbsp;&nbsp;10188350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Bancorp | &nbsp;&nbsp;399987 | &nbsp;&nbsp;20035349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank Holdings Corporation - Class A | &nbsp;&nbsp;385962 | &nbsp;&nbsp;14303752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renasant Corporation | &nbsp;&nbsp;522090 | &nbsp;&nbsp;19129378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | &nbsp;&nbsp;689896 | &nbsp;&nbsp;19448168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simmons First National Corporation - Class A | &nbsp;&nbsp;1055875 | &nbsp;&nbsp;20241124 |
|  |  | &nbsp;&nbsp;171927634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perella Weinberg Partners | &nbsp;&nbsp;503247 | &nbsp;&nbsp;10034745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | &nbsp;&nbsp;65198 | &nbsp;&nbsp;20558233 |
|  |  | &nbsp;&nbsp;30592978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;511921 | &nbsp;&nbsp;18859170 |
| **Health Care - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | &nbsp;&nbsp;274357 | &nbsp;&nbsp;20288700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONMED Corporation | &nbsp;&nbsp;325650 | &nbsp;&nbsp;16656997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. <sup>(a)</sup> | &nbsp;&nbsp;240717 | &nbsp;&nbsp;20427245 |
|  |  | &nbsp;&nbsp;37084242 |
| **Industrials - 16.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR Corporation <sup>(a)</sup> | &nbsp;&nbsp;260263 | &nbsp;&nbsp;19444249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc. - Class A | &nbsp;&nbsp;107115 | &nbsp;&nbsp;20735322 |
|  |  | &nbsp;&nbsp;40179571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;261104 | &nbsp;&nbsp;10159557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hayward Holdings Inc. <sup>(a)</sup> | &nbsp;&nbsp;654754 | &nbsp;&nbsp;10070116 |
|  |  | &nbsp;&nbsp;20229673 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMALLCAP FUND** | **WESTWOOD QUALITY SMALLCAP FUND** | **WESTWOOD QUALITY SMALLCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 99.2% (Continued)** | **Shares** | **Value** |
| **Industrials - 16.8% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Construction - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. <sup>(a)</sup> | &nbsp;&nbsp;266963 | &nbsp;&nbsp;$19824672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Intermediate Products - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AZZ, Inc. | &nbsp;&nbsp;143427 | &nbsp;&nbsp;15705256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standex International Corporation | &nbsp;&nbsp;39751 | &nbsp;&nbsp;6548580 |
|  |  | &nbsp;&nbsp;22253836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Group, Inc. | &nbsp;&nbsp;90162 | &nbsp;&nbsp;20068258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;351114 | &nbsp;&nbsp;9929504 |
|  |  | &nbsp;&nbsp;29997762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ArcBest Corporation | &nbsp;&nbsp;202730 | &nbsp;&nbsp;14825645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation Equipment - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Bird Corporation <sup>(a)</sup> | &nbsp;&nbsp;440211 | &nbsp;&nbsp;19717051 |
| **Materials - 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 6.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawkins, Inc. | &nbsp;&nbsp;89283 | &nbsp;&nbsp;14578128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;127817 | &nbsp;&nbsp;10212578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensient Technologies Corporation | &nbsp;&nbsp;191791 | &nbsp;&nbsp;21536212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stepan Company | &nbsp;&nbsp;380199 | &nbsp;&nbsp;19302703 |
|  |  | &nbsp;&nbsp;65629621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Forestry, Paper & Wood Products - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Company | &nbsp;&nbsp;233477 | &nbsp;&nbsp;19567707 |
| **Real Estate - 11.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate Services - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmark Group, Inc. - Class A | &nbsp;&nbsp;555806 | &nbsp;&nbsp;8431577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 10.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;738725 | &nbsp;&nbsp;20152418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;756642 | &nbsp;&nbsp;19097644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;1224643 | &nbsp;&nbsp;17781816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic Corporation | &nbsp;&nbsp;473036 | &nbsp;&nbsp;19342442 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMALLCAP FUND** | **WESTWOOD QUALITY SMALLCAP FUND** | **WESTWOOD QUALITY SMALLCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 99.2% (Continued)** | **Shares** | **Value** |
| **Real Estate - 11.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 10.8% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;1210011 | &nbsp;&nbsp;$10587596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;1007491 | &nbsp;&nbsp;19867723 |
|  |  | &nbsp;&nbsp;106829639 |
| **Technology - 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>(a)</sup> | &nbsp;&nbsp;275255 | &nbsp;&nbsp;20349602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeco Instruments, Inc. <sup>(a)</sup> | &nbsp;&nbsp;731087 | &nbsp;&nbsp;15191988 |
|  |  | &nbsp;&nbsp;35541590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackLine, Inc. <sup>(a)</sup> | &nbsp;&nbsp;358385 | &nbsp;&nbsp;19273945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc. <sup>(a)</sup> | &nbsp;&nbsp;185308 | &nbsp;&nbsp;9813912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corporation <sup>(a)</sup> | &nbsp;&nbsp;808108 | &nbsp;&nbsp;20412808 |
|  |  | &nbsp;&nbsp;49500665 |
| **Utilities - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avista Corporation | &nbsp;&nbsp;527920 | &nbsp;&nbsp;19691416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | &nbsp;&nbsp;300385 | &nbsp;&nbsp;16130675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | &nbsp;&nbsp;239542 | &nbsp;&nbsp;13603590 |
|  |  | &nbsp;&nbsp;49425681 |
| **Total Common Stocks** (Cost $852,731,177) | **Total Common Stocks** (Cost $852,731,177) | &nbsp;&nbsp;$984851741 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMALLCAP FUND** | **WESTWOOD QUALITY SMALLCAP FUND** | **WESTWOOD QUALITY SMALLCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 1.1%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class U, 4.25% <sup>(b)</sup> <br> (Cost $10,508,953) | &nbsp;&nbsp;10508953 | &nbsp;&nbsp;$10508953 |
| **Investments at Value - 100.3%** (Cost $863,240,130) | **Investments at Value - 100.3%** (Cost $863,240,130) | &nbsp;&nbsp;$995360694 |
| **Liabilities in Excess of Other Assets - (0.3%)** | **Liabilities in Excess of Other Assets - (0.3%)** | &nbsp;&nbsp; (3280658) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$992080036 |

---

REIT - Real Estate Investment Trust

<br> <sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of July 31, 2025.

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY ALLCAP FUND** | **WESTWOOD QUALITY ALLCAP FUND** | **WESTWOOD QUALITY ALLCAP FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 97.6%** | **Shares** | **Value** |
| **Communications - 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | &nbsp;&nbsp;2745 | &nbsp;&nbsp;$326957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;3553 | &nbsp;&nbsp;681821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;299 | &nbsp;&nbsp;231258 |
|  |  | &nbsp;&nbsp;913079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;1857 | &nbsp;&nbsp;442727 |
| **Consumer Discretionary - 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2495 | &nbsp;&nbsp;584105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;848 | &nbsp;&nbsp;392802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4678 | &nbsp;&nbsp;459941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wholesale - Discretionary - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool Corporation | &nbsp;&nbsp;715 | &nbsp;&nbsp;220320 |
| **Consumer Staples - 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | &nbsp;&nbsp;4449 | &nbsp;&nbsp;417183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;3209 | &nbsp;&nbsp;339833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tobacco & Cannabis - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;1737 | &nbsp;&nbsp;284955 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY ALLCAP FUND** | **WESTWOOD QUALITY ALLCAP FUND** | **WESTWOOD QUALITY ALLCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.6% (Continued)** | **Shares** | **Value** |
| **Energy - 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;2989 | &nbsp;&nbsp;$444345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;3404 | &nbsp;&nbsp;408548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corporation | &nbsp;&nbsp;5527 | &nbsp;&nbsp;297076 |
|  |  | &nbsp;&nbsp;1149969 |
| **Financials - 22.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;3126 | &nbsp;&nbsp;454270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 12.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;13903 | &nbsp;&nbsp;657195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | &nbsp;&nbsp;7489 | &nbsp;&nbsp;328243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;2385 | &nbsp;&nbsp;706532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Corporation | &nbsp;&nbsp;4646 | &nbsp;&nbsp;437514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;6843 | &nbsp;&nbsp;551751 |
|  |  | &nbsp;&nbsp;2681235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A | &nbsp;&nbsp;780 | &nbsp;&nbsp;234889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 7.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;9991 | &nbsp;&nbsp;368068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International General Insurance Holdings Ltd. | &nbsp;&nbsp;14010 | &nbsp;&nbsp;334139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury General Corporation | &nbsp;&nbsp;6336 | &nbsp;&nbsp;438768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation (The) | &nbsp;&nbsp;1775 | &nbsp;&nbsp;429621 |
|  |  | &nbsp;&nbsp;1570596 |
| **Health Care - 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;3935 | &nbsp;&nbsp;648252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation | &nbsp;&nbsp;591 | &nbsp;&nbsp;409882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;4659 | &nbsp;&nbsp;587919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon, Inc. | &nbsp;&nbsp;4882 | &nbsp;&nbsp;427419 |
|  |  | &nbsp;&nbsp;1015338 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY ALLCAP FUND** | **WESTWOOD QUALITY ALLCAP FUND** | **WESTWOOD QUALITY ALLCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.6% (Continued)** | **Shares** | **Value** |
| **Industrials - 13.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The) <sup>(a)</sup> | &nbsp;&nbsp;1535 | &nbsp;&nbsp;$340524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation | &nbsp;&nbsp;1485 | &nbsp;&nbsp;462741 |
|  |  | &nbsp;&nbsp;803265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;1537 | &nbsp;&nbsp;233516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;1041 | &nbsp;&nbsp;455417 |
|  |  | &nbsp;&nbsp;688933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veralto Corporation | &nbsp;&nbsp;3112 | &nbsp;&nbsp;326231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corporation | &nbsp;&nbsp;15509 | &nbsp;&nbsp;551190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1643 | &nbsp;&nbsp;197637 |
|  |  | &nbsp;&nbsp;748827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation Equipment - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Bird Corporation <sup>(a)</sup> | &nbsp;&nbsp;7909 | &nbsp;&nbsp;354244 |
| **Materials - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction Materials - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;1829 | &nbsp;&nbsp;209878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Containers & Packaging - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;4231 | &nbsp;&nbsp;420392 |
| **Real Estate - 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 5.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corporation | &nbsp;&nbsp;1923 | &nbsp;&nbsp;400734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | &nbsp;&nbsp;2278 | &nbsp;&nbsp;371861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;6390 | &nbsp;&nbsp;429280 |
|  |  | &nbsp;&nbsp;1201875 |
| **Technology - 12.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;5380 | &nbsp;&nbsp;432391 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY ALLCAP FUND** | **WESTWOOD QUALITY ALLCAP FUND** | **WESTWOOD QUALITY ALLCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.6% (Continued)** | **Shares** | **Value** |
| **Technology - 12.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;891 | &nbsp;&nbsp;$475349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;1177 | &nbsp;&nbsp;304054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corporation <sup>(a)</sup> | &nbsp;&nbsp;9798 | &nbsp;&nbsp;247497 |
|  |  | &nbsp;&nbsp;1026900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 5.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | &nbsp;&nbsp;1419 | &nbsp;&nbsp;379015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;958 | &nbsp;&nbsp;441226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corporation | &nbsp;&nbsp;2177 | &nbsp;&nbsp;379625 |
|  |  | &nbsp;&nbsp;1199866 |
| **Utilities - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 5.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corporation | &nbsp;&nbsp;5732 | &nbsp;&nbsp;423021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Company (The) | &nbsp;&nbsp;4462 | &nbsp;&nbsp;421570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;3796 | &nbsp;&nbsp;414068 |
|  |  | &nbsp;&nbsp;1258659 |
| **Total Common Stocks** (Cost $17,745,660) | **Total Common Stocks** (Cost $17,745,660) | &nbsp;&nbsp;$21217794 |
| **MONEY MARKET FUNDS - 1.8%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.22% <sup>(b)</sup> <br> (Cost $382,517) | &nbsp;&nbsp;382517 | &nbsp;&nbsp;$382517 |
| **Investments at Value - 99.4%** (Cost $18,128,177) | **Investments at Value - 99.4%** (Cost $18,128,177) | &nbsp;&nbsp;$21600311 |
| **Other Assets in Excess of Liabilities - 0.6%** | **Other Assets in Excess of Liabilities - 0.6%** | &nbsp;&nbsp;125270 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$21725581 |

---

plc - Public Limited Company <br>

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of July 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **U.S. GOVERNMENT & AGENCIES - 8.6%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **U.S. Treasury Bonds - 5.1%** | **U.S. Treasury Bonds - 5.1%** | **U.S. Treasury Bonds - 5.1%** | **U.S. Treasury Bonds - 5.1%** |  |
| U.S. Treasury Bonds | 4.375% | 08/15/43 | &nbsp;&nbsp;$5250000 | &nbsp;&nbsp;$4950381 |
| U.S. Treasury Bonds | 4.750% | 11/15/53 | &nbsp;&nbsp;5030000 | &nbsp;&nbsp;4914271 |
| U.S. Treasury Bonds | 4.500% | 11/15/54 | &nbsp;&nbsp;5430000 | &nbsp;&nbsp;5096564 |
| U.S. Treasury Bonds | 4.625% | 02/15/55 | &nbsp;&nbsp;3820000 | &nbsp;&nbsp;3661828 |
| U.S. Treasury Bonds | 4.750% | 05/15/55 | &nbsp;&nbsp;8650000 | &nbsp;&nbsp;8467539 |
|  |  |  |  | &nbsp;&nbsp;27090583 |
| **U.S. Treasury Notes - 3.5%** | **U.S. Treasury Notes - 3.5%** | **U.S. Treasury Notes - 3.5%** | **U.S. Treasury Notes - 3.5%** |  |
| U.S. Treasury Notes | 4.000% | 02/28/30 | &nbsp;&nbsp;3250000 | &nbsp;&nbsp;3257998 |
| U.S. Treasury Notes | 4.125% | 11/15/32 | &nbsp;&nbsp;1310000 | &nbsp;&nbsp;1306981 |
| U.S. Treasury Notes | 4.375% | 05/15/34 | &nbsp;&nbsp;6315000 | &nbsp;&nbsp;6354222 |
| U.S. Treasury Notes | 4.625% | 02/15/35 | &nbsp;&nbsp;7565000 | &nbsp;&nbsp;7728120 |
|  |  |  |  | &nbsp;&nbsp;18647321 |
| **Total U.S. Government & Agencies** (Cost $46,349,751) | **Total U.S. Government & Agencies** (Cost $46,349,751) | **Total U.S. Government & Agencies** (Cost $46,349,751) | **Total U.S. Government & Agencies** (Cost $46,349,751) | &nbsp;&nbsp;$45737904 |
| **COLLATERALIZED MORTGAGE <br> OBLIGATIONS - 2.3%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Federal Home Loan Mortgage Corporation - 1.3%** | **Federal Home Loan Mortgage Corporation - 1.3%** | **Federal Home Loan Mortgage Corporation - 1.3%** | **Federal Home Loan Mortgage Corporation - 1.3%** |  |
| FHLMC, Pool #SD8275 | 4.500% | 12/01/52 | &nbsp;&nbsp;$2505301 | &nbsp;&nbsp;$2381601 |
| FHLMC, Pool #SD8288 | 5.000% | 01/01/53 | &nbsp;&nbsp;2431072 | &nbsp;&nbsp;2378140 |
| FHLMC, Pool #SD2605 | 5.500% | 04/01/53 | &nbsp;&nbsp;2433878 | &nbsp;&nbsp;2427285 |
|  |  |  |  | &nbsp;&nbsp;7187026 |
| **Federal National Mortgage Association - 1.0%** | **Federal National Mortgage Association - 1.0%** | **Federal National Mortgage Association - 1.0%** | **Federal National Mortgage Association - 1.0%** |  |
| FNMA, Pool #FS3394 | 4.000% | 10/01/52 | &nbsp;&nbsp;2660081 | &nbsp;&nbsp;2459904 |
| FNMA, Pool #MA5192 | 6.500% | 11/01/53 | &nbsp;&nbsp;2581082 | &nbsp;&nbsp;2662608 |
|  |  |  |  | &nbsp;&nbsp;5122512 |
| **Total Collateralized Mortgage Obligations** (Cost $12,364,819) | **Total Collateralized Mortgage Obligations** (Cost $12,364,819) | **Total Collateralized Mortgage Obligations** (Cost $12,364,819) | **Total Collateralized Mortgage Obligations** (Cost $12,364,819) | &nbsp;&nbsp;$12309538 |
| **CONVERTIBLE BONDS - 4.4%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Consumer Discretionary - 0.5%** | **Consumer Discretionary - 0.5%** | **Consumer Discretionary - 0.5%** |  |  |
| Meritage Homes Corporation | 1.750% | 05/15/28 | &nbsp;&nbsp;$2680000 | &nbsp;&nbsp;$2649798 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CONVERTIBLE BONDS - 4.4% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Energy - 0.4%** | **Energy - 0.4%** | **Energy - 0.4%** |  |  |
| Northern Oil & Gas, Inc. | 3.625% | 04/15/29 | &nbsp;&nbsp;$1950000 | &nbsp;&nbsp;$2021175 |
| **Health Care - 1.1%** | **Health Care - 1.1%** | **Health Care - 1.1%** |  |  |
| Integer Holdings Corporation | 2.125% | 02/15/28 | &nbsp;&nbsp;2575000 | &nbsp;&nbsp;3485263 |
| Merit Medical Systems, Inc., 144A | 3.000% | 02/01/29 | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;2470650 |
|  |  |  |  | &nbsp;&nbsp;5955913 |
| **Real Estate - 0.4%** | **Real Estate - 0.4%** | **Real Estate - 0.4%** |  |  |
| Corporate Office Properties, L.P., 144A | 5.250% | 09/15/28 | &nbsp;&nbsp;2045000 | &nbsp;&nbsp;2285799 |
| **Technology - 0.6%** | **Technology - 0.6%** | **Technology - 0.6%** |  |  |
| BlackLine, Inc. | 1.000% | 06/01/29 | &nbsp;&nbsp;2105000 | &nbsp;&nbsp;2177623 |
| Zscaler, Inc., 144A | 0.000% | 07/15/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;975000 |
|  |  |  |  | &nbsp;&nbsp;3152623 |
| **Utilities - 1.4%** | **Utilities - 1.4%** | **Utilities - 1.4%** |  |  |
| CenterPoint Energy, Inc. | 4.250% | 08/15/26 | &nbsp;&nbsp;3615000 | &nbsp;&nbsp;4019880 |
| NextEra Energy Capital Holdings, Inc. | 3.000% | 03/01/27 | &nbsp;&nbsp;2920000 | &nbsp;&nbsp;3330260 |
|  |  |  |  | &nbsp;&nbsp;7350140 |
| **Total Convertible Bonds** (Cost $21,892,023) | **Total Convertible Bonds** (Cost $21,892,023) | **Total Convertible Bonds** (Cost $21,892,023) | **Total Convertible Bonds** (Cost $21,892,023) | &nbsp;&nbsp;$23415448 |
| **CORPORATE BONDS - 32.3%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Communications - 3.8%** | **Communications - 3.8%** | **Communications - 3.8%** |  |  |
| Alphabet, Inc. | 5.300% | 05/15/65 | &nbsp;&nbsp;$2225000 | &nbsp;&nbsp;$2164147 |
| América Móvil S.A.B. de C.V., 144A | 5.375% | 04/04/32 | &nbsp;&nbsp;3050000 | &nbsp;&nbsp;3002518 |
| Charter Communications Operating, LLC | 6.384% | 10/23/35 | &nbsp;&nbsp;2430000 | &nbsp;&nbsp;2511698 |
| Charter Communications Operating, LLC | 6.484% | 10/23/45 | &nbsp;&nbsp;4950000 | &nbsp;&nbsp;4828477 |
| Connect Finco SARL / <br> Connect U.S. Finco, LLC, 144A | 9.000% | 09/15/29 | &nbsp;&nbsp;2585000 | &nbsp;&nbsp;2610070 |
| Enbridge, Inc. | 7.200% | 06/27/54 | &nbsp;&nbsp;2515000 | &nbsp;&nbsp;2590666 |
| Sinclair Television Group, Inc., 144A | 8.125% | 02/15/33 | &nbsp;&nbsp;2566000 | &nbsp;&nbsp;2617344 |
|  |  |  |  | &nbsp;&nbsp;20324920 |
| **Consumer Discretionary - 0.3%** | **Consumer Discretionary - 0.3%** | **Consumer Discretionary - 0.3%** |  |  |
| Aptiv plc / Aptiv Global Financing DAC | 6.875% | 12/15/54 | &nbsp;&nbsp;1810000 | &nbsp;&nbsp;1821803 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 32.3% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Consumer Staples - 1.8%** | **Consumer Staples - 1.8%** | **Consumer Staples - 1.8%** |  |  |
| BAT Capital Corporation | 7.750% | 10/19/32 | &nbsp;&nbsp;$3576000 | &nbsp;&nbsp;$4120994 |
| Mars, Inc., 144A | 5.700% | 05/01/55 | &nbsp;&nbsp;1620000 | &nbsp;&nbsp;1600775 |
| Pilgrim's Pride Corporation | 6.250% | 07/01/33 | &nbsp;&nbsp;3720000 | &nbsp;&nbsp;3910862 |
|  |  |  |  | &nbsp;&nbsp;9632631 |
| **Energy - 3.4%** | **Energy - 3.4%** | **Energy - 3.4%** |  |  |
| Columbia Pipelines Operating <br> Company, LLC, 144A | 6.544% | 11/15/53 | &nbsp;&nbsp;3705000 | &nbsp;&nbsp;3829778 |
| Diamondback Energy, Inc. | 5.900% | 04/18/64 | &nbsp;&nbsp;2490000 | &nbsp;&nbsp;2302154 |
| Energy Transfer, L.P. (H15T5Y + 531) <sup>(a)(b)</sup> | 7.125% | 05/15/65 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2559585 |
| Sempra Energy | 5.500% | 08/01/33 | &nbsp;&nbsp;2020000 | &nbsp;&nbsp;2065486 |
| Sempra Energy | 6.400% | 10/01/54 | &nbsp;&nbsp;4450000 | &nbsp;&nbsp;4305121 |
| TransCanada Trust | 5.600% | 03/07/82 | &nbsp;&nbsp;2918000 | &nbsp;&nbsp;2837708 |
|  |  |  |  | &nbsp;&nbsp;17899832 |
| **Financials - 17.0%** | **Financials - 17.0%** | **Financials - 17.0%** |  |  |
| Ally Financial, Inc. | 6.992% | 06/13/29 | &nbsp;&nbsp;3175000 | &nbsp;&nbsp;3337644 |
| Ares Capital Corporation | 7.000% | 01/15/27 | &nbsp;&nbsp;4210000 | &nbsp;&nbsp;4333372 |
| Bank of America Corporation | 5.518% | 10/25/35 | &nbsp;&nbsp;3140000 | &nbsp;&nbsp;3141432 |
| Bank of Nova Scotia, Series 4 | 8.625% | 10/27/82 | &nbsp;&nbsp;3270000 | &nbsp;&nbsp;3473240 |
| Barclays plc | 7.385% | 11/02/28 | &nbsp;&nbsp;2845000 | &nbsp;&nbsp;3008200 |
| Barclays plc <sup>(b)</sup> | 8.000% | 12/31/49 | &nbsp;&nbsp;3150000 | &nbsp;&nbsp;3338502 |
| BNP Paribas, 144A (H15T5Y + 313) <sup>(a)</sup> | 7.450% | 12/27/49 | &nbsp;&nbsp;2750000 | &nbsp;&nbsp;2801563 |
| Capital One Financial Corporation <br> (SOFR + 307) <sup>(a)(b)</sup> | 7.624% | 10/30/31 | &nbsp;&nbsp;2560000 | &nbsp;&nbsp;2882376 |
| Citigroup, Inc. <sup>(a)</sup> | 6.174% | 05/25/34 | &nbsp;&nbsp;2065000 | &nbsp;&nbsp;2160349 |
| Citigroup, Inc. <sup>(a)(b)</sup> | 7.200% | 12/31/49 | &nbsp;&nbsp;3330000 | &nbsp;&nbsp;3426670 |
| Compass Group Diversified <br> Holdings, LLC, 144A | 5.250% | 04/15/29 | &nbsp;&nbsp;2900000 | &nbsp;&nbsp;2694427 |
| Deluxe Corporation, 144A | 8.125% | 09/15/29 | &nbsp;&nbsp;2600000 | &nbsp;&nbsp;2677202 |
| Farmers Exchange Capital, 144A | 7.050% | 07/15/28 | &nbsp;&nbsp;3670000 | &nbsp;&nbsp;3849718 |
| Five Corners Funding Trust IV, 144A | 5.997% | 02/15/53 | &nbsp;&nbsp;1925000 | &nbsp;&nbsp;1949528 |
| Golub Capital Private Credit Fund | 5.875% | 05/01/30 | &nbsp;&nbsp;3635000 | &nbsp;&nbsp;3648545 |
| HSBC Holdings plc <sup>(b)</sup> | 8.000% | 12/31/49 | &nbsp;&nbsp;3455000 | &nbsp;&nbsp;3653113 |
| Intesa Sanpaolo S.p.A., 144A | 7.778% | 06/20/54 | &nbsp;&nbsp;2150000 | &nbsp;&nbsp;2457584 |
| JPMorgan Chase & Company <sup>(a)</sup> | 5.299% | 07/24/29 | &nbsp;&nbsp;3396000 | &nbsp;&nbsp;3476712 |
| Lincoln National Corporation <sup>(b)</sup> | 9.250% | 12/31/49 | &nbsp;&nbsp;2065000 | &nbsp;&nbsp;2241659 |
| Morgan Stanley, Series I | 6.296% | 10/18/28 | &nbsp;&nbsp;2385000 | &nbsp;&nbsp;2475382 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 32.3% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Financials - 17.0% (Continued)** | **Financials - 17.0% (Continued)** | **Financials - 17.0% (Continued)** |  |  |
| Morgan Stanley, Series F (SOFR + 262) <sup>(a)</sup> | 5.942% | 02/07/39 | &nbsp;&nbsp;$1830000 | &nbsp;&nbsp;$1889754 |
| National Australia Bank Ltd., 144A | 6.429% | 01/12/33 | &nbsp;&nbsp;2870000 | &nbsp;&nbsp;3069163 |
| Penske Truck Leasing Company, L.P. / <br> PTL Finance Corporation, 144A | 6.200% | 06/15/30 | &nbsp;&nbsp;2815000 | &nbsp;&nbsp;2984002 |
| RenaissanceRe Holdings Ltd. | 5.750% | 06/05/33 | &nbsp;&nbsp;2440000 | &nbsp;&nbsp;2513098 |
| SBL Holdings, Inc., 144A | 7.200% | 10/30/34 | &nbsp;&nbsp;3600000 | &nbsp;&nbsp;3509958 |
| Sixth Street Lending Partners | 5.750% | 01/15/30 | &nbsp;&nbsp;2085000 | &nbsp;&nbsp;2086793 |
| State Street Corporation <sup>(a)(b)</sup> | 6.700% | 12/31/49 | &nbsp;&nbsp;5470000 | &nbsp;&nbsp;5638722 |
| U.S. Bancorp <sup>(a)(b)</sup> | 3.700% | 12/31/49 | &nbsp;&nbsp;4025000 | &nbsp;&nbsp;3870560 |
| Wells Fargo & Company, Series W | 5.198% | 01/23/30 | &nbsp;&nbsp;3595000 | &nbsp;&nbsp;3671113 |
|  |  |  |  | &nbsp;&nbsp;90260381 |
| **Health Care - 1.5%** | **Health Care - 1.5%** | **Health Care - 1.5%** |  |  |
| Community Health Systems, Inc., 144A | 10.875% | 01/15/32 | &nbsp;&nbsp;2675000 | &nbsp;&nbsp;2806623 |
| Flex Ltd. | 6.000% | 01/15/28 | &nbsp;&nbsp;2735000 | &nbsp;&nbsp;2811877 |
| Mylan, Inc. | 5.200% | 04/15/48 | &nbsp;&nbsp;2650000 | &nbsp;&nbsp;2105058 |
|  |  |  |  | &nbsp;&nbsp;7723558 |
| **Materials - 0.5%** | **Materials - 0.5%** | **Materials - 0.5%** |  |  |
| Celanese US Holdings, LLC | 6.850% | 11/15/28 | &nbsp;&nbsp;2475000 | &nbsp;&nbsp;2576522 |
| **Real Estate - 0.9%** | **Real Estate - 0.9%** | **Real Estate - 0.9%** |  |  |
| Kimco Realty OP, LLC | 4.850% | 03/01/35 | &nbsp;&nbsp;2545000 | &nbsp;&nbsp;2487121 |
| MPT Operating Partnership, L.P. | 4.625% | 08/01/29 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;2284742 |
|  |  |  |  | &nbsp;&nbsp;4771863 |
| **Technology - 1.0%** | **Technology - 1.0%** | **Technology - 1.0%** |  |  |
| Dell International, LLC / EMC Corporation | 8.350% | 07/15/46 | &nbsp;&nbsp;1314000 | &nbsp;&nbsp;1671310 |
| HP, Inc. | 6.100% | 04/25/35 | &nbsp;&nbsp;1435000 | &nbsp;&nbsp;1487710 |
| Oracle Corporation | 6.900% | 11/09/52 | &nbsp;&nbsp;2075000 | &nbsp;&nbsp;2276360 |
|  |  |  |  | &nbsp;&nbsp;5435380 |
| **Utilities - 2.1%** | **Utilities - 2.1%** | **Utilities - 2.1%** |  |  |
| Florida Gas Transmission Company, 144A | 5.750% | 07/15/35 | &nbsp;&nbsp;2880000 | &nbsp;&nbsp;2939320 |
| Georgia Power Company | 5.250% | 03/15/34 | &nbsp;&nbsp;2785000 | &nbsp;&nbsp;2832321 |
| NextEra Energy Capital Holdings, Inc., <br> Series R | 6.750% | 06/15/54 | &nbsp;&nbsp;3090000 | &nbsp;&nbsp;3224810 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 32.3% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Utilities - 2.1% (Continued)** | **Utilities - 2.1% (Continued)** | **Utilities - 2.1% (Continued)** |  |  |
| Piedmont Natural Gas Company, Inc. | 5.050% | 05/15/52 | &nbsp;&nbsp;$2166000 | &nbsp;&nbsp;$1911262 |
|  |  |  |  | &nbsp;&nbsp;10907713 |
| **Total Corporate Bonds** (Cost $165,329,762) | **Total Corporate Bonds** (Cost $165,329,762) | **Total Corporate Bonds** (Cost $165,329,762) | **Total Corporate Bonds** (Cost $165,329,762) | &nbsp;&nbsp;$171354603 |
| **FOREIGN GOVERNMENTS - 0.8%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Mexico Government International Bonds (Cost $3,917,381) | 7.375% | 05/13/55 | &nbsp;&nbsp;$3980000 | &nbsp;&nbsp;$4088734 |
| **COMMON STOCKS - 44.0%** | **COMMON STOCKS - 44.0%** | **COMMON STOCKS - 44.0%** | **Shares** | **Value** |
| **Communications - 2.6%** | **Communications - 2.6%** | **Communications - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 0.8%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 0.8%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | &nbsp;&nbsp;34365 | &nbsp;&nbsp;$4093215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 1.8%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 1.8%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;50912 | &nbsp;&nbsp;9770013 |
| **Consumer Discretionary - 1.7%** | **Consumer Discretionary - 1.7%** | **Consumer Discretionary - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;6443 | &nbsp;&nbsp;2984462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.1%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.1%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;27814 | &nbsp;&nbsp;6218376 |
| **Consumer Staples - 2.2%** | **Consumer Staples - 2.2%** | **Consumer Staples - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc. - Class A | &nbsp;&nbsp;65826 | &nbsp;&nbsp;3442700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 0.9%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 0.9%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;42727 | &nbsp;&nbsp;4186392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tobacco & Cannabis - 0.7%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tobacco & Cannabis - 0.7%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tobacco & Cannabis - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;23785 | &nbsp;&nbsp;3901929 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 44.0% (Continued)** | **Shares** | **Value** |
| **Energy - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;16420 | &nbsp;&nbsp;$2489929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;525479 | &nbsp;&nbsp;9479641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;151018 | &nbsp;&nbsp;4237565 |
|  |  | &nbsp;&nbsp;16207135 |
| **Financials - 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG, Inc. | &nbsp;&nbsp;80822 | &nbsp;&nbsp;4612512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;24554 | &nbsp;&nbsp;7273877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Corporation | &nbsp;&nbsp;64715 | &nbsp;&nbsp;6094212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;103880 | &nbsp;&nbsp;8375843 |
|  |  | &nbsp;&nbsp;21743932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;16083 | &nbsp;&nbsp;11637498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury General Corporation | &nbsp;&nbsp;78905 | &nbsp;&nbsp;5464171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corporation | &nbsp;&nbsp;36189 | &nbsp;&nbsp;7780635 |
| **Health Care - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;86365 | &nbsp;&nbsp;9697926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;34880 | &nbsp;&nbsp;5746131 |
|  |  | &nbsp;&nbsp;15444057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson & Company | &nbsp;&nbsp;14883 | &nbsp;&nbsp;2652895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;46019 | &nbsp;&nbsp;4152754 |
|  |  | &nbsp;&nbsp;6805649 |
| **Industrials - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation | &nbsp;&nbsp;19032 | &nbsp;&nbsp;5930561 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 44.0% (Continued)** | **Shares** | **Value** |
| **Industrials - 4.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 2.2% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>(c)(d)</sup> | &nbsp;&nbsp;98000 | &nbsp;&nbsp;$5752600 |
|  |  | &nbsp;&nbsp;11683161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;26532 | &nbsp;&nbsp;5899390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corporation | &nbsp;&nbsp;22091 | &nbsp;&nbsp;4937118 |
| **Materials - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corporation | &nbsp;&nbsp;363772 | &nbsp;&nbsp;7682865 |
| **Real Estate - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;13590 | &nbsp;&nbsp;3535846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NNN REIT, Inc. | &nbsp;&nbsp;71297 | &nbsp;&nbsp;2941714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic Corporation | &nbsp;&nbsp;78951 | &nbsp;&nbsp;3228306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;10916 | &nbsp;&nbsp;2968497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;75006 | &nbsp;&nbsp;5038904 |
|  |  | &nbsp;&nbsp;17713267 |
| **Technology - 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation | &nbsp;&nbsp;227752 | &nbsp;&nbsp;4509490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. <sup>(d)</sup> | &nbsp;&nbsp;46000 | &nbsp;&nbsp;5020440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation <sup>(d)</sup> | &nbsp;&nbsp;44000 | &nbsp;&nbsp;7826279 |
|  |  | &nbsp;&nbsp;17356209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;23468 | &nbsp;&nbsp;12520178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;11399 | &nbsp;&nbsp;2944704 |
|  |  | &nbsp;&nbsp;15464882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;19527 | &nbsp;&nbsp;4053219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;72447 | &nbsp;&nbsp;4932192 |
|  |  | &nbsp;&nbsp;8985411 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 44.0% (Continued)** | **Shares** | **Value** |
| **Technology - 9.0% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | &nbsp;&nbsp;23648 | &nbsp;&nbsp;$5986491 |
| **Utilities - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corporation | &nbsp;&nbsp;49517 | &nbsp;&nbsp;3219100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. | &nbsp;&nbsp;132866 | &nbsp;&nbsp;4117517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;60784 | &nbsp;&nbsp;6630319 |
|  |  | &nbsp;&nbsp;13966936 |
| **Total Common Stocks** (Cost $175,571,807) | **Total Common Stocks** (Cost $175,571,807) | &nbsp;&nbsp;$233968406 |
| **EXCHANGE-TRADED FUNDS - 4.0%** | **Shares** | **Value** |
| iShares Core S&P Mid-Cap ETF | &nbsp;&nbsp;125795 | &nbsp;&nbsp;$7928859 |
| JPMorgan Equity Premium Income ETF | &nbsp;&nbsp;100401 | &nbsp;&nbsp;5670648 |
| JPMorgan Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;135236 | &nbsp;&nbsp;7451504 |
| **Total Exchange-Traded Funds** (Cost $19,108,450) | **Total Exchange-Traded Funds** (Cost $19,108,450) | &nbsp;&nbsp;$21051011 |
| **PREFERRED STOCKS - 2.1%** | **Shares** | **Value** |
| **Industrials - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The), 6.00%, 10/15/2027 | &nbsp;&nbsp;71350 | &nbsp;&nbsp;$5044445 |
| **Technology - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Company, 7.63%, 09/01/2027 | &nbsp;&nbsp;75800 | &nbsp;&nbsp;4548000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., 6.00%, 05/01/2028 - Series A | &nbsp;&nbsp;11500 | &nbsp;&nbsp;1356425 |
| **Total Preferred Stocks** (Cost $8,787,840) | **Total Preferred Stocks** (Cost $8,787,840) | &nbsp;&nbsp;$10948870 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 0.9%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class U, 4.25% <sup>(e)</sup> <br> (Cost $4,621,336) | &nbsp;&nbsp;4621336 | &nbsp;&nbsp;$4621336 |
| **Investments at Value - 99.4%** (Cost $457,943,169) | **Investments at Value - 99.4%** (Cost $457,943,169) | &nbsp;&nbsp;$527495850 |
| **Other Assets in Excess of Liabilities - 0.6%** | **Other Assets in Excess of Liabilities - 0.6%** | &nbsp;&nbsp;2930749 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$530426599 |

---

---

| | |
|:---|:---|
| 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 $51,131,022 as of July 31, 2025, representing 9.6% of net assets. |
| 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.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 July 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>(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 July 31, 2025 was $18,599,319.

<sup>(e)</sup> The rate shown is the 7-day effective yield as of July 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **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** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |  |  |
| **WRITTEN OPTION CONTRACTS** | **Strike Price** | **Contracts** | **Notional Value** | **Value of Options** |
| **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc., 11/21/25 | &nbsp;&nbsp;$65 .00 | 980 | $5752600 | &nbsp;&nbsp;&nbsp;&nbsp;$617400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc., 11/21/25 | &nbsp;&nbsp;145 .00 | 460 | 5020440 | &nbsp;&nbsp;&nbsp;&nbsp;97520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation, 10/17/25 | &nbsp;&nbsp;190 .00 | 440 | 7826279 | &nbsp;&nbsp;&nbsp;&nbsp;361240 |
| **Total Written Option Contracts** (Premiums $975,945) | **Total Written Option Contracts** (Premiums $975,945) |  | $18599319 | &nbsp;&nbsp;&nbsp;&nbsp;$1076160 |
| The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $13,004,230. | The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $13,004,230. | The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $13,004,230. | The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $13,004,230. | The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $13,004,230. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | |
| **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | |
| **FUTURES CONTRACTS** | **Contracts** | **Expiration Date** | **Notional Value** | <br>**Value/Unrealized Appreciation (Depreciation)** |
| **Interest Rate Futures** | **Interest Rate Futures** | **Interest Rate Futures** | **Interest Rate Futures** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-Year U.S. Treasury Note Future | 55 | 10/1/2025 | &nbsp;&nbsp;$11384140 | &nbsp;&nbsp;$(13055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-Year U.S. Treasury Note Future | 82 | 10/1/2025 | &nbsp;&nbsp;8870094 | &nbsp;&nbsp;30509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Ultra Long Term U.S. Treasury <br> Bond Future | 26 | 9/19/2025 | &nbsp;&nbsp;3050125 | &nbsp;&nbsp;84619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra 10-Year U.S. Treasury Note Future | 88 | 9/19/2025 | &nbsp;&nbsp;9950875 | &nbsp;&nbsp;118664 |
| **Total Futures Contracts** |  |  | &nbsp;&nbsp;$33255234 | &nbsp;&nbsp;$220737 |
| The average monthly notional value of futures contracts during the nine months ended July 31, 2025 was $24,827,042. | The average monthly notional value of futures contracts during the nine months ended July 31, 2025 was $24,827,042. | The average monthly notional value of futures contracts during the nine months ended July 31, 2025 was $24,827,042. | The average monthly notional value of futures contracts during the nine months ended July 31, 2025 was $24,827,042. | The average monthly notional value of futures contracts during the nine months ended July 31, 2025 was $24,827,042. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **U.S. GOVERNMENT & AGENCIES - 7.8%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **U.S. Treasury Bills <sup>(a)</sup> - 5.3%** | **U.S. Treasury Bills <sup>(a)</sup> - 5.3%** | **U.S. Treasury Bills <sup>(a)</sup> - 5.3%** | **U.S. Treasury Bills <sup>(a)</sup> - 5.3%** |  |
| U.S. Treasury Bills | 4.319% | 08/14/25 | &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$2496150 |
| U.S. Treasury Bills | 4.295% | 09/18/25 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;3480078 |
|  |  |  |  | &nbsp;&nbsp;5976228 |
| **U.S. Treasury Bonds - 0.7%** | **U.S. Treasury Bonds - 0.7%** | **U.S. Treasury Bonds - 0.7%** | **U.S. Treasury Bonds - 0.7%** |  |
| U.S. Treasury Bonds | 4.625% | 02/15/55 | &nbsp;&nbsp;775000 | &nbsp;&nbsp;742910 |
| **U.S. Treasury Notes - 1.8%** | **U.S. Treasury Notes - 1.8%** | **U.S. Treasury Notes - 1.8%** | **U.S. Treasury Notes - 1.8%** |  |
| U.S. Treasury Notes | 4.000% | 03/31/30 | &nbsp;&nbsp;1035000 | &nbsp;&nbsp;1037102 |
| U.S. Treasury Notes | 4.625% | 02/15/35 | &nbsp;&nbsp;1035000 | &nbsp;&nbsp;1057317 |
|  |  |  |  | &nbsp;&nbsp;2094419 |
| **Total U.S. Government & Agencies** (Cost $8,923,033) | **Total U.S. Government & Agencies** (Cost $8,923,033) | **Total U.S. Government & Agencies** (Cost $8,923,033) | **Total U.S. Government & Agencies** (Cost $8,923,033) | &nbsp;&nbsp;$8813557 |
| **COLLATERALIZED MORTGAGE <br> OBLIGATIONS - 1.6%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Federal Home Loan Mortgage Corporation - 1.2%** | **Federal Home Loan Mortgage Corporation - 1.2%** | **Federal Home Loan Mortgage Corporation - 1.2%** | **Federal Home Loan Mortgage Corporation - 1.2%** |  |
| FHLMC, Pool #SD8275 | 4.500% | 12/01/52 | &nbsp;&nbsp;$467376 | &nbsp;&nbsp;$444299 |
| FHLMC, Pool #SD8288 | 5.000% | 01/01/53 | &nbsp;&nbsp;453745 | &nbsp;&nbsp;443865 |
| FHLMC, Pool #SD2605 | 5.500% | 04/01/53 | &nbsp;&nbsp;456352 | &nbsp;&nbsp;455116 |
|  |  |  |  | &nbsp;&nbsp;1343280 |
| **Federal National Mortgage Association - 0.4%** | **Federal National Mortgage Association - 0.4%** | **Federal National Mortgage Association - 0.4%** | **Federal National Mortgage Association - 0.4%** |  |
| FNMA, Pool #FS3394 | 4.000% | 10/01/52 | &nbsp;&nbsp;497130 | &nbsp;&nbsp;459720 |
| **Total Collateralized Mortgage Obligations** (Cost $1,827,450) | **Total Collateralized Mortgage Obligations** (Cost $1,827,450) | **Total Collateralized Mortgage Obligations** (Cost $1,827,450) | **Total Collateralized Mortgage Obligations** (Cost $1,827,450) | &nbsp;&nbsp;$1803000 |
| **CONVERTIBLE BONDS - 3.6%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Financials - 1.7%** | **Financials - 1.7%** | **Financials - 1.7%** |  |  |
| Blackstone Mortgage Trust, Inc. | 5.500% | 03/15/27 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$979000 |
| Redwood Trust, Inc. | 7.750% | 06/15/27 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;997432 |
|  |  |  |  | &nbsp;&nbsp;1976432 |
| **Technology - 1.9%** | **Technology - 1.9%** | **Technology - 1.9%** |  |  |
| BlackLine, Inc. | 1.000% | 06/01/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1034500 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CONVERTIBLE BONDS - 3.6% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Technology - 1.9% (Continued)** | **Technology - 1.9% (Continued)** | **Technology - 1.9% (Continued)** |  |  |
| Sabre Global, Inc., 144A | 10.750% | 11/15/29 | &nbsp;&nbsp;$1082000 | &nbsp;&nbsp;$1110738 |
|  |  |  |  | &nbsp;&nbsp;2145238 |
| **Total Convertible Bonds** (Cost $3,928,984) | **Total Convertible Bonds** (Cost $3,928,984) | **Total Convertible Bonds** (Cost $3,928,984) | **Total Convertible Bonds** (Cost $3,928,984) | &nbsp;&nbsp;$4121670 |
| **CORPORATE BONDS - 57.8%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Communications - 10.1%** | **Communications - 10.1%** | **Communications - 10.1%** |  |  |
| Alphabet, Inc. | 5.300% | 05/15/65 | &nbsp;&nbsp;$460000 | &nbsp;&nbsp;$447419 |
| América Móvil S.A.B. de C.V., 144A | 5.375% | 04/04/32 | &nbsp;&nbsp;360000 | &nbsp;&nbsp;354395 |
| Charter Communications Operating, LLC | 6.384% | 10/23/35 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1033621 |
| Clear Channel Outdoor Holdings, Inc., 144A | 9.000% | 09/15/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1047641 |
| Connect Finco SARL / <br> Connect U.S. Finco, LLC, 144A | 9.000% | 09/15/29 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;504849 |
| CSC Holdings, LLC, 144A | 11.250% | 05/15/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1005200 |
| DIRECTV Financing, LLC, 144A | 8.875% | 02/01/30 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;488990 |
| DISH Network Corporation, 144A | 11.750% | 11/15/27 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1041405 |
| Dotdash Meredith, Inc., 144A | 7.625% | 06/15/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;973285 |
| E.W. Scripps Company (The), 144A | 9.875% | 08/15/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;993761 |
| Enbridge, Inc. | 7.200% | 06/27/54 | &nbsp;&nbsp;525000 | &nbsp;&nbsp;540795 |
| Gray Media, Inc., 144A | 7.250% | 08/15/33 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;248657 |
| iHeartCommunications, Inc., 144A | 7.750% | 08/15/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;778597 |
| Sinclair Television Group, Inc., 144A | 8.125% | 02/15/33 | &nbsp;&nbsp;919000 | &nbsp;&nbsp;937389 |
| Telesat Canada / Telesat, LLC, 144A | 4.875% | 06/01/27 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;617500 |
| Vodafone Group plc | 4.875% | 06/19/49 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;436309 |
|  |  |  |  | &nbsp;&nbsp;11449813 |
| **Consumer Discretionary - 5.6%** | **Consumer Discretionary - 5.6%** | **Consumer Discretionary - 5.6%** |  |  |
| AMC Entertainment Holdings, Inc., 144A | 7.500% | 02/15/29 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;639007 |
| Aptiv plc / Aptiv Global Financing DAC | 6.875% | 12/15/54 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1006521 |
| Darden Restaurants, Inc. | 4.550% | 02/15/48 | &nbsp;&nbsp;790000 | &nbsp;&nbsp;645744 |
| Ford Motor Credit Company, LLC | 7.450% | 07/16/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1086313 |
| Odeon Finco plc, 144A | 12.750% | 11/01/27 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1041983 |
| Shutterfly Finance, LLC, 144A | 8.500% | 10/01/27 | &nbsp;&nbsp;1021250 | &nbsp;&nbsp;949762 |
| Staples, Inc., 144A | 10.750% | 09/01/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;939609 |
|  |  |  |  | &nbsp;&nbsp;6308939 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 57.8% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Consumer Staples - 0.9%** | **Consumer Staples - 0.9%** | **Consumer Staples - 0.9%** |  |  |
| BAT Capital Corporation | 7.750% | 10/19/32 | &nbsp;&nbsp;$552000 | &nbsp;&nbsp;$636127 |
| Mars, Inc., 144A | 5.700% | 05/01/55 | &nbsp;&nbsp;320000 | &nbsp;&nbsp;316202 |
|  |  |  |  | &nbsp;&nbsp;952329 |
| **Energy - 7.4%** | **Energy - 7.4%** | **Energy - 7.4%** |  |  |
| CVR Energy, Inc., 144A | 8.500% | 01/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;980205 |
| Diamondback Energy, Inc. | 5.900% | 04/18/64 | &nbsp;&nbsp;460000 | &nbsp;&nbsp;425298 |
| Energy Transfer, L.P. (H15T5Y + 531) <sup>(b)(c)</sup> | 7.125% | 05/15/65 | &nbsp;&nbsp;525000 | &nbsp;&nbsp;537513 |
| FTAI Infra Escrow Holdings, LLC, 144A | 10.500% | 06/01/27 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1027918 |
| Global Partners, L.P. / GLP Finance Corporation, 144A | 8.250% | 01/15/32 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;524268 |
| Golar LNG Ltd., 144A | 7.750% | 09/19/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1008950 |
| Martin Midstream Partners, L.P., 144A | 11.500% | 02/15/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1059975 |
| NGL Energy Operating, LLC / NGL Energy Finance Corporation, 144A | 8.125% | 02/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;989615 |
| Sempra Energy <sup>(c)</sup> | 6.400% | 10/01/54 | &nbsp;&nbsp;450000 | &nbsp;&nbsp;435349 |
| TransCanada Trust | 5.600% | 03/07/82 | &nbsp;&nbsp;478000 | &nbsp;&nbsp;464847 |
| W&T Offshore, Inc., 144A | 10.750% | 02/01/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;912450 |
|  |  |  |  | &nbsp;&nbsp;8366388 |
| **Financials - 14.2%** | **Financials - 14.2%** | **Financials - 14.2%** |  |  |
| Ally Financial, Inc. | 6.992% | 06/13/29 | &nbsp;&nbsp;590000 | &nbsp;&nbsp;620224 |
| Ares Capital Corporation | 7.000% | 01/15/27 | &nbsp;&nbsp;735000 | &nbsp;&nbsp;756539 |
| Avation Capital S.A., 144A | 8.250% | 10/31/26 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;740199 |
| Bank of America Corporation | 5.518% | 10/25/35 | &nbsp;&nbsp;635000 | &nbsp;&nbsp;635290 |
| Barclays plc | 7.385% | 11/02/28 | &nbsp;&nbsp;515000 | &nbsp;&nbsp;544542 |
| Blackstone Private Credit Fund | 7.050% | 09/29/25 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1003202 |
| Blue Owl Credit Income Corporation | 5.800% | 03/15/30 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;500824 |
| Compass Group Diversified Holdings, LLC, 144A | 5.250% | 04/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;929113 |
| Deluxe Corporation, 144A | 8.125% | 09/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1029693 |
| Five Corners Funding Trust IV, 144A | 5.997% | 02/15/53 | &nbsp;&nbsp;570000 | &nbsp;&nbsp;577263 |
| Golub Capital Private Credit Fund | 5.875% | 05/01/30 | &nbsp;&nbsp;890000 | &nbsp;&nbsp;893316 |
| HSBC Holdings plc | 6.547% | 06/20/34 | &nbsp;&nbsp;665000 | &nbsp;&nbsp;705585 |
| HSBC Holdings plc <sup>(c)</sup> | 8.000% | 12/31/49 | &nbsp;&nbsp;615000 | &nbsp;&nbsp;650265 |
| Icahn Enterprises, L.P. / Icahn Enterprises Financial Corporation, 144A | 10.000% | 11/15/29 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;1265342 |
| Intesa Sanpaolo S.p.A., 144A | 7.778% | 06/20/54 | &nbsp;&nbsp;360000 | &nbsp;&nbsp;411502 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 57.8% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Financials - 14.2% (Continued)** | **Financials - 14.2% (Continued)** | **Financials - 14.2% (Continued)** |  |  |
| Jackson Financial, Inc. | 4.000% | 11/23/51 | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$338823 |
| Morgan Stanley, Series F (SOFR + 262) <sup>(b)</sup> | 5.942% | 02/07/39 | &nbsp;&nbsp;450000 | &nbsp;&nbsp;464694 |
| National Australia Bank Ltd., 144A | 6.429% | 01/12/33 | &nbsp;&nbsp;485000 | &nbsp;&nbsp;518656 |
| Queen MergerCo, Inc., 144A | 6.750% | 04/30/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1029783 |
| RenaissanceRe Holdings Ltd. | 5.750% | 06/05/33 | &nbsp;&nbsp;230000 | &nbsp;&nbsp;236890 |
| SBL Holdings, Inc., 144A | 7.200% | 10/30/34 | &nbsp;&nbsp;725000 | &nbsp;&nbsp;706867 |
| Sixth Street Lending Partners | 5.750% | 01/15/30 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;500430 |
| SouthState Corporation | 7.000% | 06/13/35 | &nbsp;&nbsp;535000 | &nbsp;&nbsp;549911 |
| State Street Corporation <sup>(b)(c)</sup> | 6.700% | 12/31/49 | &nbsp;&nbsp;475000 | &nbsp;&nbsp;489651 |
|  |  |  |  | &nbsp;&nbsp;16098604 |
| **Health Care - 2.5%** | **Health Care - 2.5%** | **Health Care - 2.5%** |  |  |
| 1261229 BC Ltd., 144A | 10.000% | 04/15/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1018089 |
| Community Health Systems, Inc., 144A | 10.875% | 01/15/32 | &nbsp;&nbsp;1005000 | &nbsp;&nbsp;1054451 |
| Flex Ltd. | 6.000% | 01/15/28 | &nbsp;&nbsp;745000 | &nbsp;&nbsp;765941 |
|  |  |  |  | &nbsp;&nbsp;2838481 |
| **Industrials - 6.3%** | **Industrials - 6.3%** | **Industrials - 6.3%** |  |  |
| Boeing Company (The) | 5.805% | 05/01/50 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;964481 |
| CoreCivic, Inc. | 8.250% | 04/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1057694 |
| Donnelley RR & Sons Company, 144A | 9.500% | 08/01/29 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;765000 |
| GEO Group, Inc. | 8.625% | 04/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1062557 |
| GEO Group, Inc. | 10.250% | 04/15/31 | &nbsp;&nbsp;667000 | &nbsp;&nbsp;733318 |
| GrafTech Global Enterprises, Inc., 144A | 9.875% | 12/23/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;880030 |
| Scorpio Tankers, Inc. | 7.500% | 01/30/30 | &nbsp;&nbsp;625000 | &nbsp;&nbsp;626660 |
| XPO, Inc., 144A | 6.250% | 06/01/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1016348 |
|  |  |  |  | &nbsp;&nbsp;7106088 |
| **Materials - 1.2%** | **Materials - 1.2%** | **Materials - 1.2%** |  |  |
| Cleveland-Cliffs, Inc., 144A | 7.000% | 03/15/32 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;487854 |
| Kronos Acquisition Holdings, Inc., 144A | 8.250% | 06/30/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;867111 |
|  |  |  |  | &nbsp;&nbsp;1354965 |
| **Real Estate - 5.8%** | **Real Estate - 5.8%** | **Real Estate - 5.8%** |  |  |
| American Homes 4 Rent, L.P. | 4.300% | 04/15/52 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;776990 |
| Iron Mountain, Inc., 144A | 7.000% | 02/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1027316 |
| MPT Operating Partnership, L.P. | 4.625% | 08/01/29 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;951976 |
| MPT Operating Partnership, L.P., 144A | 8.500% | 02/15/32 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;779554 |
| New Residential Investment <br> Corporation, 144A | 8.000% | 04/01/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1021632 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 57.8% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Real Estate - 5.8% (Continued)** | **Real Estate - 5.8% (Continued)** | **Real Estate - 5.8% (Continued)** |  |  |
| Service Properties Trust | 8.875% | 06/15/32 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1045480 |
| VICI Properties, L.P. | 5.125% | 05/15/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;997667 |
|  |  |  |  | &nbsp;&nbsp;6600615 |
| **Technology - 1.9%** | **Technology - 1.9%** | **Technology - 1.9%** |  |  |
| CommScope, LLC, 144A | 9.500% | 12/15/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1052477 |
| Dell International, LLC / EMC Corporation | 8.350% | 07/15/46 | &nbsp;&nbsp;342000 | &nbsp;&nbsp;434998 |
| HP, Inc. | 6.100% | 04/25/35 | &nbsp;&nbsp;295000 | &nbsp;&nbsp;305836 |
| Oracle Corporation | 6.900% | 11/09/52 | &nbsp;&nbsp;320000 | &nbsp;&nbsp;351053 |
|  |  |  |  | &nbsp;&nbsp;2144364 |
| **Utilities - 1.9%** | **Utilities - 1.9%** | **Utilities - 1.9%** |  |  |
| Consolidated Edison Company, Inc. | 3.850% | 06/15/46 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;580444 |
| NextEra Energy Capital Holdings, Inc., Series R | 6.750% | 06/15/54 | &nbsp;&nbsp;570000 | &nbsp;&nbsp;594868 |
| NextEra Energy Operating Partners, L.P., 144A | 7.250% | 01/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1019804 |
|  |  |  |  | &nbsp;&nbsp;2195116 |
| **Total Corporate Bonds** (Cost $65,477,996) | **Total Corporate Bonds** (Cost $65,477,996) | **Total Corporate Bonds** (Cost $65,477,996) | **Total Corporate Bonds** (Cost $65,477,996) | &nbsp;&nbsp;$65415702 |
| **FOREIGN GOVERNMENTS - 1.3%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Mexico Government International Bonds | 7.375% | 05/13/55 | &nbsp;&nbsp;$750000 | &nbsp;&nbsp;$770490 |
| Republic of South Africa Government Bonds | 5.875% | 04/20/32 | &nbsp;&nbsp;695000 | &nbsp;&nbsp;677582 |
| **Total Foreign Governments** (Cost $1,433,200) | **Total Foreign Governments** (Cost $1,433,200) | **Total Foreign Governments** (Cost $1,433,200) | **Total Foreign Governments** (Cost $1,433,200) | &nbsp;&nbsp;$1448072 |
| **COMMON STOCKS - 19.6%** | **COMMON STOCKS - 19.6%** | **COMMON STOCKS - 19.6%** | **Shares** | **Value** |
| **Communications - 1.4%** | **Communications - 1.4%** | **Communications - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 0.5%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 0.5%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | &nbsp;&nbsp;4809 | &nbsp;&nbsp;$572800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 0.9%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 0.9%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;5103 | &nbsp;&nbsp;979266 |
| **Consumer Discretionary - 1.3%** | **Consumer Discretionary - 1.3%** | **Consumer Discretionary - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.3%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.3%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;3300 | &nbsp;&nbsp;737781 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 19.6% (Continued)** | **Shares** | **Value** |
| **Consumer Discretionary - 1.3% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.3% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;6456 | &nbsp;&nbsp;$803966 |
|  |  | &nbsp;&nbsp;1541747 |
| **Consumer Staples - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tobacco & Cannabis - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;10245 | &nbsp;&nbsp;634575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;3080 | &nbsp;&nbsp;505274 |
|  |  | &nbsp;&nbsp;1139849 |
| **Energy - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation | &nbsp;&nbsp;6507 | &nbsp;&nbsp;216162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;42981 | &nbsp;&nbsp;775377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;13443 | &nbsp;&nbsp;377211 |
|  |  | &nbsp;&nbsp;1368750 |
| **Financials - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Corporation | &nbsp;&nbsp;3693 | &nbsp;&nbsp;347770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. - ADR | &nbsp;&nbsp;36879 | &nbsp;&nbsp;558348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | &nbsp;&nbsp;11928 | &nbsp;&nbsp;521373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;7623 | &nbsp;&nbsp;614642 |
|  |  | &nbsp;&nbsp;2042133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;1751 | &nbsp;&nbsp;1267006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance - 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corporation | &nbsp;&nbsp;3042 | &nbsp;&nbsp;654030 |
| **Health Care - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;1225 | &nbsp;&nbsp;361498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;7822 | &nbsp;&nbsp;878332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;3662 | &nbsp;&nbsp;603278 |
|  |  | &nbsp;&nbsp;1843108 |
| **Industrials - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation | &nbsp;&nbsp;2746 | &nbsp;&nbsp;855681 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 19.6% (Continued)** | **Shares** | **Value** |
| **Industrials - 1.8% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 1.5% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>(d)(e)</sup> | &nbsp;&nbsp;14000 | &nbsp;&nbsp;$821800 |
|  |  | &nbsp;&nbsp;1677481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corporation | &nbsp;&nbsp;1748 | &nbsp;&nbsp;390661 |
| **Materials - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining - 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corporation | &nbsp;&nbsp;20965 | &nbsp;&nbsp;442781 |
| **Real Estate - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;1473 | &nbsp;&nbsp;383245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NNN REIT, Inc. | &nbsp;&nbsp;11546 | &nbsp;&nbsp;476388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic Corporation | &nbsp;&nbsp;14379 | &nbsp;&nbsp;587957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;1652 | &nbsp;&nbsp;449245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;26080 | &nbsp;&nbsp;514298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;7902 | &nbsp;&nbsp;530856 |
|  |  | &nbsp;&nbsp;2941989 |
| **Technology - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation | &nbsp;&nbsp;17578 | &nbsp;&nbsp;348044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation <sup>(d)</sup> | &nbsp;&nbsp;4600 | &nbsp;&nbsp;818202 |
|  |  | &nbsp;&nbsp;1166246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;1839 | &nbsp;&nbsp;981106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;11749 | &nbsp;&nbsp;799872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | &nbsp;&nbsp;3445 | &nbsp;&nbsp;872102 |
| **Utilities - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corporation | &nbsp;&nbsp;7680 | &nbsp;&nbsp;499277 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 19.6% (Continued)** | **Shares** | **Value** |
| **Utilities - 1.4% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 1.4% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. | &nbsp;&nbsp;17059 | &nbsp;&nbsp;$528658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;4747 | &nbsp;&nbsp;517803 |
|  |  | &nbsp;&nbsp;1545738 |
| **Total Common Stocks** (Cost $16,979,286) | **Total Common Stocks** (Cost $16,979,286) | &nbsp;&nbsp;$22226665 |
| **EXCHANGE-TRADED FUNDS - 1.8%** | **Shares** | **Value** |
| JPMorgan Equity Premium Income ETF | &nbsp;&nbsp;10187 | &nbsp;&nbsp;$575362 |
| JPMorgan Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;18744 | &nbsp;&nbsp;1032794 |
| Westwood Salient Enhanced Energy Income ETF <sup>(f)</sup> | &nbsp;&nbsp;18861 | &nbsp;&nbsp;397054 |
| **Total Exchange-Traded Funds** (Cost $1,818,594) | **Total Exchange-Traded Funds** (Cost $1,818,594) | &nbsp;&nbsp;$2005210 |
| **PREFERRED STOCKS - 2.1%** | **Shares** | **Value** |
| **Industrials - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The), 6.00%, 10/15/2027 | &nbsp;&nbsp;13350 | &nbsp;&nbsp;$943845 |
| **Real Estate - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Apartments - 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinebrook Homes Trust, Inc., 9.50% - Series B | &nbsp;&nbsp;20000 | &nbsp;&nbsp;500000 |
| **Technology - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Company, 7.63%, 09/01/2027 | &nbsp;&nbsp;11850 | &nbsp;&nbsp;711000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., 6.00%, 05/01/2028 - Series A | &nbsp;&nbsp;2400 | &nbsp;&nbsp;283080 |
| **Total Preferred Stocks** (Cost $2,050,575) | **Total Preferred Stocks** (Cost $2,050,575) | &nbsp;&nbsp;$2437925 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **WARRANT - 0.1%** | **Shares** | **Value** |
| **Communications - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Publishing & Broadcasting - 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audacy 2nd Lien Warrants <sup>(g)</sup> | &nbsp;&nbsp;906 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audacy 2nd Lien Warrants <sup>(g)</sup> | &nbsp;&nbsp;5433 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audacy Special Warrants <sup>(g)</sup> | &nbsp;&nbsp;4483 | &nbsp;&nbsp;87419 |
| **Total Warrant** (Cost $103,500) | **Total Warrant** (Cost $103,500) | &nbsp;&nbsp;$87419 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 3.7%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class U, 4.25% <sup>(h)</sup> <br> (Cost $4,186,018) | &nbsp;&nbsp;4186018 | &nbsp;&nbsp;$4186018 |
| **Investments at Value - 99.4%** (Cost $106,728,636) | **Investments at Value - 99.4%** (Cost $106,728,636) | &nbsp;&nbsp;$112545238 |
| **Other Assets in Excess of Liabilities - 0.6%** | **Other Assets in Excess of Liabilities - 0.6%** | &nbsp;&nbsp;670098 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$113215336 |

---

---

| | |
|:---|:---|
| 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 $38,690,435 as of July 31, 2025, representing 34.2% 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 July 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 securities as of July 31, 2025 was $1,640,002.

<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 July 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **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** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |  |  |
| **WRITTEN OPTION CONTRACTS** | **Strike Price** | **Contracts** | **Notional Value** | **Value of Options** |
| **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc., 11/21/25 | &nbsp;&nbsp;$65 .00 | 140 | $821800 | &nbsp;&nbsp;&nbsp;&nbsp;$88200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation, 10/17/25 | &nbsp;&nbsp;190 .00 | 46 | 818202 | &nbsp;&nbsp;&nbsp;&nbsp;37766 |
| **Total Written Option Contracts** (Premiums $93,198) | **Total Written Option Contracts** (Premiums $93,198) |  | $1640002 | &nbsp;&nbsp;&nbsp;&nbsp;$125966 |
| The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $1,267,671. | The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $1,267,671. | The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $1,267,671. | The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $1,267,671. | The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $1,267,671. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | |
| **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | |
| **FUTURES CONTRACTS** | **Contracts** | **Expiration Date** | **Notional Value** | <br>**Value/Unrealized Appreciation (Depreciation)** |
| **Interest Rate Futures** | **Interest Rate Futures** | **Interest Rate Futures** | **Interest Rate Futures** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Ultra Long Term U.S. Treasury <br> Bond Future | 44 | 9/19/2025 | &nbsp;&nbsp;$5161750 | &nbsp;&nbsp;$143202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra 10-Year U.S. Treasury Note Future | 25 | 9/19/2025 | &nbsp;&nbsp;2826953 | &nbsp;&nbsp;33711 |
| **Total Futures Contracts** |  |  | &nbsp;&nbsp;$7988703 | &nbsp;&nbsp;$176913 |
| The average monthly notional value of futures contracts during the nine months ended July 31, 2025 was $4,492,569. | The average monthly notional value of futures contracts during the nine months ended July 31, 2025 was $4,492,569. | The average monthly notional value of futures contracts during the nine months ended July 31, 2025 was $4,492,569. | The average monthly notional value of futures contracts during the nine months ended July 31, 2025 was $4,492,569. | The average monthly notional value of futures contracts during the nine months ended July 31, 2025 was $4,492,569. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **CONVERTIBLE BONDS - 91.3%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Communications - 7.2%** | **Communications - 7.2%** | **Communications - 7.2%** |  |  |
| Liberty Media Corporation - <br> Liberty Formula One | 2.250% | 08/15/27 | &nbsp;&nbsp;$1500000 | &nbsp;&nbsp;$1931250 |
| Snap, Inc. | 0.500% | 05/01/30 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2188750 |
| Trip.com Group Ltd, 144A | 0.750% | 06/15/29 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2264000 |
| Uber Technologies, Inc. \* | 0.875% | 12/01/28 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2729000 |
|  |  |  |  | &nbsp;&nbsp;9113000 |
| **Consumer Discretionary - 11.0%** | **Consumer Discretionary - 11.0%** | **Consumer Discretionary - 11.0%** |  |  |
| Alibaba Group Holding Ltd. | 0.500% | 06/01/31 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;3315000 |
| Cheesecake Factory, Inc. (The), 144A | 2.000% | 03/15/30 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2202287 |
| Etsy, Inc., 144A | 1.000% | 06/15/30 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;201500 |
| GameStop Corporation, 144A | 0.000% | 06/15/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1016500 |
| JD.com, Inc. | 0.250% | 06/01/29 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2567500 |
| Live Nation Entertainment, Inc. \* | 3.125% | 01/15/29 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;3004600 |
| Meritage Homes Corporation | 1.750% | 05/15/28 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1483096 |
|  |  |  |  | &nbsp;&nbsp;13790483 |
| **Consumer Staples - 1.9%** | **Consumer Staples - 1.9%** | **Consumer Staples - 1.9%** |  |  |
| Chef's Warehouse, Inc. (The) | 2.375% | 12/15/28 | &nbsp;&nbsp;1470000 | &nbsp;&nbsp;2397570 |
| **Energy - 4.4%** | **Energy - 4.4%** | **Energy - 4.4%** |  |  |
| CMS Energy Corporation \* | 3.375% | 05/01/28 | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;2467125 |
| Northern Oil & Gas, Inc. | 3.625% | 04/15/29 | &nbsp;&nbsp;2900000 | &nbsp;&nbsp;3005850 |
|  |  |  |  | &nbsp;&nbsp;5472975 |
| **Financials - 3.6%** | **Financials - 3.6%** | **Financials - 3.6%** |  |  |
| Blackstone Mortgage Trust, Inc. | 5.500% | 03/15/27 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;979000 |
| Core Scientific, Inc., 144A | 3.000% | 09/01/29 | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;2478427 |
| PennyMac Corporation | 5.500% | 03/15/26 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;491750 |
| WisdomTree, Inc., 144A | 3.250% | 08/15/29 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;625000 |
|  |  |  |  | &nbsp;&nbsp;4574177 |
| **Health Care - 13.3%** | **Health Care - 13.3%** | **Health Care - 13.3%** |  |  |
| Alnylam Pharmaceuticals, Inc. | 1.000% | 09/15/27 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;3675751 |
| Dexcom, Inc. \* | 0.375% | 05/15/28 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;2781000 |
| Halozyme Therapeutics, Inc. | 1.000% | 08/15/28 | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;2772094 |
| Ionis Pharmaceuticals, Inc. \* | 1.750% | 06/15/28 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2190590 |
| Lantheus Holdings, Inc. \* | 2.625% | 12/15/27 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2353623 |
| Merit Medical Systems, Inc., 144A | 3.000% | 02/01/29 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1764750 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CONVERTIBLE BONDS - 91.3% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Health Care - 13.3% (Continued)** | **Health Care - 13.3% (Continued)** | **Health Care - 13.3% (Continued)** |  |  |
| Mirion Technologies, Inc., 144A | 0.250% | 06/01/30 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1177500 |
|  |  |  |  | &nbsp;&nbsp;16715308 |
| **Industrials - 12.7%** | **Industrials - 12.7%** | **Industrials - 12.7%** |  |  |
| Advanced Energy Industries, Inc. | 2.500% | 09/15/28 | &nbsp;&nbsp;2750000 | &nbsp;&nbsp;3374860 |
| Fluor Corporation | 1.125% | 08/15/29 | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;3159000 |
| Granite Construction, Inc. | 3.250% | 06/15/30 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2745000 |
| Itron, Inc. | 1.375% | 07/15/30 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2296692 |
| OSI Systems, Inc., 144A \* | 2.250% | 08/01/29 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2668072 |
| Tetra Tech, Inc. \* | 2.250% | 08/15/28 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1703850 |
|  |  |  |  | &nbsp;&nbsp;15947474 |
| **Materials - 2.8%** | **Materials - 2.8%** | **Materials - 2.8%** |  |  |
| MP Materials Corporation, 144A | 3.000% | 03/01/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;2929500 |
| Peabody Energy Corporation | 3.250% | 03/01/28 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;563900 |
|  |  |  |  | &nbsp;&nbsp;3493400 |
| **Technology - 32.8%** | **Technology - 32.8%** | **Technology - 32.8%** |  |  |
| Akamai Technologies, Inc., 144A | 0.250% | 05/15/33 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2014170 |
| BlackLine, Inc. | 1.000% | 06/01/29 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2069000 |
| Box, Inc., 144A | 1.500% | 09/15/29 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2001000 |
| Datadog, Inc., 144A | 0.000% | 12/01/29 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2426360 |
| Digital Ocean Holdings, Inc. | 0.000% | 12/01/26 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;934600 |
| Dropbox, Inc. | 0.000% | 03/01/28 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;1983163 |
| Five9, Inc. | 1.000% | 03/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;876036 |
| Lumentum Holdings, Inc. | 1.500% | 12/15/29 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;3430000 |
| Microchip Technology, Inc. | 0.750% | 06/01/30 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2450134 |
| MKS Instruments, Inc. \* | 1.250% | 06/01/30 | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;2135272 |
| Nutanix, Inc. | 0.250% | 10/01/27 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2781000 |
| Rapid7, Inc., 144A | 1.250% | 03/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;883244 |
| Seagate HDD Cayman | 3.500% | 06/01/28 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;2907750 |
| Shift4 Payments, Inc. \* | 0.500% | 08/01/27 | &nbsp;&nbsp;2800000 | &nbsp;&nbsp;3045000 |
| Snowflake, Inc., 144A | 0.000% | 10/01/29 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;3100000 |
| Synaptics, Inc., 144A | 0.750% | 12/01/31 | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;2068000 |
| Tempus AI, Inc., 144A | 0.750% | 07/15/30 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;497750 |
| Veeco Instruments, Inc. | 2.875% | 06/01/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1071500 |
| Vishay Intertechnology, Inc. | 2.250% | 09/15/30 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1364250 |
| Western Digital Corporation | 3.000% | 11/15/28 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;2357300 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CONVERTIBLE BONDS - 91.3% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Technology - 32.8% (Continued)** | **Technology - 32.8% (Continued)** | **Technology - 32.8% (Continued)** |  |  |
| Zscaler, Inc., 144A \* | 0.000% | 07/15/28 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$975000 |
|  |  |  |  | &nbsp;&nbsp;41370529 |
| **Utilities - 1.6%** | **Utilities - 1.6%** | **Utilities - 1.6%** |  |  |
| Ormat Technologies, Inc. | 2.500% | 07/15/27 | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;1974000 |
| **Total Convertible Bonds** (Cost $102,929,228) | **Total Convertible Bonds** (Cost $102,929,228) | **Total Convertible Bonds** (Cost $102,929,228) | **Total Convertible Bonds** (Cost $102,929,228) | &nbsp;&nbsp;$114848916 |
| **CORPORATE BONDS - 7.2%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Energy - 0.8%** | **Energy - 0.8%** | **Energy - 0.8%** |  |  |
| FTAI Infra Escrow Holdings, LLC, 144A \* | 10.500% | 06/01/27 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1027918 |
| **Industrials - 3.9%** | **Industrials - 3.9%** | **Industrials - 3.9%** |  |  |
| GEO Group, Inc. | 8.625% | 04/15/29 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1593837 |
| Parsons Corporation \* | 2.625% | 03/01/29 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;3261000 |
|  |  |  |  | &nbsp;&nbsp;4854837 |
| **Materials - 0.8%** | **Materials - 0.8%** | **Materials - 0.8%** |  |  |
| Celanese US Holdings, LLC | 6.850% | 11/15/28 | &nbsp;&nbsp;915000 | &nbsp;&nbsp;952532 |
| **Real Estate - 1.7%** | **Real Estate - 1.7%** | **Real Estate - 1.7%** |  |  |
| Iron Mountain, Inc., 144A | 7.000% | 02/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1027316 |
| Service Properties Trust, 144A | 8.625% | 11/15/31 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;1171238 |
|  |  |  |  | &nbsp;&nbsp;2198554 |
| **Total Corporate Bonds** (Cost $8,884,526) | **Total Corporate Bonds** (Cost $8,884,526) | **Total Corporate Bonds** (Cost $8,884,526) | **Total Corporate Bonds** (Cost $8,884,526) | &nbsp;&nbsp;$9033841 |
| **COMMON STOCKS - 0.8%** | **COMMON STOCKS - 0.8%** | **COMMON STOCKS - 0.8%** | **Shares** | **Value** |
| **Industrials - 0.8%** | **Industrials - 0.8%** | **Industrials - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 0.8%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 0.8%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>(a)(b)</sup> (Cost $752,085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>(a)(b)</sup> (Cost $752,085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>(a)(b)</sup> (Cost $752,085) | &nbsp;&nbsp;16500 | &nbsp;&nbsp;$968550 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 1.4%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class U, 4.25% <sup>(c)</sup> <br> (Cost $1,780,139) | &nbsp;&nbsp;1780139 | &nbsp;&nbsp;$1780139 |
| **Investments at Value - 100.7%** (Cost $114,345,978) | **Investments at Value - 100.7%** (Cost $114,345,978) | &nbsp;&nbsp;$126631446 |
| **Liabilities in Excess of Other Assets - (0.7%)** | **Liabilities in Excess of Other Assets - (0.7%)** | &nbsp;&nbsp; (867007) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$125764439 |

---

---

| | |
|:---|:---|
| 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 $34,519,532 as of July 31, 2025, representing 27.4% of net assets. |

---

\* All or a part of this security has been pledged as collateral for derivative instruments held by the Fund.

<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 securities as of July 31, 2025 was $968,550.

<sup>(c)</sup> The rate shown is the 7-day effective yield as of July 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** |  |
| **SCHEDULE OF TOTAL RETURN SWAP AGREEMENTS<br> July 31, 2025 (Unaudited)** | **SCHEDULE OF TOTAL RETURN SWAP AGREEMENTS<br> July 31, 2025 (Unaudited)** | **SCHEDULE OF TOTAL RETURN SWAP AGREEMENTS<br> July 31, 2025 (Unaudited)** | **SCHEDULE OF TOTAL RETURN SWAP AGREEMENTS<br> July 31, 2025 (Unaudited)** | **SCHEDULE OF TOTAL RETURN SWAP AGREEMENTS<br> July 31, 2025 (Unaudited)** | **SCHEDULE OF TOTAL RETURN SWAP AGREEMENTS<br> July 31, 2025 (Unaudited)** |  |
| **A list of open OTC swap agreements as of July 31, 2025, is as follows:** | **A list of open OTC swap agreements as of July 31, 2025, is as follows:** | **A list of open OTC swap agreements as of July 31, 2025, is as follows:** | **A list of open OTC swap agreements as of July 31, 2025, is as follows:** | **A list of open OTC swap agreements as of July 31, 2025, is as follows:** | **A list of open OTC swap agreements as of July 31, 2025, is as follows:** | **A list of open OTC swap agreements as of July 31, 2025, is as follows:** |
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Number of Shares** | **Reference Entity** | **Notional Amount** | **Interest Rate Receivable** | **Termination Date** | **Counterparty** | **Net Unrealized Appreciation / (Depreciation)** |
| **Short Positions** | **Short Positions** | **Short Positions** | **Short Positions** | **Short Positions** | **Short Positions** | **Short Positions** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11100) | Advanced Energy Industries, Inc. | $(1544066) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | $4785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11400) | Akamai Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(875520) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17000) | Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1988490) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5300) | Alnylam Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1657110) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12500) | BlackLine, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(677125) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24700) | Box, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(792129) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19700) | Cheesecake Factory, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1229674) | 3.58% OBFR 4.33% minus 75bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28100) | Chef's Warehouse, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1798155) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13500) | CMS Energy Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(949455) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109000) | Core Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1498113) | 1.95% OBFR 4.33% minus 38bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4300) | Datadog, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(604408) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6400) | DexCom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550334) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28100) | Dropbox, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(746898) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1200) | Etsy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69945 | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2900) | Five9, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74994) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33500) | Fluor Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1783342) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20000) | GameStop Corporation - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(464400) | 3.52% OBFR 4.33% minus 81bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18700) | Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1728441) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35090) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26400) | Halozyme Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1494240) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86325) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17300) | Ionis Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(726600) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11300) | Itron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1540090) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28100) | JD.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(900324) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15100) | Lantheus Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1227026) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11200) | Liberty Media Corporation - Liberty Formula One | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1130080) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14800) | Live Nation Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2161836) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20900) | Lumentum Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2063144) | 3.76% OBFR 4.33% minus 57bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11700) | Merit Medical Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1095120) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4600) | Meritage Homes Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320300) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4800) | Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350928) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30963) | Mirion Technologies, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(642173) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7100) | MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(737832) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63359 |
| **Number of Shares** | **Reference Entity** | **Notional Amount** | **Interest Rate Receivable** | **Receivable Termination Date** | **Counterparty** | **Net Unrealized Appreciation / (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38700) | MP Materials Corporation | $(2271953) | 3.55% OBFR 4.33% minus 78bp | 05/18/2026 | BNP Paribas | $(104647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40600) | Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1135176) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22600) | Nutanix, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1678050) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8450) | Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(733122) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7600) | OSI Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1581712) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14400) | Parsons Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1056240) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10371) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12900) | Peabody Energy Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203433) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3900) | Rapid7, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87867) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16400) | Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2449185) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8800) | Shift4 Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(899888) | 3.57% OBFR 4.33% minus 76bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56600) | Snap, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(538995) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8600) | Snowflake, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1829994) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12900) | Synaptics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(851400) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3000) | Tempus AI, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182546) | 2.99% OBFR 4.33% minus 34bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21700) | Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(795522) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16700) | Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1053603) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19300) | Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1779653) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14000) | Veeco Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290500) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24800) | Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(421748) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26300) | Western Digital Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1778258) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20600) | WisdomTree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258736) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(900) | Zscaler, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260010) | 3.98% OBFR 4.33% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3466 |
| **Total Short Positions** | **Total Short Positions** |  |  |  |  | $(1211505) |
| Total swap agreements at value (assets) | Total swap agreements at value (assets) | Total swap agreements at value (assets) | Total swap agreements at value (assets) | Total swap agreements at value (assets) | Total swap agreements at value (assets) | $815134 |
| Total swap agreements at value (liabilities) | Total swap agreements at value (liabilities) | Total swap agreements at value (liabilities) | Total swap agreements at value (liabilities) | Total swap agreements at value (liabilities) | Total swap agreements at value (liabilities) | (2026639) |
| Net swap agreements at value | Net swap agreements at value | Net swap agreements at value | Net swap agreements at value | Net swap agreements at value | Net swap agreements at value | $(1211505) |

---

OFBR - Overnight Bank Funding Rate

OTC - Over the Counter

The average monthly notional value for swap contracts for the nine months ended July 31, 2025 was $53,287,158.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** |
| **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** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |  |  |
| **WRITTEN OPTION CONTRACTS** | **Strike Price** | **Contracts** | **Notional Value** | **Value of Options** |
| **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.,<br> 11/21/25 (Premiums $81,166) | &nbsp;&nbsp;$65.00 | 165 | $968550 | &nbsp;&nbsp;&nbsp;&nbsp;$103950 |
| The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $732,058. | The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $732,058. | The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $732,058. | The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $732,058. | The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $732,058. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | |
| **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | |
| **FUTURES CONTRACTS** | **Contracts** | **Expiration Date** | **Notional Value** | <br>**Value/Unrealized Appreciation (Depreciation)** |
| **Interest Rate Futures** | **Interest Rate Futures** | **Interest Rate Futures** | **Interest Rate Futures** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-Year U.S. Treasury Note Future | 57 | 10/1/2025 | &nbsp;&nbsp;$6165797 | &nbsp;&nbsp;$21207 |
| The average monthly notional value of futures contracts during the nine months ended July 31, 2025 was $4,311,564. | The average monthly notional value of futures contracts during the nine months ended July 31, 2025 was $4,311,564. | The average monthly notional value of futures contracts during the nine months ended July 31, 2025 was $4,311,564. | The average monthly notional value of futures contracts during the nine months ended July 31, 2025 was $4,311,564. | The average monthly notional value of futures contracts during the nine months ended July 31, 2025 was $4,311,564. |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **AFFILIATED EXCHANGE-TRADED FUNDS - 4.1%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Salient Enhanced Energy Income ETF | &nbsp;&nbsp;481115 | &nbsp;&nbsp;$10128241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Salient Enhanced Midstream Income ETF | &nbsp;&nbsp;1565169 | &nbsp;&nbsp;43073450 |
| **Total Affiliated Exchange-Traded Funds** (Cost $50,094,282) |  | &nbsp;&nbsp;$53201691 |
| **MASTER LIMITED PARTNERSHIPS - 22.8% <sup>(a)</sup>** | **Shares** | **Value** |
| **Crude & Refined Products - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners, L.P. | &nbsp;&nbsp;107853 | &nbsp;&nbsp;$4973102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy, L.P. | &nbsp;&nbsp;579822 | &nbsp;&nbsp;10065710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX, L.P. | &nbsp;&nbsp;1144613 | &nbsp;&nbsp;60092182 |
|  |  | &nbsp;&nbsp;75130994 |
| **Gathering & Processing - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Partners, L.P. | &nbsp;&nbsp;758591 | &nbsp;&nbsp;30897411 |
| **Natural Gas Liquids Infrastructure - 14.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;6930096 | &nbsp;&nbsp;125018932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. | &nbsp;&nbsp;1986750 | &nbsp;&nbsp;61569383 |
|  |  | &nbsp;&nbsp;186588315 |
| **Total Master Limited Partnerships** (Cost $202,628,421) | **Total Master Limited Partnerships** (Cost $202,628,421) | &nbsp;&nbsp;$292616720 |
| **MLP RELATED COMPANIES - 72.7%** | **Shares** | **Value** |
| **Crude & Refined Products - 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;1256163 | &nbsp;&nbsp;$56891622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gibson Energy, Inc. | &nbsp;&nbsp;414744 | &nbsp;&nbsp;7477126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains GP Holdings, L.P. - Class A | &nbsp;&nbsp;2319379 | &nbsp;&nbsp;45459828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Corporation | &nbsp;&nbsp;892073 | &nbsp;&nbsp;23425837 |
|  |  | &nbsp;&nbsp;133254413 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MLP RELATED COMPANIES - 72.7% (Continued)** | **Shares** | **Value** |
| **Gathering & Processing - 22.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corporation | &nbsp;&nbsp;1679417 | &nbsp;&nbsp;$30817302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. <sup>(b)</sup> | &nbsp;&nbsp;862238 | &nbsp;&nbsp;88577709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMG Utica I Offshore Co-Investment, L.P. <sup>(c)(d)(e)</sup> | &nbsp;&nbsp;16000000 | &nbsp;&nbsp;13010520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream, L.P. - Class A | &nbsp;&nbsp;1462764 | &nbsp;&nbsp;63674117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. | &nbsp;&nbsp;763454 | &nbsp;&nbsp;33118635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation | &nbsp;&nbsp;389394 | &nbsp;&nbsp;64799056 |
|  |  | &nbsp;&nbsp;293997339 |
| **Liquefied Natural Gas - 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. <sup>(b)</sup> | &nbsp;&nbsp;326404 | &nbsp;&nbsp;76992175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextDecade Corporation <sup>(f)</sup> | &nbsp;&nbsp;1102221 | &nbsp;&nbsp;12521231 |
|  |  | &nbsp;&nbsp;89513406 |
| **Natural Gas Liquids Infrastructure - 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keyera Corporation | &nbsp;&nbsp;1475708 | &nbsp;&nbsp;46328881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. <sup>(b)</sup> | &nbsp;&nbsp;658690 | &nbsp;&nbsp;54085037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corporation | &nbsp;&nbsp;842333 | &nbsp;&nbsp;31326364 |
|  |  | &nbsp;&nbsp;131740282 |
| **Natural Gas Pipelines - 18.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;3157387 | &nbsp;&nbsp;88596279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corporation | &nbsp;&nbsp;1334686 | &nbsp;&nbsp;63904766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The) <sup>(b)</sup> | &nbsp;&nbsp;1423740 | &nbsp;&nbsp;85353213 |
|  |  | &nbsp;&nbsp;237854258 |
| **Oilfield Services & Equipment - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. <sup>(b)</sup> | &nbsp;&nbsp;830451 | &nbsp;&nbsp;27130834 |
| **Renewable Energy Infrastructure - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy, Inc. - Class C | &nbsp;&nbsp;84093 | &nbsp;&nbsp;2743955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc | &nbsp;&nbsp;7340 | &nbsp;&nbsp;2823844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;27 | &nbsp;&nbsp;17828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;3771 | &nbsp;&nbsp;1531516 |
|  |  | &nbsp;&nbsp;7117143 |
| **Utilities - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Corporation | &nbsp;&nbsp;23254 | &nbsp;&nbsp;4849389 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MLP RELATED COMPANIES - 72.7% (Continued)** | **Shares** | **Value** |
| **Water - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. - Class A | &nbsp;&nbsp;289085 | &nbsp;&nbsp;$6148838 |
| **Total MLP Related Companies** (Cost $643,351,991) | **Total MLP Related Companies** (Cost $643,351,991) | &nbsp;&nbsp;$931605902 |
| **MONEY MARKET FUNDS - 0.2%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class U, 4.25% <sup>(g)</sup> <br> (Cost $2,403,796) | &nbsp;&nbsp;2403796 | &nbsp;&nbsp;$2403796 |
| **Investments at Value - 99.8%** (Cost $898,478,490) | **Investments at Value - 99.8%** (Cost $898,478,490) | &nbsp;&nbsp;$1279828109 |
| **Other Assets in Excess of Liabilities - 0.2%** | **Other Assets in Excess of Liabilities - 0.2%** | &nbsp;&nbsp;3478338 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$1283306447 |

---

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 July 31, 2025 was $332,138,968.

<sup>(c)</sup> These securities are except 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 July 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** |
| **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** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |  |  |
| **WRITTEN OPTION CONTRACTS** | **Strike Price** | **Contracts** | **Notional Value** | **Value of Options** |
| **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc., 08/15/25 | &nbsp;&nbsp;$260 .00 | 652 | $15379376 | &nbsp;&nbsp;&nbsp;&nbsp;$32600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc., 08/15/25 | &nbsp;&nbsp;270 .00 | 326 | 7689688 | &nbsp;&nbsp;&nbsp;&nbsp;8150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc., 08/15/25 | &nbsp;&nbsp;110 .00 | 1293 | 13282989 | &nbsp;&nbsp;&nbsp;&nbsp;161625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 08/15/25 | &nbsp;&nbsp;85 .00 | 988 | 8112468 | &nbsp;&nbsp;&nbsp;&nbsp;81016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc., 08/15/25 | &nbsp;&nbsp;35 .00 | 1583 | 5171661 | &nbsp;&nbsp;&nbsp;&nbsp;126640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc., 08/15/25 | &nbsp;&nbsp;40 .00 | 1091 | 3564297 | &nbsp;&nbsp;&nbsp;&nbsp;13092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc., 09/19/25 | &nbsp;&nbsp;40 .00 | 1742 | 5691114 | &nbsp;&nbsp;&nbsp;&nbsp;142844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The), 08/15/25 | &nbsp;&nbsp;62 .00 | 2135 | 12799325 | &nbsp;&nbsp;&nbsp;&nbsp;192150 |
| **Total Written Option Contracts** (Premiums $824,443) | **Total Written Option Contracts** (Premiums $824,443) |  | $71690918 | &nbsp;&nbsp;&nbsp;&nbsp;$758117 |
| The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $28,122,032. | The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $28,122,032. | The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $28,122,032. | The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $28,122,032. | The average monthly notional value of written option contracts during the nine months ended July 31, 2025 was $28,122,032. |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD REAL ESTATE INCOME FUND** | **WESTWOOD REAL ESTATE INCOME FUND** | **WESTWOOD REAL ESTATE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 27.3%** | **Shares** | **Value** |
| **Financials - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc. - Class A | &nbsp;&nbsp;400000 | &nbsp;&nbsp;$7392000 |
| **Real Estate Investment Trusts (REITs) - 24.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gaming - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;158220 | &nbsp;&nbsp;5157972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Hotels - 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp;350000 | &nbsp;&nbsp;4112500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;50000 | &nbsp;&nbsp;4753000 |
|  |  | &nbsp;&nbsp;8865500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Multi-Asset Class - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.P. Carey, Inc. | &nbsp;&nbsp;70000 | &nbsp;&nbsp;4491200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Office - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;300000 | &nbsp;&nbsp;8184000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Residential - 8.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;20000 | &nbsp;&nbsp;3725600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerspace | &nbsp;&nbsp;110000 | &nbsp;&nbsp;5987300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;25000 | &nbsp;&nbsp;6504500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;30673 | &nbsp;&nbsp;5063192 |
|  |  | &nbsp;&nbsp;21280592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips Edison & Company, Inc. | &nbsp;&nbsp;140000 | &nbsp;&nbsp;4730600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialized - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising Company - Class A | &nbsp;&nbsp;30000 | &nbsp;&nbsp;3667500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Storage - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;50000 | &nbsp;&nbsp;6718000 |
| **Total Common Stocks** (Cost $72,631,472) | **Total Common Stocks** (Cost $72,631,472) | &nbsp;&nbsp;$70487364 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD REAL ESTATE INCOME FUND** | **WESTWOOD REAL ESTATE INCOME FUND** | **WESTWOOD REAL ESTATE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **PREFERRED STOCKS\* - 71.3%** | **Shares** | **Value** |
| **Consumer Discretionary - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home Construction - 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc., 7.63% - Series A | &nbsp;&nbsp;500000 | &nbsp;&nbsp;$9700000 |
| **Financials - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associated Banc-Corp, 5.63% - Series F | &nbsp;&nbsp;96216 | &nbsp;&nbsp;1957033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associated Banc-Corp, 5.88% - Series E | &nbsp;&nbsp;52423 | &nbsp;&nbsp;1093544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banc of California, Inc., 7.75% - Series F | &nbsp;&nbsp;87360 | &nbsp;&nbsp;2179632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchants Bancorp, 7.63% - Series E | &nbsp;&nbsp;196055 | &nbsp;&nbsp;4489660 |
|  |  | &nbsp;&nbsp;9719869 |
| **Real Estate Investment Trusts (REITs) - 63.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Apartments - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinebrook Homes Trust, 9.50% - Series B <sup>(a)</sup> | &nbsp;&nbsp;180000 | &nbsp;&nbsp;4500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Data Centers - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc., 7.13% - Series H | &nbsp;&nbsp;240000 | &nbsp;&nbsp;5313600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc., 7.13% - Series J | &nbsp;&nbsp;77265 | &nbsp;&nbsp;1713738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc., 7.15% - Series I | &nbsp;&nbsp;182664 | &nbsp;&nbsp;4051487 |
|  |  | &nbsp;&nbsp;11078825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified - 6.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc., 6.75% - Series A | &nbsp;&nbsp;320000 | &nbsp;&nbsp;6896000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc., 6.38% - Series A | &nbsp;&nbsp;447333 | &nbsp;&nbsp;9604239 |
|  |  | &nbsp;&nbsp;16500239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Healthcare - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical REIT, Inc., 7.50% - Series A | &nbsp;&nbsp;311134 | &nbsp;&nbsp;7868548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Hotels - 17.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chatham Lodging Trust, 6.63% - Series A | &nbsp;&nbsp;190000 | &nbsp;&nbsp;3847500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DiamondRock Hospitality Company, 8.25% - Series A | &nbsp;&nbsp;66410 | &nbsp;&nbsp;1680837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust, 5.70% - Series H | &nbsp;&nbsp;489548 | &nbsp;&nbsp;8199929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust, 6.30% - Series F | &nbsp;&nbsp;242066 | &nbsp;&nbsp;4635564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust, 6.38% - Series E | &nbsp;&nbsp;98002 | &nbsp;&nbsp;1837538 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD REAL ESTATE INCOME FUND** | **WESTWOOD REAL ESTATE INCOME FUND** | **WESTWOOD REAL ESTATE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **PREFERRED STOCKS\* - 71.3% (Continued)** | **Shares** | **Value** |
| **Real Estate Investment Trusts (REITs) - 63.7% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Hotels - 17.7% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust, 6.38% - Series G | &nbsp;&nbsp;250000 | &nbsp;&nbsp;$4690000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ Lodging Trust, 7.80% - Series A | &nbsp;&nbsp;375000 | &nbsp;&nbsp;9168750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc., 5.88% - Series F | &nbsp;&nbsp;158938 | &nbsp;&nbsp;2933995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc., 6.25% - Series E | &nbsp;&nbsp;283000 | &nbsp;&nbsp;5275120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc., 6.13% - Series H | &nbsp;&nbsp;166508 | &nbsp;&nbsp;3468362 |
|  |  | &nbsp;&nbsp;45737595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial - 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LXP Industrial Trust, 6.50% - Series C | &nbsp;&nbsp;190000 | &nbsp;&nbsp;8827400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Manufactured Homes - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMH Properties, Inc., 6.38% - Series D | &nbsp;&nbsp;87634 | &nbsp;&nbsp;1963878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Mortgage - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc., 6.50% - Series A | &nbsp;&nbsp;523747 | &nbsp;&nbsp;10836325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Office - 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc., 4.75% - Series C | &nbsp;&nbsp;406228 | &nbsp;&nbsp;6048735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Residential - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent, 5.88% - Series G | &nbsp;&nbsp;312958 | &nbsp;&nbsp;7138572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regency Centers Corporation, 5.88% - Series B | &nbsp;&nbsp;98117 | &nbsp;&nbsp;2219407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regency Centers Corporation, 6.25% - Series A | &nbsp;&nbsp;200000 | &nbsp;&nbsp;4664000 |
|  |  | &nbsp;&nbsp;6883407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Shopping Centers - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saul Centers, Inc., 6.00% - Series E | &nbsp;&nbsp;125000 | &nbsp;&nbsp;2773750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saul Centers, Inc., 6.13% - Series D | &nbsp;&nbsp;381000 | &nbsp;&nbsp;8242935 |
|  |  | &nbsp;&nbsp;11016685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialized - 6.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties, 5.75% - Series C | &nbsp;&nbsp;31000 | &nbsp;&nbsp;757330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties, 5.75% - Series G | &nbsp;&nbsp;107775 | &nbsp;&nbsp;2253575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties, 9.00% - Series E | &nbsp;&nbsp;283506 | &nbsp;&nbsp;8862398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQHQ, Inc. <sup>(a)(b)</sup> | &nbsp;&nbsp;5000 | &nbsp;&nbsp;4750000 |
|  |  | &nbsp;&nbsp;16623303 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD REAL ESTATE INCOME FUND** | **WESTWOOD REAL ESTATE INCOME FUND** | **WESTWOOD REAL ESTATE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **PREFERRED STOCKS\* - 71.3% (Continued)** | **Shares** | **Value** |
| **Real Estate Investment Trusts (REITs) - 63.7% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Storage - 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Storage Affiliates Trust, 6.00% - Series A | &nbsp;&nbsp;370000 | &nbsp;&nbsp;$8328700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 4.00% - Series P | &nbsp;&nbsp;1732 | &nbsp;&nbsp;28336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 4.00% - Series R | &nbsp;&nbsp;50000 | &nbsp;&nbsp;816000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 4.63% - Series L | &nbsp;&nbsp;4086 | &nbsp;&nbsp;77348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 4.75% - Series K | &nbsp;&nbsp;7069 | &nbsp;&nbsp;135159 |
|  |  | &nbsp;&nbsp;9385543 |
| **Total Preferred Stocks** (Cost $183,611,455) | **Total Preferred Stocks** (Cost $183,611,455) | &nbsp;&nbsp;$183828924 |
| **MONEY MARKET FUNDS - 1.4%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class U, 4.25% <sup>(c)</sup> <br> (Cost $3,625,736) | &nbsp;&nbsp;3625736 | &nbsp;&nbsp;$3625736 |
| **Investments at Value - 100.0%** (Cost $259,868,663) | **Investments at Value - 100.0%** (Cost $259,868,663) | &nbsp;&nbsp;$257942024 |
| **Other Assets in Excess of Liabilities - 0.0% <sup>(d)</sup>** | **Other Assets in Excess of Liabilities - 0.0% <sup>(d)</sup>** | &nbsp;&nbsp;22619 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$257964643 |

---

REIT - Real Estate Investment Trust

\* Securities listed have a perpetual security.

<sup>(a)</sup> Level 3 security in accordance with fair value hierarchy.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown is the 7-day effective yield as of July 31, 2025.

<sup>(d)</sup> Percentage rounds to less than 0.1%.

---

| | | |
|:---|:---|:---|
| **WESTWOOD BROADMARK TACTICAL GROWTH FUND** | **WESTWOOD BROADMARK TACTICAL GROWTH FUND** | **WESTWOOD BROADMARK TACTICAL GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **EXCHANGE-TRADED FUNDS - 74.8%** | **Shares** | **Value** |
| Communication Services Select Sector SPDR Fund | &nbsp;&nbsp;76451 | &nbsp;&nbsp;$8211602 |
| Consumer Staples Select Sector SPDR Fund | &nbsp;&nbsp;100479 | &nbsp;&nbsp;8016215 |
| Energy Select Sector SPDR Fund | &nbsp;&nbsp;92355 | &nbsp;&nbsp;8054279 |
| Health Care Select Sector SPDR Fund | &nbsp;&nbsp;60454 | &nbsp;&nbsp;7885015 |
| Industrial Select Sector SPDR Fund | &nbsp;&nbsp;55484 | &nbsp;&nbsp;8434123 |
| Invesco QQQ Trust Series 1 | &nbsp;&nbsp;50158 | &nbsp;&nbsp;28339771 |
| iShares MSCI Eurozone ETF | &nbsp;&nbsp;275914 | &nbsp;&nbsp;16022326 |
| SPDR S&P 500® ETF Trust | &nbsp;&nbsp;27395 | &nbsp;&nbsp;17315832 |
| Utilities Select Sector SPDR Fund | &nbsp;&nbsp;125461 | &nbsp;&nbsp;10748244 |
| VanEck Gold Miners ETF | &nbsp;&nbsp;157008 | &nbsp;&nbsp;8107893 |
| **Total Exchange-Traded Funds** (Cost $117,952,853) | **Total Exchange-Traded Funds** (Cost $117,952,853) | &nbsp;&nbsp;$121135300 |
| **MONEY MARKET FUNDS - 25.1%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class U, 4.25% <sup>(a)</sup> <br> (Cost $40,706,538) | &nbsp;&nbsp;40706538 | &nbsp;&nbsp;$40706538 |
| **Investments at Value - 99.9%** (Cost $158,659,391) | **Investments at Value - 99.9%** (Cost $158,659,391) | &nbsp;&nbsp;$161841838 |
| **Other Assets in Excess of Liabilities - 0.1%** | **Other Assets in Excess of Liabilities - 0.1%** | &nbsp;&nbsp;129385 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$161971223 |

---

<sup>(a)</sup> The rate shown is the 7-day effective yield as of July 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD BROADMARK TACTICAL PLUS FUND** | **WESTWOOD BROADMARK TACTICAL PLUS FUND** | **WESTWOOD BROADMARK TACTICAL PLUS FUND** | **WESTWOOD BROADMARK TACTICAL PLUS FUND** | **WESTWOOD BROADMARK TACTICAL PLUS FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **PURCHASED OPTION CONTRACTS - 0.2%** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **Put Option Contracts - 0.2%** | **Put Option Contracts - 0.2%** | **Put Option Contracts - 0.2%** | **Put Option Contracts - 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Mini S&P 500 End of Month Options, 08/18/25 (Cost $93,556) | $6150 .00 | 105 | &nbsp;&nbsp;$33464813 | &nbsp;&nbsp;$97125 |
| **MONEY MARKET FUNDS - 74.8%** | **MONEY MARKET FUNDS - 74.8%** | **MONEY MARKET FUNDS - 74.8%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class U, 4.25% <sup>(a)</sup> <br> (Cost $51,259,403) | First American Government Obligations Fund - Class U, 4.25% <sup>(a)</sup> <br> (Cost $51,259,403) | First American Government Obligations Fund - Class U, 4.25% <sup>(a)</sup> <br> (Cost $51,259,403) | &nbsp;&nbsp;51259403 | &nbsp;&nbsp;$51259403 |
| **Investments at Value - 75.0%** (Cost $51,352,959) | **Investments at Value - 75.0%** (Cost $51,352,959) | **Investments at Value - 75.0%** (Cost $51,352,959) | **Investments at Value - 75.0%** (Cost $51,352,959) | &nbsp;&nbsp;$51356528 |
| **Other Assets in Excess of Liabilities - 25.0%** | **Other Assets in Excess of Liabilities - 25.0%** | **Other Assets in Excess of Liabilities - 25.0%** | **Other Assets in Excess of Liabilities - 25.0%** | &nbsp;&nbsp;17153143 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$68509671 |

---

<sup>(a)</sup> The rate shown is the 7-day effective yield as of July 31, 2025.

 

The average monthly notional value of purchased option contracts during the nine months ended July 31, 2025 was $24,897,542.

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD BROADMARK TACTICAL PLUS FUND** | **WESTWOOD BROADMARK TACTICAL PLUS FUND** | **WESTWOOD BROADMARK TACTICAL PLUS FUND** | **WESTWOOD BROADMARK TACTICAL PLUS FUND** | |
| **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | |
| **FUTURES CONTRACTS** | **Contracts** | **Expiration Date** | **Notional Value** | <br>**Value/Unrealized Appreciation (Depreciation)** |
| **Index Futures** | **Index Futures** | **Index Futures** | **Index Futures** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Mini S&P 500 Futures | 28 | 9/19/2025 | &nbsp;&nbsp;$8923950 | &nbsp;&nbsp;$(23047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasdaq 100 E-Mini Futures | 36 | 9/19/2025 | &nbsp;&nbsp;16822800 | &nbsp;&nbsp;(185758) |
| **Total Futures Contracts** |  |  | &nbsp;&nbsp;$25746750 | &nbsp;&nbsp;$(208805) |
| The average monthly notional value of long futures contracts during the nine months ended July 31, 2025 was $9,910,328. | The average monthly notional value of long futures contracts during the nine months ended July 31, 2025 was $9,910,328. | The average monthly notional value of long futures contracts during the nine months ended July 31, 2025 was $9,910,328. | The average monthly notional value of long futures contracts during the nine months ended July 31, 2025 was $9,910,328. | The average monthly notional value of long futures contracts during the nine months ended July 31, 2025 was $9,910,328. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Ultimus Managers Trust

- **b. Investment Company Act file number:** 811-22680

- **c. CIK number of Registrant:** 0001545440

- **d. LEI of Registrant:** 549300FU214TAR7BFY91

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

**Item A.2. Information about the Series.**

- **a. Name of Series:** WESTWOOD ALTERNATIVE INCOME FUND

- **b. EDGAR series identifier (if any):** S000072839

- **c. LEI of Series:** 549300ODTU016FPTQP22

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $183135991.51

**Total Liabilities:** $57371552.28

**Net Assets:** $125764439.23

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 768.70354488 | **5-Year:** 1384.57007313 | **10-Year:** 82.42938773 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 64.67131032 | **1-Year:** 809.56915001 | **5-Year:** 1717.04545417 | **10-Year:** 11.25842111 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229465 | 0.41%                | 0.61%                | 0.73%                |
| Class ID C000229466 | 0.41%                | 0.69%                | 0.62%                |
| Class ID C000229467 | 0.41%                | 0.65%                | 0.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9766.87                 | $3127840.26                                |
| Month 2  | $-94973.80               | $5716742.77                                |
| Month 3  | $65131.24                | $2600212.96                                |

**Designated Index Information**

- **Index Name:** WESTWOOD ALT INCOME DRP

- **Index Identifier:** WESTWOOD ALT INCOME DRP

### Schedule of Portfolio Investments

| Name                                            | Title                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BNP Paribas                                     | Box, Inc                                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -24700 | NC      | $660.26       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Shift4 Payments Inc                             | Shift4 Payments, Inc. 0.500%, Due 08/01/27                      | CUSIP: 82452JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2800000 | PA      | $3045000.00   | 2.42%             | 2027-08-01      | Fixed         | 0.50%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Tetra Tech Inc                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -21700 | NC      | $-328.66      | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Advanced Energy Industries Inc                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -11100 | NC      | $4785.00      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Peabody Energy Corp                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -12900 | NC      | $-4651.82     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Ormat Technologies Inc.                         | Ormat Technologies, Inc. 2.500%, Due 07/15/2027                 | CUSIP: 686688AB8<br>LEI: 5493000TSHHWY24VHM09 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1974000.00   | 1.57%             | 2027-07-15      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Akamai Technologies, Inc.                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -11400 | NC      | $7134.78      | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Halozyme Therapeutics Inc                       | Halozyme Therapeutics, Inc. 1.000%, Due 08/15/2028              | CUSIP: 40637HAF6<br>LEI: 529900242I3SV9AGM753 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2772094.32   | 2.20%             | 2028-08-15      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| Northern Oil And Gas, Inc.                      | Northern Oil and Gas Inc 3.625%, Due 04/15/29                   | CUSIP: 665531AJ8<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $3005850.00   | 2.39%             | 2029-04-15      | Fixed         | 3.62%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Synaptics Inc                                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -12900 | NC      | $44076.22     | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Etsy, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -1200 | NC      | $-2977.76     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Cheesecake Factory Inc                          | Cheesecake Factory Inc/The 2.0% Due 03/15/2030                  | CUSIP: 163072AB7<br>LEI: 529900872XMLK10SY247 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2202287.00   | 1.75%             | 2030-03-15      | Fixed         | 2.00%                 | Yes           | 2                  | On Loan: No      |
| Box Inc.                                        | Box Inc 1.50%, Due 09/15/29                                     | CUSIP: 10316TAC8<br>LEI: 549300KQUCPD8687YS68 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2001000.00   | 1.59%             | 2029-09-15      | Fixed         | 1.50%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Northern Oil and Gas, Inc.                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -40600 | NC      | $-6050.03     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Nutanix Inc                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -22600 | NC      | $-17823.40    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Microchip Technology Incorporated               | Microchip Technology Inc 0.75% Due 06/01/2030                   | CUSIP: 595017BG8<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2450134.38   | 1.95%             | 2030-06-01      | Fixed         | 0.75%                 | No            | 2                  | On Loan: No      |
| Tempus AI Inc.                                  | Tempus AI Inc 0.75%, Due 07/15/2030                             | CUSIP: 88023BAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $497750.00    | 0.40%             | 2030-07-15      | Fixed         | 0.75%                 | Yes           | 2                  | On Loan: No      |
| Parsons Corporation                             | Parsons Corp 2.625% Due 03/01/2029                              | CUSIP: 70202LAD4<br>LEI: 549300ZXH0VRBSEPX752 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3261000.00   | 2.59%             | 2029-03-01      | Fixed         | 2.62%                 | No            | 2                  | On Loan: No      |
| FTAI Infrastructure Inc                         | FTAI Infra Escrow Holdings LLC 10.5%, Due 6/1/2027              | CUSIP: 30327TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1027918.00   | 0.82%             | 2027-06-01      | Fixed         | 10.50%                | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | The Chefs' Warehouse Inc.                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -28100 | NC      | $-125316.68   | -0.10%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Itron, Inc.                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -11300 | NC      | $135221.43    | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| Liberty Media Corp Del                          | Liberty Media Corp - Liberty Formula One 2.250%, Due 08/15/2027 | CUSIP: 531229AQ5<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1931250.00   | 1.54%             | 2027-08-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Rapid7 Inc                                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -3900 | NC      | $5654.50      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | The Cheesecake Factory Inc.                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -19700 | NC      | $-27396.24    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| Vishay Intertechnology, Inc.                    | Vishay Intertechnology Inc 2.250%, Due 09/15/30                 | CUSIP: 928298AR9<br>LEI: 5493009O8F3QQJTCQR75 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1364250.00   | 1.08%             | 2030-09-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Granite Construction Inc                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -18700 | NC      | $-35090.28    | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Shift4 Payments Inc                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -8800 | NC      | $-5084.02     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Pennymac Corporation                            | Pennymac Corporation 5.5%, Due 03/15/2026                       | CUSIP: 70932AAF0<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |    500000 | PA      | $491750.00    | 0.39%             | 2026-03-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| JD.com Inc.                                     | JD.com Inc 0.25% Due 06/01/2029                                 | CUSIP: 47215PAJ5<br>LEI: 549300HVTWB0GJZ16V92 | Long             | DBT              | CORP              | KY        |   2500000 | PA      | $2567500.00   | 2.04%             | 2029-06-01      | Fixed         | 0.25%                 | No            | 2                  | On Loan: No      |
| Snowflake Inc                                   | Snowflake Inc 0%, Due 10/01/2029                                | CUSIP: 833445AC3<br>LEI: 254900CJNSY1K7T53Z16 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $3100000.00   | 2.46%             | 2029-10-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | UBER TECHNOLOGIES                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -19300 | NC      | $89226.28     | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| Celanese US Holdings Llc                        | Celanese US Holdings LLC 6.350%, due 11/15/28                   | CUSIP: 15089QAW4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    915000 | PA      | $952532.39    | 0.76%             | 2028-11-15      | Fixed         | 6.85%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Lantheus Holdings Inc                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -15100 | NC      | $154411.88    | 0.12%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Snap Inc.                                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -56600 | NC      | $6177.52      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Dropbox Inc                                     | Dropbox Inc. 0.000%, Due 03/01/28                               | CUSIP: 26210CAD6<br>LEI: 549300JCDF7UAR6TJR51 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1983162.88   | 1.58%             | 2028-03-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Parsons Corp                                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -14400 | NC      | $-10371.40    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | CMS Energy Corp                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -13500 | NC      | $-45165.34    | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| Live Nation Entertainment, Inc.                 | Live Nation Entertainment Inc 3.125%, Due 01/15/29              | CUSIP: 538034BA6<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $3004600.00   | 2.39%             | 2029-01-15      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| Advanced Energy Industries, Inc.                | Advanced Energy Industries Inc 2.500%, Due 09/15/28             | CUSIP: 007973AE0<br>LEI: 549300756XI3QLFT2U27 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $3374859.79   | 2.68%             | 2028-09-15      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Veeco Instruments Inc.                          | Veeco Instruments Inc 2.875%, Due 06/01/2029                    | CUSIP: 922417AJ9<br>LEI: 5493004201F72ADDZW04 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1071500.00   | 0.85%             | 2029-06-01      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| Datadog Inc                                     | Datadog Inc 0%, Due 12/01/2029                                  | CUSIP: 23804LAC7<br>LEI: 549300F6JNO0KRPO1K63 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2426360.10   | 1.93%             | 2029-12-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Service Properties Trust                        | Service Properties Trust 8.625% Due 11/15/2031                  | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1171238.20   | 0.93%             | 2031-11-15      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Live Nation Entertainment, Inc.                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -14800 | NC      | $-20299.58    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | GameStop Corporation                                            | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -20000 | NC      | $16126.56     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Ormat Technologies, Inc.                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -8450 | NC      | $-21095.56    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| Granite Construction Inc                        | Granite Construction Inc 3.25% Due 06/15/2030                   | CUSIP: 387328AF4<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2745000.00   | 2.18%             | 2030-06-15      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Snap Inc                                        | Snap Inc 0.5% Due 05/01/2030                                    | CUSIP: 83304AAK2<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2188750.00   | 1.74%             | 2030-05-01      | Fixed         | 0.50%                 | No            | 2                  | On Loan: No      |
| Lumentum Holdings Inc.                          | Lumentum Holdings Inc 1.5% Due 12/15/2029                       | CUSIP: 55024UAH2<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $3430000.00   | 2.73%             | 2029-12-15      | Fixed         | 1.50%                 | No            | 2                  | On Loan: No      |
| Mirion Technologies Inc                         | Mirion Technologies Inc 0.25% Due 06/01/2030                    | CUSIP: 60471AAA9<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1177500.00   | 0.94%             | 2030-06-01      | Fixed         | 0.25%                 | Yes           | 2                  | On Loan: No      |
| Akamai Technologies, Inc.                       | Akamai Technologies Inc 0.25% Due 05/15/2033                    | CUSIP: 00971TAP6<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2014170.08   | 1.60%             | 2033-05-15      | Fixed         | 0.25%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas Swap Gain Loss                      | BNP Paribas Swap Gain Loss                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    122140 | PA      | $122140.06    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| BNP Paribas                                     | Liberty Media Corporation                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -11200 | NC      | $8159.18      | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Wisdomtree, Inc.                                                | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -20600 | NC      | $-14168.26    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                | Kratos Defense & Security Solutions, Inc. 11/21/2025 65 Call    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -165 | NS      | $-103950.00   | -0.08%            |  |  |  | No            | 1                  | On Loan: No      |
| Rapid7 Inc.                                     | Rapid7, Inc. 1.250%, Due 03/15/29                               | CUSIP: 753422AH7<br>LEI: 549300GNVG5D60KEYN14 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $883244.21    | 0.70%             | 2029-03-15      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| Seagate HDD Cayman                              | Seagate HDD Cayman 3.5% Due 6/1/2028                            | CUSIP: 81180WBL4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |   1500000 | PA      | $2907750.00   | 2.31%             | 2028-06-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Ionis Pharmaceuticals, Inc.                     | Ionis Pharmaceuticals Inc 1.75%, Due 06/15/28                   | CUSIP: 462222AF7<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2190590.40   | 1.74%             | 2028-06-15      | Fixed         | 1.75%                 | No            | 2                  | On Loan: No      |
| OSI System Inc.                                 | OSI Systems Inc 2.25% Due 08/01/2029                            | CUSIP: 671044AE5<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2668071.94   | 2.12%             | 2029-08-01      | Fixed         | 2.25%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Datadog Inc                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -4300 | NC      | $3563.26      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Meritage Homes Corp                             | Meritage Homes Corp 1.25% Due 05/15/2028                        | CUSIP: 59001ABF8<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1483096.07   | 1.18%             | 2028-05-15      | Fixed         | 1.75%                 | No            | 2                  | On Loan: No      |
| Trip.com Group Ltd.                             | Trip.com Group Ltd 0.75% Due 06/15/2029                         | CUSIP: 89677QAB3<br>LEI: 2549004RMYDSRQL4KW41 | Long             | DBT              | CORP              | KY        |   2000000 | PA      | $2264000.00   | 1.80%             | 2029-06-15      | Fixed         | 0.75%                 | No            | 2                  | On Loan: No      |
| MKS Inc.                                        | MKS Inc 1.25% Due 06/01/2030                                    | CUSIP: 55306NAB0<br>LEI: 549300KEQATBHAGVF505 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2135271.71   | 1.70%             | 2030-06-01      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | MP Materials Corporation                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -38700 | NC      | $-104646.72   | -0.08%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Ionis Pharmaceuticals Inc                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -17300 | NC      | $-15668.58    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Seagate Technology Holdings                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -16400 | NC      | $-121627.28   | -0.10%            |  |  |  | No            | N/A                | On Loan: No      |
| Blackline Inc                                   | BlackLine Inc 1.00% Due 06/01/2029                              | CUSIP: 09239BAF6<br>LEI: 529900P9N7PK9LV5EK56 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2069000.00   | 1.65%             | 2029-06-01      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| Merit Medical Systems Inc.                      | Merit Medical Systems, Inc. 3.000%, Due 02/01/29                | CUSIP: 589889AA2<br>LEI: 549300OYTY138SP2CE83 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1764750.00   | 1.40%             | 2029-02-01      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | JD.com Inc                                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -28100 | NC      | $17047.78     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Nutanix Inc                                     | Nutanix Inc 0.25% Due 10/01/2027                                | CUSIP: 67059NAH1<br>LEI: 549300X7J6E8TKVIXW09 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2781000.00   | 2.21%             | 2027-10-01      | Fixed         | 0.25%                 | No            | 2                  | On Loan: No      |
| Five9 Inc.                                      | Five9 Inc 1.0% Due 3/15/2029                                    | CUSIP: 338307AF8<br>LEI: 254900MXP6EWY0SFFR59 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $876036.35    | 0.70%             | 2029-03-15      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Five9 Inc                                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -2900 | NC      | $252.24       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Tempus AI Inc                                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -3000 | NC      | $12934.40     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | MKS Instruments Inc                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -7100 | NC      | $63359.26     | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| Alibaba Group Holding Ltd.                      | Alibaba Group Holding Ltd 0.50% Due 06/01/2031                  | CUSIP: 01609WBG6<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |   2500000 | PA      | $3315000.00   | 2.64%             | 2031-06-01      | Fixed         | 0.50%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Core Scientific Inc.                                            | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |   -109000 | NC      | $23055.42     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Dexcom, Inc.                                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -6400 | NC      | $34157.16     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Snowflake Inc.                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -8600 | NC      | $-88750.98    | -0.07%            |  |  |  | No            | N/A                | On Loan: No      |
| Peabody Energy Corp.                            | Peabody Energy Corp 3.25%, Due 03/01/2028                       | CUSIP: 704551AD2<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | DBT              | CORP              | US        |    500000 | PA      | $563900.00    | 0.45%             | 2028-03-01      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Fluor Corporation                               | Fluor Corporation 1.125%, Due 08/15/29                          | CUSIP: 343412AJ1<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $3159000.00   | 2.51%             | 2029-08-15      | Fixed         | 1.12%                 | No            | 2                  | On Loan: No      |
| Chefs Warehouse Inc.                            | Chefs' Warehouse Inc/The 2.375% Due 12/15/2028                  | CUSIP: 163086AE1<br>LEI: 549300JYEDC8C547E980 | Long             | DBT              | CORP              | US        |   1470000 | PA      | $2397570.00   | 1.91%             | 2028-12-15      | Fixed         | 2.38%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Dropbox Inc                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -28100 | NC      | $-15257.74    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Veeco Instruments                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -14000 | NC      | $187.96       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Tetra Tech Inc                                  | Tetra Tech, Inc. 2.250%, Due 08/15/2028                         | CUSIP: 88162GAB9<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1703850.00   | 1.35%             | 2028-08-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Zscaler Inc                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |      -900 | NC      | $3466.00      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| GEO Group Inc                                   | GEO Group Inc/The 8.625% Due 04/15/2029                         | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1593836.60   | 1.27%             | 2029-04-15      | Fixed         | 8.62%                 | No            | 2                  | On Loan: No      |
| DexCom Inc                                      | Dexcom, Inc. 0.375%, Due 05/15/28                               | CUSIP: 252131AM9<br>LEI: 549300YSK3QDSFR5EU59 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2781000.00   | 2.21%             | 2028-05-15      | Fixed         | 0.38%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Halozyme Therapeutics, Inc.                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -26400 | NC      | $-86324.66    | -0.07%            |  |  |  | No            | N/A                | On Loan: No      |
| MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT | MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |     71250 | PA      | $71250.00     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| BNP Paribas                                     | Alibaba Group Holding Ltd                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -17000 | NC      | $-57906.85    | -0.05%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Merit Medical Systems Inc                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -11700 | NC      | $104339.17    | 0.08%             |  |  |  | No            | N/A                | On Loan: No      |
| Iron Mountain Inc.                              | Iron Mountain, Inc. 7.000%, Due 02/15/29                        | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1027316.00   | 0.82%             | 2029-02-15      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| Zscaler Inc                                     | Zscaler Inc 0%, Due 07/15/2028                                  | CUSIP: 98980GAC6<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $975000.00    | 0.78%             | 2028-07-15      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Fluor Corp                                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -33500 | NC      | $-115142.70   | -0.09%            |  |  |  | No            | N/A                | On Loan: No      |
| Blackstone Mortgage Trust, Inc                  | Blackstone Mortgage Trust Inc 5.5%, Due 03/15/2027              | CUSIP: 09257WAE0<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $979000.00    | 0.78%             | 2027-03-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Western Digital Corp.                           | Western Digital Corp 3.0%, Due 11/15/2028                       | CUSIP: 958102AT2<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $2357300.00   | 1.87%             | 2028-11-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| First American Funds Inc.                       | FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND - CLASS U            | CUSIP: 31846V211<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   1780139 | PA      | $1780139.30   | 1.42%             |  |  |  | No            | 1                  | On Loan: No      |
| DigitalOcean Holdings Inc                       | Digital Ocean Holdings, Inc.                                    | CUSIP: 25402DAB8<br>LEI: 549300EPISPY3RE3DL21 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $934600.00    | 0.74%             | 2026-12-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Mirion Technologies                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -30963 | NC      | $-48714.43    | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Trip.com Group Ltd                                              | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -16700 | NC      | $20901.82     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| JPM Prime                                       | JPM Prime                                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             | RF                | US        |        -1 | PA      | $0.00         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Kratos Defense & Security Solutions, Inc.       | Kratos Defense & Security Solutions, Inc.                       | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     16500 | NS      | $968550.00    | 0.77%             |  |  |  | No            | 1                  | On Loan: No      |
| Alnylam Pharmaceuticals Inc.                    | Alnylam Pharmaceuticals, Inc. 1.000%, Due 09/15/2027            | CUSIP: 02043QAB3<br>LEI: 529900S3ZI14OWRJII50 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $3675750.03   | 2.92%             | 2027-09-15      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| MP Materials Corp                               | MP Materials Corp 3.000%, Due 03/01/30                          | CUSIP: 553368AC5<br>LEI: 89450063PHPS61USMT84 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $2929500.00   | 2.33%             | 2030-03-01      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| Lantheus Holdings Inc                           | Lantheus Holdings Inc 2.625%, Due 12/15/27                      | CUSIP: 516544AB9<br>LEI: 5299005HUB5IOJGO7S39 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2353623.02   | 1.87%             | 2027-12-15      | Fixed         | 2.62%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | BlackLine Inc.                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -12500 | NC      | $6072.90      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Uber Technologies Inc                           | Uber Technologies Inc 0.875%, Due 12/01/2028                    | CUSIP: 90353TAM2<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2729000.00   | 2.17%             | 2028-12-01      | Fixed         | 0.88%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Lumentum Holdings, Inc.                                         | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -20900 | NC      | $-234226.29   | -0.19%            |  |  |  | No            | N/A                | On Loan: No      |
| Core Scientific Inc                             | Core Scientific Inc 3.0%, Due 09/01/2029                        | CUSIP: 21874AAC0<br>LEI: 549300NY2WTA02KF7L12 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $2478426.92   | 1.97%             | 2029-09-01      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Vishay Intertechnology, Inc.                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -24800 | NC      | $15981.11     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| WisdomTree, Inc.                                | WisdomTree Inc 3.25%, Due 8/15/2029                             | CUSIP: 97717PAG9<br>LEI: 549300WIU8IS7UFO7871 | Long             | DBT              | CORP              | US        |    500000 | PA      | $625000.00    | 0.50%             | 2029-08-15      | Fixed         | 3.25%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Alnylam Pharmaceuticals, Inc.                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -5300 | NC      | $-419076.43   | -0.33%            |  |  |  | No            | N/A                | On Loan: No      |
| Chicago Board of Trade                          | 5-YEAR U.S. TREASURY NOTE FUTURE 9/30/2025                      | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DE               | CORP              | US        |        57 | NS      | $21207.14     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| BNP Paribas                                     | Western Digital Corp.                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -26300 | NC      | $-288311.84   | -0.23%            |  |  |  | No            | N/A                | On Loan: No      |
| Itron, Inc.                                     | Itron Inc 1.375% Due 07/15/2030                                 | CUSIP: 465741AQ9<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2296691.80   | 1.83%             | 2030-07-15      | Fixed         | 1.38%                 | No            | 2                  | On Loan: No      |
| Synaptics Incorporated                          | Synaptics Inc .75%, Due 12/01/2031                              | CUSIP: 87157DAH2<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2068000.00   | 1.64%             | 2031-12-01      | Fixed         | 0.75%                 | Yes           | 2                  | On Loan: No      |
| Etsy Inc                                        | Etsy Inc 1% Due 06/15/2030                                      | CUSIP: 29786AAP1<br>LEI: 54930089Q7XT501AEA40 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201500.00    | 0.16%             | 2030-06-15      | Fixed         | 1.00%                 | Yes           | 2                  | On Loan: No      |
| Gamestop Corp                                   | GameStop Corp 0% Due 06/15/2032                                 | CUSIP: 36467WAF6<br>LEI: 549300505KLOET039L77 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1016500.00   | 0.81%             | 2032-06-15      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| CMS Energy Corporation                          | CMS Energy Corp 3.375%, Due 5/1/2028                            | CUSIP: 125896BX7<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2467125.00   | 1.96%             | 2028-05-01      | Fixed         | 3.38%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Microchip Tech                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -4800 | NC      | $27116.80     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | OSI Systems Inc                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -7600 | NC      | $-95165.80    | -0.08%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Meritage Homes Corp                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -4600 | NC      | $11065.58     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-07-31

**Name of Applicant:** Westwood Alternative Income Fund

**Signature:** Daniel D. Bauer

**Name of Signer:** Daniel D. Bauer

**Title:** Treasurer