# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001580642-25-004063
**Filing Date:** 2025-7
**Character Count:** 761517
**Document Hash:** cdf389725ed31591e40aa18525f6706b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004063.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001580642-25-004063

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 188

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 251107672

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

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

## Series and Classes Contracts Data

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

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

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

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000229465 | Westwood Alternative Income Fund Ultra Shares         | WMNUX           |
| C000229466 | Westwood Alternative Income Fund Institutional Shares | WMNIX           |
| C000229467 | Westwood Alternative Income Fund A Class Shares       | WMNAX           |
| C000229468 | Westwood Alternative Income Fund C Class Shares       | WWACX           |

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

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000229469 | Westwood Multi-Asset Income Fund Institutional Shares | WHGHX           |
| C000229470 | Westwood Multi-Asset Income Fund A Class Shares       | WSDAX           |
| C000229471 | Westwood Multi-Asset Income Fund C Class Shares       | WWHCX           |

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

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

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

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

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

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

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

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000229481 | Westwood Quality Value Fund A Class Shares       | WWLAX           |
| C000229482 | Westwood Quality Value Fund C Class Shares       | WWLCX           |
| C000229483 | Westwood Quality Value Fund Institutional Shares | WHGLX           |
| C000240108 | Westwood Quality Value Fund Ultra Shares         | WHGQX           |

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

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

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

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000237949 | Westwood Broadmark Tactical Growth Fund C Class Shares       | FTGOX           |
| C000237950 | Westwood Broadmark Tactical Growth Fund F Class Shares       |  |
| C000237951 | Westwood Broadmark Tactical Growth Fund Institutional Shares | FTGWX           |
| C000237952 | Westwood Broadmark Tactical Growth Fund A Class Shares       | FTAGX           |

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

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000237953 | Westwood Broadmark Tactical Plus Fund A Class Shares       | SBTAX           |
| C000237954 | Westwood Broadmark Tactical Plus Fund C Class Shares       | SBTCX           |
| C000237955 | Westwood Broadmark Tactical Plus Fund F Class Shares       | BTPIX           |
| C000237956 | Westwood Broadmark Tactical Plus Fund Institutional Shares | SBTIX           |

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

| Class ID   | Class Name                                                             | Ticker Symbol   |
|:---|:---|:---|
| C000237961 | Westwood Salient MLP & Energy Infrastructure Fund Institutional Shares | SMLPX           |
| C000237962 | Westwood Salient MLP & Energy Infrastructure Fund Ultra Fund           | SMRPX           |
| C000237963 | Westwood Salient MLP & Energy Infrastructure Fund C Class Shares       | SMFPX           |
| C000237964 | Westwood Salient MLP & Energy Infrastructure Fund A Class Shares       | SMAPX           |
| C000237965 | Westwood Salient MLP & Energy Infrastructure Fund F Class Shares       |  |

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

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000237966 | Westwood Real Estate Income Fund Institutional Shares | KIFYX           |
| C000237967 | Westwood Real Estate Income Fund F Class Shares       |  |
| C000237968 | Westwood Real Estate Income Fund A Class Shares       | KIFAX           |
| C000237969 | Westwood Real Estate Income Fund C Class Shares       | KIFCX           |

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 811-22680

Ultimus Managers Trust <br> (Exact name of registrant as specified in charter)

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

Karen Jacoppo-Wood

Ultimus Fund Solutions, LLC&nbsp;&nbsp;&nbsp;&nbsp; 225 Pictoria Drive, Suite 450&nbsp;&nbsp;&nbsp;&nbsp; Cincinnati, Ohio 45246 <br> (Name and address of agent for service)

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

Date of fiscal year end: October 31 <br>Date of reporting period: April 30, 2025

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

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

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

(a).

Westwood Quality Value Fund

![Image](i2b053a3b3c041065fd24d6e7.jpg)

Institutional Shares (WHGLX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Quality Value Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-value-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $31 | 0.64% |

---

# How did the Fund perform during the reporting period?
Westwood Quality Value Fund underperformed its primary and representative benchmarks, the Russell 3000 and Russell 1000 Value, in the reporting period. Early gains reversed sharply, with declines triggered by concerns surrounding the impact of economic policy on long-term growth.

The top sectors on a relative basis were Consumer Discretionary and Financials, due to stock selection. Consumer Discretionary returns were driven by restaurants and demand for home improvement and auto supply retailers. The Financials sector showed gains from large banks and insurers.

Information Technology and Industrials were the worst performers on a relative basis, again due mainly to stock selection. Information Technology was impacted by valuation compression and geopolitical tensions. Industrials underperformed due to higher input costs and tariff uncertainty.

Darden Restaurants Inc. (DRI) and O'Reilly Automotive Inc. (ORLY) led in Consumer Discretionary. Darden rose after reporting consecutive quarters of sales growth and revising its sales outlook after completing the acquisition of Chuy's. O'Reilly gained after reporting strong financial results, reaffirming store expansion plans and maintaining same-store sales guidance.

Visa Inc. (V) led Financials after reporting continued growth in payment volume and processed transactions. Progressive Corp. (PGR) rose after a positive earnings report showed improved underwriting profitability and increased policy growth for the insurer.

In Information Technology, Microchip Technology Inc. (MCHP) fell after reporting declines in financial performance and the impact of tariffs, the latter a factor that also contributed to the underperformance of Marvell Technology Inc. (MRVL).

In Industrials, Boise Cascade Co. (BCC) fell on weak housing data and falling lumber prices. CACI International Inc. (CACI) also declined during the period due to concerns over federal cost cuts affecting defense contracts.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i57de9ee61a7064e2c8d1510a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Quality Value Fund - Institutional Shares** | **Russell 1000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Apr-2015** | $100000 | $100000 | $100000 |
| **Apr-2016** | $100704 | $99596 | $99824 |
| **Apr-2017** | $114659 | $116080 | $118374 |
| **Apr-2018** | $130365 | $124789 | $133819 |
| **Apr-2019** | $141134 | $136099 | $150789 |
| **Apr-2020** | $133473 | $121110 | $149219 |
| **Apr-2021** | $181074 | $176730 | $225199 |
| **Apr-2022** | $187553 | $179059 | $218186 |
| **Apr-2023** | $192061 | $181231 | $221465 |
| **Apr-2024** | $214055 | $205556 | $270854 |
| **Apr-2025** | $221867 | $223132 | $301735 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Quality Value Fund - Institutional Shares | 3.65% | 10.70% | 8.30% |
| Russell 1000<sup>®</sup> Value Index | 8.55% | 13.00% | 8.36% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |

---

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

# **Fund Statistics** 
* Net Assets$177,649,098

* Number of Portfolio Holdings47

* Advisory Fee (net of waivers)$416,873

* Portfolio Turnover34%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0b18ebec0a32604274fe1300.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.6% |
| Money Market Funds | 3.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i92b1e9b2e353f3acd9d54ae4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.0% |
| Materials | 1.7% |
| Money Market | 3.4% |
| Real Estate | 5.0% |
| Energy | 5.1% |
| Consumer Discretionary | 5.2% |
| Utilities | 5.9% |
| Consumer Staples | 7.4% |
| Communications | 7.7% |
| Health Care | 9.7% |
| Industrials | 13.4% |
| Technology | 16.3% |
| Financials | 20.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corporation | 3.8% |
| JPMorgan Chase & Company | 3.5% |
| Abbott Laboratories | 3.0% |
| Union Pacific Corporation | 3.0% |
| UnitedHealth Group, Inc. | 2.8% |
| Visa, Inc. - Class A | 2.6% |
| T-Mobile US, Inc. | 2.6% |
| Walt Disney Company (The) | 2.6% |
| Progressive Corporation (The) | 2.6% |
| Walmart, Inc. | 2.5% |

---

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

![Image](i1e4d9653132d89fc4a7da5df.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WHGLX

Westwood Quality Value Fund

![Image](i5609434dac95a9d349707c0a.jpg)

A Class Shares (WWLAX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Quality Value Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-value-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class Shares | $40 | 0.81% |

---

# How did the Fund perform during the reporting period?
Westwood Quality Value Fund underperformed its primary and representative benchmarks, the Russell 3000 and Russell 1000 Value, in the reporting period. Early gains reversed sharply, with declines triggered by concerns surrounding the impact of economic policy on long-term growth.

The top sectors on a relative basis were Consumer Discretionary and Financials, due to stock selection. Consumer Discretionary returns were driven by restaurants and demand for home improvement and auto supply retailers. The Financials sector showed gains from large banks and insurers.

Information Technology and Industrials were the worst performers on a relative basis, again due mainly to stock selection. Information Technology was impacted by valuation compression and geopolitical tensions. Industrials underperformed due to higher input costs and tariff uncertainty.

Darden Restaurants Inc. (DRI) and O'Reilly Automotive Inc. (ORLY) led in Consumer Discretionary. Darden rose after reporting consecutive quarters of sales growth and revising its sales outlook after completing the acquisition of Chuy's. O'Reilly gained after reporting strong financial results, reaffirming store expansion plans and maintaining same-store sales guidance.

Visa Inc. (V) led Financials after reporting continued growth in payment volume and processed transactions. Progressive Corp. (PGR) rose after a positive earnings report showed improved underwriting profitability and increased policy growth for the insurer.

In Information Technology, Microchip Technology Inc. (MCHP) fell after reporting declines in financial performance and the impact of tariffs, the latter a factor that also contributed to the underperformance of Marvell Technology Inc. (MRVL).

In Industrials, Boise Cascade Co. (BCC) fell on weak housing data and falling lumber prices. CACI International Inc. (CACI) also declined during the period due to concerns over federal cost cuts affecting defense contracts.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia409d3f72cae59d3eb68ca93.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Quality Value Fund - A Class Shares** | **Russell 1000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Apr-2015** | $9701 | $10000 | $10000 |
| **Apr-2016** | $9746 | $9960 | $9982 |
| **Apr-2017** | $11073 | $11608 | $11837 |
| **Apr-2018** | $12553 | $12479 | $13382 |
| **Apr-2019** | $13555 | $13610 | $15079 |
| **Apr-2020** | $12780 | $12111 | $14922 |
| **Apr-2021** | $17310 | $17673 | $22520 |
| **Apr-2022** | $17874 | $17906 | $21819 |
| **Apr-2023** | $18272 | $18123 | $22146 |
| **Apr-2024** | $20321 | $20556 | $27085 |
| **Apr-2025** | $21027 | $22313 | $30174 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Quality Value Fund - A Class Shares |  |  |  |
| Without Load | 3.47% | 10.47% | 8.04% |
| With Load\* | 0.39% | 9.80% | 7.72% |
| Russell 1000<sup>®</sup> Value Index | 8.55% | 13.00% | 8.36% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |

---

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

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

# **Fund Statistics** 
* Net Assets$177,649,098

* Number of Portfolio Holdings47

* Advisory Fee (net of waivers)$416,873

* Portfolio Turnover34%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4c5ded9671f32dd1f4d30572.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.6% |
| Money Market Funds | 3.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i96c760b42ab0b7a57e4311d3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.0% |
| Materials | 1.7% |
| Money Market | 3.4% |
| Real Estate | 5.0% |
| Energy | 5.1% |
| Consumer Discretionary | 5.2% |
| Utilities | 5.9% |
| Consumer Staples | 7.4% |
| Communications | 7.7% |
| Health Care | 9.7% |
| Industrials | 13.4% |
| Technology | 16.3% |
| Financials | 20.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corporation | 3.8% |
| JPMorgan Chase & Company | 3.5% |
| Abbott Laboratories | 3.0% |
| Union Pacific Corporation | 3.0% |
| UnitedHealth Group, Inc. | 2.8% |
| Visa, Inc. - Class A | 2.6% |
| T-Mobile US, Inc. | 2.6% |
| Walt Disney Company (The) | 2.6% |
| Progressive Corporation (The) | 2.6% |
| Walmart, Inc. | 2.5% |

---

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

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

![Image](i9c9d863ad1b1fda7ffd87ff3.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WWLAX

Westwood Quality Value Fund

![Image](i16c49bbb778b68c8ca24ab7c.jpg)

Ultra Shares (WHGQX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Quality Value Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-value-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Ultra Shares | $27 | 0.56% |

---

# How did the Fund perform during the reporting period?
Westwood Quality Value Fund underperformed its primary and representative benchmarks, the Russell 3000 and Russell 1000 Value, in the reporting period. Early gains reversed sharply, with declines triggered by concerns surrounding the impact of economic policy on long-term growth.

The top sectors on a relative basis were Consumer Discretionary and Financials, due to stock selection. Consumer Discretionary returns were driven by restaurants and demand for home improvement and auto supply retailers. The Financials sector showed gains from large banks and insurers.

Information Technology and Industrials were the worst performers on a relative basis, again due mainly to stock selection. Information Technology was impacted by valuation compression and geopolitical tensions. Industrials underperformed due to higher input costs and tariff uncertainty.

Darden Restaurants Inc. (DRI) and O'Reilly Automotive Inc. (ORLY) led in Consumer Discretionary. Darden rose after reporting consecutive quarters of sales growth and revising its sales outlook after completing the acquisition of Chuy's. O'Reilly gained after reporting strong financial results, reaffirming store expansion plans and maintaining same-store sales guidance.

Visa Inc. (V) led Financials after reporting continued growth in payment volume and processed transactions. Progressive Corp. (PGR) rose after a positive earnings report showed improved underwriting profitability and increased policy growth for the insurer.

In Information Technology, Microchip Technology Inc. (MCHP) fell after reporting declines in financial performance and the impact of tariffs, the latter a factor that also contributed to the underperformance of Marvell Technology Inc. (MRVL).

In Industrials, Boise Cascade Co. (BCC) fell on weak housing data and falling lumber prices. CACI International Inc. (CACI) also declined during the period due to concerns over federal cost cuts affecting defense contracts.

# How has the Fund performed since inception?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i3c85fd6ed530d6c58635969c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Quality Value Fund - Ultra Shares** | **Russell 1000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Nov-2022** | $1000000 | $1000000 | $1000000 |
| **Apr-2023** | $968668 | $983948 | $1019796 |
| **Apr-2024** | $1077318 | $1116013 | $1247221 |
| **Apr-2025** | $1115812 | $1211435 | $1389423 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (November 30, 2022)** |
| Westwood Quality Value Fund - Ultra Shares | 3.57% | 4.64% |
| Russell 1000<sup>®</sup> Value Index | 8.55% | 8.27% |
| Russell 3000<sup>®</sup> Index | 11.40% | 14.60% |

---

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

# **Fund Statistics** 
* Net Assets$177,649,098

* Number of Portfolio Holdings47

* Advisory Fee (net of waivers)$416,873

* Portfolio Turnover34%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i138163b410a09e204c5d2e44.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.6% |
| Money Market Funds | 3.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i90716ae59bbb4b2a5e8d2d6c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.0% |
| Materials | 1.7% |
| Money Market | 3.4% |
| Real Estate | 5.0% |
| Energy | 5.1% |
| Consumer Discretionary | 5.2% |
| Utilities | 5.9% |
| Consumer Staples | 7.4% |
| Communications | 7.7% |
| Health Care | 9.7% |
| Industrials | 13.4% |
| Technology | 16.3% |
| Financials | 20.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corporation | 3.8% |
| JPMorgan Chase & Company | 3.5% |
| Abbott Laboratories | 3.0% |
| Union Pacific Corporation | 3.0% |
| UnitedHealth Group, Inc. | 2.8% |
| Visa, Inc. - Class A | 2.6% |
| T-Mobile US, Inc. | 2.6% |
| Walt Disney Company (The) | 2.6% |
| Progressive Corporation (The) | 2.6% |
| Walmart, Inc. | 2.5% |

---

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

![Image](i320d137f00b6d650c8926b46.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WHGQX

Westwood Quality MidCap Fund

![Image](i279ef02cdac45f2ec5835e13.jpg)

Institutional Shares (WWMCX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Quality MidCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-midcap-fund/**. You can also request this information by contacting us at (877) 386-3944.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $27 | 0.69% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality MidCap Fund underperformed its primary and representative benchmarks, the Russell 3000 and Russell Midcap Value, in the reporting period. Early equity market gains reversed sharply, with declines driven by concerns over stagflation and rising long-term interest rates.

On a relative basis, the top-performing sectors for the period were Materials and Consumer Staples. The Materials sector benefited from stock selection, and our overweight position in the sector was also beneficial. Our Consumer Staples selections outperformed those of the benchmark, while an overweight position was also a contributing factor.

Information Technology and Energy were the worst-performing sectors on a relative basis, both driven primarily by stock selection. Our overweight in semiconductors was detrimental in the Information Technology sector, while energy producers struggled as oil prices declined.

Franco-Nevada Corp. (FNV) and Crown Holdings Inc. (CCK) were the top performers in the Materials sector, both reporting strong financial results.

BJ's Wholesale Club Holdings Inc. (BJ) was the top gainer in the Consumer Staples sector due to strong financial results, club expansion and membership growth. Church & Dwight Co. Inc. (CHD) also reported strong results, exceeding its outlook for sales growth and benefiting from strong international performance.

In the Information Technology sector, Microchip Technology Inc. (MCHP) fell after reporting declines in financial performance and due to the impact of tariffs, a factor that also contributed to the underperformance of Marvell Technology Inc. (MRVL).

The bottom two detractors in the Energy sector, Chord Energy Corp. (CHRD) and Diamondback Energy Inc. (FANG), faced headwinds from lower commodity prices during the period.

# How has the Fund performed since inception?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i8deff7f951698a2259beaf3e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Quality MidCap Fund - Institutional Shares** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **Nov-2021** | $100000 | $100000 | $100000 |
| **Apr-2022** | $97400 | $89616 | $98144 |
| **Apr-2023** | $100075 | $90963 | $94734 |
| **Apr-2024** | $115352 | $111249 | $108078 |
| **Apr-2025** | $116175 | $123933 | $113743 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (November 30, 2021)** |
| Westwood Quality MidCap Fund - Institutional Shares | 0.71% | 4.49% |
| Russell 3000<sup>®</sup> Index | 11.40% | 6.49% |
| Russell Midcap<sup>®</sup> Value Index | 5.24% | 3.84% |

---

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

# **Fund Statistics** 
* Net Assets$1,600,896

* Number of Portfolio Holdings61

* Advisory Fee (net of waivers)$0

* Portfolio Turnover32%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](idb39242bcee33753ab46d664.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.0% |
| Money Market Funds | 2.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8f602e4cda76ba04e8dbf4e5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market | 2.0% |
| Health Care | 5.5% |
| Energy | 5.6% |
| Consumer Staples | 5.8% |
| Utilities | 6.4% |
| Consumer Discretionary | 7.3% |
| Real Estate | 9.0% |
| Materials | 13.7% |
| Financials | 14.5% |
| Industrials | 15.0% |
| Technology | 15.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Marvell Technology, Inc. | 2.6% |
| Pegasystems, Inc. | 2.5% |
| Verra Mobility Corporation - Class A | 2.4% |
| CACI International, Inc. - Class A | 2.2% |
| Ulta Beauty, Inc. | 2.1% |
| Federal Realty Investment Trust | 2.1% |
| Intercontinental Exchange, Inc. | 2.1% |
| Axalta Coating Systems Ltd. | 2.1% |
| CDW Corporation | 2.1% |
| BWX Technologies, Inc. | 2.0% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i2940befbd1a6c4855308d5e8.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WWMCX

Westwood Quality SMidCap Fund

![Image](i05641711af208373efd38a98.jpg)

Institutional Shares (WHGMX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Quality SMidCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-smidcap-fund/**. You can also request this information by contacting us at (877) 386-3944.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $39 | 0.83% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality SMidCap Fund underperformed its primary and representative benchmarks, the Russell 3000 and Russell 2500 Value, during the period. Small-cap stocks struggled during the period, while mid-caps held up slightly better. Both indexes declined more than 20% from their highs but rebounded in late April.

On a relative basis, the top-performing sectors were Industrials and Materials, supported by stock selection. The Industrials sector posted a negative absolute return for the period but stock selection was beneficial. The Materials sector was a similar story, outperformance at the stock level was supportive to relative performance.

The Energy and Financials sectors were the largest detractors on a relative basis. The Energy sector declined in tandem with oil price volatility and demand uncertainty; our stocks fared worse than those of the index. The Financials sector also struggled as stock selection was a key part of the negative contribution.

In the Industrials sector, shares of defense contractor Kratos Defense & Security Solutions Inc. (KTOS) advanced after an analyst upgrade on the strength of a $1.5 billion, five-year government contract for hypersonic testing. H&E Equipment Services Inc. (HEES) gained after agreeing to be purchased by Herc Holdings Inc.

In Materials, Royal Gold Inc. (RGLD) rose as the company announced another dividend increase and issued its 2025 guidance. Crown Holdings Inc. (CCK) gained after reporting strong earnings and increasing its full-year guidance for 2025.

Weatherford International Plc (WFRD) and SM Energy Co. (SM) led the detractors in the Energy sector, declining due to the impact of lower commodity prices.

DigitalBridge Group Inc. (DBRG) and Glacier Bancorp Inc. (GBCI) were the largest detractors in Financials. DigitalBridge missed earnings expectations, and Glacier Bancorp experienced a decrease in total loans and an increase in credit loss allowance due to economic uncertainty.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](ib48f8c17d9303b41d453bb1c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Quality SMidCap Fund - Institutional Shares** | **Russell 2500<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Apr-2015** | $100000 | $100000 | $100000 |
| **Apr-2016** | $89971 | $98045 | $99824 |
| **Apr-2017** | $105804 | $118304 | $118374 |
| **Apr-2018** | $113470 | $126556 | $133819 |
| **Apr-2019** | $118224 | $131969 | $150789 |
| **Apr-2020** | $101922 | $103063 | $149219 |
| **Apr-2021** | $157839 | $177972 | $225199 |
| **Apr-2022** | $148056 | $171382 | $218186 |
| **Apr-2023** | $151796 | $162294 | $221465 |
| **Apr-2024** | $178002 | $187021 | $270854 |
| **Apr-2025** | $179185 | $190945 | $301735 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Quality SMidCap Fund - Institutional Shares | 0.66% | 11.95% | 6.01% |
| Russell 2500<sup>®</sup> Value Index | 2.10% | 13.13% | 6.68% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |

---

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

# **Fund Statistics** 
* Net Assets$87,556,044

* Number of Portfolio Holdings64

* Advisory Fee (net of waivers)$262,706

* Portfolio Turnover31%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id60e734d9a73e009a7166246.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.8% |
| Money Market Funds | 1.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i3dfbe660484af88c6b8bdcc8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market | 1.2% |
| Consumer Staples | 3.9% |
| Utilities | 4.5% |
| Energy | 5.8% |
| Health Care | 7.0% |
| Consumer Discretionary | 8.3% |
| Technology | 9.6% |
| Real Estate | 11.1% |
| Materials | 11.9% |
| Financials | 17.6% |
| Industrials | 19.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| IDACORP, Inc. | 2.4% |
| BWX Technologies, Inc. | 2.2% |
| TXNM Energy, Inc. | 2.1% |
| Advanced Drainage Systems, Inc. | 2.1% |
| MSA Safety, Inc. | 2.1% |
| Hubbell, Inc. | 2.1% |
| Rambus, Inc. | 2.0% |
| Wintrust Financial Corporation | 2.0% |
| Integer Holdings Corporation | 2.0% |
| Domino's Pizza, Inc. | 2.0% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i6b08106c8a0a33f22ed3ea25.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WHGMX

Westwood Quality SMidCap Fund

![Image](iaf7aee34521e6bddf5879553.jpg)

Ultra Shares (WWSMX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Quality SMidCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-smidcap-fund/**. You can also request this information by contacting us at (877) 386-3944.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Ultra Shares | $32 | 0.68% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality SMidCap Fund underperformed its primary and representative benchmarks, the Russell 3000 and Russell 2500 Value, during the period. Small-cap stocks struggled during the period, while mid-caps held up slightly better. Both indexes declined more than 20% from their highs but rebounded in late April.

On a relative basis, the top-performing sectors were Industrials and Materials, supported by stock selection. The Industrials sector posted a negative absolute return for the period but stock selection was beneficial. The Materials sector was a similar story, outperformance at the stock level was supportive to relative performance.

The Energy and Financials sectors were the largest detractors on a relative basis. The Energy sector declined in tandem with oil price volatility and demand uncertainty; our stocks fared worse than those of the index. The Financials sector also struggled as stock selection was a key part of the negative contribution.

In the Industrials sector, shares of defense contractor Kratos Defense & Security Solutions Inc. (KTOS) advanced after an analyst upgrade on the strength of a $1.5 billion, five-year government contract for hypersonic testing. H&E Equipment Services Inc. (HEES) gained after agreeing to be purchased by Herc Holdings Inc.

In Materials, Royal Gold Inc. (RGLD) rose as the company announced another dividend increase and issued its 2025 guidance. Crown Holdings Inc. (CCK) gained after reporting strong earnings and increasing its full-year guidance for 2025.

Weatherford International Plc (WFRD) and SM Energy Co. (SM) led the detractors in the Energy sector, declining due to the impact of lower commodity prices.

DigitalBridge Group Inc. (DBRG) and Glacier Bancorp Inc. (GBCI) were the largest detractors in Financials. DigitalBridge missed earnings expectations, and Glacier Bancorp experienced a decrease in total loans and an increase in credit loss allowance due to economic uncertainty.

# How has the Fund performed since inception?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i29fce31b48b5725ae7766000.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Quality SMidCap Fund - Ultra Shares** | **Russell 2500<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Jul-2020** | $1000000 | $1000000 | $1000000 |
| **Apr-2021** | $1431258 | $1573894 | $1325302 |
| **Apr-2022** | $1346616 | $1515618 | $1284027 |
| **Apr-2023** | $1382270 | $1435244 | $1303326 |
| **Apr-2024** | $1623651 | $1653919 | $1593982 |
| **Apr-2025** | $1637635 | $1688615 | $1775719 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (July 31, 2020)** |
| Westwood Quality SMidCap Fund - Ultra Shares | 0.86% | 10.95% |
| Russell 2500<sup>®</sup> Value Index | 2.10% | 11.67% |
| Russell 3000<sup>®</sup> Index | 11.40% | 12.86% |

---

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

# **Fund Statistics** 
* Net Assets$87,556,044

* Number of Portfolio Holdings64

* Advisory Fee (net of waivers)$262,706

* Portfolio Turnover31%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib3449feee4857ccc4580e196.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.8% |
| Money Market Funds | 1.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](iaec61a418f110c6738b6a854.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market | 1.2% |
| Consumer Staples | 3.9% |
| Utilities | 4.5% |
| Energy | 5.8% |
| Health Care | 7.0% |
| Consumer Discretionary | 8.3% |
| Technology | 9.6% |
| Real Estate | 11.1% |
| Materials | 11.9% |
| Financials | 17.6% |
| Industrials | 19.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| IDACORP, Inc. | 2.4% |
| BWX Technologies, Inc. | 2.2% |
| TXNM Energy, Inc. | 2.1% |
| Advanced Drainage Systems, Inc. | 2.1% |
| MSA Safety, Inc. | 2.1% |
| Hubbell, Inc. | 2.1% |
| Rambus, Inc. | 2.0% |
| Wintrust Financial Corporation | 2.0% |
| Integer Holdings Corporation | 2.0% |
| Domino's Pizza, Inc. | 2.0% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i794c6a35bdd32c7546cd080e.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WWSMX

Westwood Quality SmallCap Fund

![Image](i333683d033d6eb82d6f4706b.jpg)

Institutional Shares (WHGSX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Quality SmallCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-smallcap-fund/**. You can also request this information by contacting us at (877) 386-3944.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $43 | 0.93% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality SmallCap Fund underperformed its primary and representative benchmarks, the Russell 3000 and Russell 2000 Value, in the period. Small-cap stocks showed early gains, then sold off and eventually fell more than 20% from their peaks on economic growth concerns and fears of tariff impacts. Stocks rallied to close the period but ended well off their highs.

On a relative basis, the top-performing sectors were Health Care and Utilities. Returns in each sector benefited from a defensive rotation by investors seeking non-cyclical exposure. On an absolute basis, Utilities was the only sector posting positive returns.

The Financials and Energy sectors were the worst relative performers for the period. Financials were challenged by a rise in long-term interest rates and concerns about economic growth. Energy declined with oil price volatility and demand uncertainty.

In Health Care, Prestige Consumer Healthcare Inc. (PBH) rose after reporting record results and raising its full-year earnings outlook. Specialty chemical manufacturer Hawkins Inc. (HWKN) gained on improved performance in their Water Treatment segment and confidence in strategic acquisitions.

In Utilities, TXNM Energy Inc. (TXNM) advanced due to earnings growth and reaffirmed guidance; the company also announced it was to be acquired by a private equity firm. Avista Corp. (AVA) gained as it reported higher diluted earnings per share and initiated 2025 earnings guidance.

Atlantic Union Bankshares Corp. (AUB) led detractors, facing increased oversight from federal and state regulators after its merger with Sandy Spring. National Bank Holdings Corp. (NBHC) fell on declining net income and a fraud-related charge-off affecting earnings per share.

In Energy, Vital Energy Inc. (VTLE) reported poor results and issued disappointing production guidance for 2025. SM Energy Co. (SM) declined based on the impact of lower commodity prices.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](ida6985df180bbd0c3129ef8e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Westwood Quality SmallCap Fund - Institutional Shares** | **Russell 2000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Apr-2015** | $100000 | $100000 | $100000 | $100000 |
| **Apr-2016** | $92346 | $94055 | $96291 | $99824 |
| **Apr-2017** | $119782 | $118160 | $122465 | $118374 |
| **Apr-2018** | $134209 | $131793 | $130462 | $133819 |
| **Apr-2019** | $137579 | $137871 | $133319 | $150789 |
| **Apr-2020** | $110145 | $115275 | $101530 | $149219 |
| **Apr-2021** | $181669 | $201630 | $181701 | $225199 |
| **Apr-2022** | $162038 | $167616 | $169734 | $218186 |
| **Apr-2023** | $166473 | $161506 | $156178 | $221465 |
| **Apr-2024** | $187410 | $183020 | $178088 | $270854 |
| **Apr-2025** | $178993 | $184621 | $176870 | $301735 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Quality SmallCap Fund - Institutional Shares | -4.49% | 10.20% | 5.99% |
| Russell 2000<sup>®</sup> Index | 0.87% | 9.88% | 6.32% |
| Russell 2000<sup>®</sup> Value Index | -0.68% | 11.74% | 5.87% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |

---

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

# **Fund Statistics** 
* Net Assets$902,261,501

* Number of Portfolio Holdings64

* Advisory Fee (net of waivers)$3,707,664

* Portfolio Turnover32%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iadcfbdfb16f0f74bdcdad3d5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.0% |
| Money Market Funds | 1.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i04600698ea6ca4db0e15e4c3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market | 1.0% |
| Consumer Staples | 3.9% |
| Utilities | 5.0% |
| Health Care | 5.9% |
| Energy | 7.4% |
| Technology | 7.6% |
| Materials | 8.5% |
| Real Estate | 10.8% |
| Consumer Discretionary | 11.6% |
| Industrials | 15.7% |
| Financials | 22.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Everus Construction Group, Inc. | 2.2% |
| Piper Sandler Companies | 2.1% |
| Moog, Inc. - Class A | 2.1% |
| First Bancorp | 2.1% |
| Boise Cascade Company | 2.1% |
| Seacoast Banking Corporation of Florida | 2.1% |
| TXNM Energy, Inc. | 2.0% |
| Simmons First National Corporation - Class A | 2.0% |
| Plymouth Industrial REIT, Inc. | 2.0% |
| GMS, Inc. | 2.0% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](ia3747b0ca893efb0868cda93.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WHGSX

Westwood Quality SmallCap Fund

![Image](i4c03b1b189b416bad1072e30.jpg)

A Class Shares (WHGAX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Quality SmallCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-smallcap-fund/**. You can also request this information by contacting us at (877) 386-3944.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class Shares | $49 | 1.04% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality SmallCap Fund underperformed its primary and representative benchmarks, the Russell 3000 and Russell 2000 Value, in the period. Small-cap stocks showed early gains, then sold off and eventually fell more than 20% from their peaks on economic growth concerns and fears of tariff impacts. Stocks rallied to close the period but ended well off their highs.

On a relative basis, the top-performing sectors were Health Care and Utilities. Returns in each sector benefited from a defensive rotation by investors seeking non-cyclical exposure. On an absolute basis, Utilities was the only sector posting positive returns.

The Financials and Energy sectors were the worst relative performers for the period. Financials were challenged by a rise in long-term interest rates and concerns about economic growth. Energy declined with oil price volatility and demand uncertainty.

In Health Care, Prestige Consumer Healthcare Inc. (PBH) rose after reporting record results and raising its full-year earnings outlook. Specialty chemical manufacturer Hawkins Inc. (HWKN) gained on improved performance in their Water Treatment segment and confidence in strategic acquisitions.

In Utilities, TXNM Energy Inc. (TXNM) advanced due to earnings growth and reaffirmed guidance; the company also announced it was to be acquired by a private equity firm. Avista Corp. (AVA) gained as it reported higher diluted earnings per share and initiated 2025 earnings guidance.

Atlantic Union Bankshares Corp. (AUB) led detractors, facing increased oversight from federal and state regulators after its merger with Sandy Spring. National Bank Holdings Corp. (NBHC) fell on declining net income and a fraud-related charge-off affecting earnings per share.

In Energy, Vital Energy Inc. (VTLE) reported poor results and issued disappointing production guidance for 2025. SM Energy Co. (SM) declined based on the impact of lower commodity prices.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i44949a6b2db973b5eb86880f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Westwood Quality SmallCap Fund - A Class Shares** | **Russell 2000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Sep-2019** | $9599 | $10000 | $10000 | $10000 |
| **Apr-2020** | $8115 | $8992 | $8349 | $10021 |
| **Apr-2021** | $13373 | $15728 | $14941 | $15123 |
| **Apr-2022** | $11913 | $13075 | $13957 | $14652 |
| **Apr-2023** | $12226 | $12598 | $12842 | $14873 |
| **Apr-2024** | $13748 | $14276 | $14644 | $18189 |
| **Apr-2025** | $13108 | $14401 | $14544 | $20263 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 3, 2019)** |
| Westwood Quality SmallCap Fund - A Class Shares |  |  |  |
| Without Load | -4.66% | 10.07% | 5.66% |
| With Load\* | -8.47% | 9.17% | 4.90% |
| Russell 2000<sup>®</sup> Index | 0.87% | 9.88% | 6.66% |
| Russell 2000<sup>®</sup> Value Index | -0.68% | 11.74% | 6.84% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 13.30% |

---

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

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

# **Fund Statistics** 
* Net Assets$902,261,501

* Number of Portfolio Holdings64

* Advisory Fee (net of waivers)$3,707,664

* Portfolio Turnover32%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i91e4959078a0e197ed67be18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.0% |
| Money Market Funds | 1.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i3e4a303539ea9a258511571d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market | 1.0% |
| Consumer Staples | 3.9% |
| Utilities | 5.0% |
| Health Care | 5.9% |
| Energy | 7.4% |
| Technology | 7.6% |
| Materials | 8.5% |
| Real Estate | 10.8% |
| Consumer Discretionary | 11.6% |
| Industrials | 15.7% |
| Financials | 22.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Everus Construction Group, Inc. | 2.2% |
| Piper Sandler Companies | 2.1% |
| Moog, Inc. - Class A | 2.1% |
| First Bancorp | 2.1% |
| Boise Cascade Company | 2.1% |
| Seacoast Banking Corporation of Florida | 2.1% |
| TXNM Energy, Inc. | 2.0% |
| Simmons First National Corporation - Class A | 2.0% |
| Plymouth Industrial REIT, Inc. | 2.0% |
| GMS, Inc. | 2.0% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i000685fb169872ce4cc4b73f.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WHGAX

Westwood Quality SmallCap Fund

![Image](i3484dfd392c6cf22ced047a7.jpg)

C Class Shares (WHGCX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Quality SmallCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-smallcap-fund/**. You can also request this information by contacting us at (877) 386-3944.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class Shares | $83 | 1.79% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality SmallCap Fund underperformed its primary and representative benchmarks, the Russell 3000 and Russell 2000 Value, in the period. Small-cap stocks showed early gains, then sold off and eventually fell more than 20% from their peaks on economic growth concerns and fears of tariff impacts. Stocks rallied to close the period but ended well off their highs.

On a relative basis, the top-performing sectors were Health Care and Utilities. Returns in each sector benefited from a defensive rotation by investors seeking non-cyclical exposure. On an absolute basis, Utilities was the only sector posting positive returns.

The Financials and Energy sectors were the worst relative performers for the period. Financials were challenged by a rise in long-term interest rates and concerns about economic growth. Energy declined with oil price volatility and demand uncertainty.

In Health Care, Prestige Consumer Healthcare Inc. (PBH) rose after reporting record results and raising its full-year earnings outlook. Specialty chemical manufacturer Hawkins Inc. (HWKN) gained on improved performance in their Water Treatment segment and confidence in strategic acquisitions.

In Utilities, TXNM Energy Inc. (TXNM) advanced due to earnings growth and reaffirmed guidance; the company also announced it was to be acquired by a private equity firm. Avista Corp. (AVA) gained as it reported higher diluted earnings per share and initiated 2025 earnings guidance.

Atlantic Union Bankshares Corp. (AUB) led detractors, facing increased oversight from federal and state regulators after its merger with Sandy Spring. National Bank Holdings Corp. (NBHC) fell on declining net income and a fraud-related charge-off affecting earnings per share.

In Energy, Vital Energy Inc. (VTLE) reported poor results and issued disappointing production guidance for 2025. SM Energy Co. (SM) declined based on the impact of lower commodity prices.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0ae1affc25ba55f04392cb79.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Westwood Quality SmallCap Fund - C Class Shares** | **Russell 2000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Sep-2019** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2020** | $8420 | $8992 | $8349 | $10021 |
| **Apr-2021** | $13773 | $15728 | $14941 | $15123 |
| **Apr-2022** | $12180 | $13075 | $13957 | $14652 |
| **Apr-2023** | $12405 | $12598 | $12842 | $14873 |
| **Apr-2024** | $13846 | $14276 | $14644 | $18189 |
| **Apr-2025** | $13106 | $14401 | $14544 | $20263 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 3, 2019)** |
| Westwood Quality SmallCap Fund - C Class Shares |  |  |  |
| Without CDSC | -5.34% | 9.25% | 4.90% |
| With CDSC | -6.24% | 9.25% | 4.90% |
| Russell 2000<sup>®</sup> Index | 0.87% | 9.88% | 6.66% |
| Russell 2000<sup>®</sup> Value Index | -0.68% | 11.74% | 6.84% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 13.30% |

---

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

# **Fund Statistics** 
* Net Assets$902,261,501

* Number of Portfolio Holdings64

* Advisory Fee (net of waivers)$3,707,664

* Portfolio Turnover32%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i41f5a797f77f83b9a288bd52.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.0% |
| Money Market Funds | 1.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if016fba670878e608482fbf4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market | 1.0% |
| Consumer Staples | 3.9% |
| Utilities | 5.0% |
| Health Care | 5.9% |
| Energy | 7.4% |
| Technology | 7.6% |
| Materials | 8.5% |
| Real Estate | 10.8% |
| Consumer Discretionary | 11.6% |
| Industrials | 15.7% |
| Financials | 22.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Everus Construction Group, Inc. | 2.2% |
| Piper Sandler Companies | 2.1% |
| Moog, Inc. - Class A | 2.1% |
| First Bancorp | 2.1% |
| Boise Cascade Company | 2.1% |
| Seacoast Banking Corporation of Florida | 2.1% |
| TXNM Energy, Inc. | 2.0% |
| Simmons First National Corporation - Class A | 2.0% |
| Plymouth Industrial REIT, Inc. | 2.0% |
| GMS, Inc. | 2.0% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](ic75e4fa488dab5b6534a15fb.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WHGCX

Westwood Quality SmallCap Fund

![Image](i72f358c28b4ab3bd1dcbc312.jpg)

Ultra Shares (WWSYX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Quality SmallCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-smallcap-fund/**. You can also request this information by contacting us at (877) 386-3944.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Ultra Shares | $37 | 0.79% |

---

# How did the Fund perform during the reporting period?
The Westwood Quality SmallCap Fund underperformed its primary and representative benchmarks, the Russell 3000 and Russell 2000 Value, in the period. Small-cap stocks showed early gains, then sold off and eventually fell more than 20% from their peaks on economic growth concerns and fears of tariff impacts. Stocks rallied to close the period but ended well off their highs.

On a relative basis, the top-performing sectors were Health Care and Utilities. Returns in each sector benefited from a defensive rotation by investors seeking non-cyclical exposure. On an absolute basis, Utilities was the only sector posting positive returns.

The Financials and Energy sectors were the worst relative performers for the period. Financials were challenged by a rise in long-term interest rates and concerns about economic growth. Energy declined with oil price volatility and demand uncertainty.

In Health Care, Prestige Consumer Healthcare Inc. (PBH) rose after reporting record results and raising its full-year earnings outlook. Specialty chemical manufacturer Hawkins Inc. (HWKN) gained on improved performance in their Water Treatment segment and confidence in strategic acquisitions.

In Utilities, TXNM Energy Inc. (TXNM) advanced due to earnings growth and reaffirmed guidance; the company also announced it was to be acquired by a private equity firm. Avista Corp. (AVA) gained as it reported higher diluted earnings per share and initiated 2025 earnings guidance.

Atlantic Union Bankshares Corp. (AUB) led detractors, facing increased oversight from federal and state regulators after its merger with Sandy Spring. National Bank Holdings Corp. (NBHC) fell on declining net income and a fraud-related charge-off affecting earnings per share.

In Energy, Vital Energy Inc. (VTLE) reported poor results and issued disappointing production guidance for 2025. SM Energy Co. (SM) declined based on the impact of lower commodity prices.

# How has the Fund performed since inception?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](ie543797c444c09da3bf7c7a9.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Westwood Quality SmallCap Fund - Ultra Shares** | **Russell 2000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Mar-2020** | $1000000 | $1000000 | $1000000 | $1000000 |
| **Apr-2020** | $1126280 | $1137354 | $1123356 | $1132439 |
| **Apr-2021** | $1860826 | $1989379 | $2010391 | $1709066 |
| **Apr-2022** | $1661728 | $1653783 | $1877988 | $1655839 |
| **Apr-2023** | $1709594 | $1593498 | $1728000 | $1680725 |
| **Apr-2024** | $1927694 | $1805760 | $1970423 | $2055546 |
| **Apr-2025** | $1842372 | $1821559 | $1956945 | $2289909 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 31, 2020)** |
| Westwood Quality SmallCap Fund - Ultra Shares | -4.43% | 10.34% | 12.78% |
| Russell 2000<sup>®</sup> Index | 0.87% | 9.88% | 12.52% |
| Russell 2000<sup>®</sup> Value Index | -0.68% | 11.74% | 14.12% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 17.71% |

---

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

# **Fund Statistics** 
* Net Assets$902,261,501

* Number of Portfolio Holdings64

* Advisory Fee (net of waivers)$3,707,664

* Portfolio Turnover32%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib94b06b174d73d01bd4ecff6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.0% |
| Money Market Funds | 1.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i303690e26286a01297d39b06.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market | 1.0% |
| Consumer Staples | 3.9% |
| Utilities | 5.0% |
| Health Care | 5.9% |
| Energy | 7.4% |
| Technology | 7.6% |
| Materials | 8.5% |
| Real Estate | 10.8% |
| Consumer Discretionary | 11.6% |
| Industrials | 15.7% |
| Financials | 22.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Everus Construction Group, Inc. | 2.2% |
| Piper Sandler Companies | 2.1% |
| Moog, Inc. - Class A | 2.1% |
| First Bancorp | 2.1% |
| Boise Cascade Company | 2.1% |
| Seacoast Banking Corporation of Florida | 2.1% |
| TXNM Energy, Inc. | 2.0% |
| Simmons First National Corporation - Class A | 2.0% |
| Plymouth Industrial REIT, Inc. | 2.0% |
| GMS, Inc. | 2.0% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i81b83ce0b19349ede8d9d97b.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WWSYX

Westwood Quality AllCap Fund

![Image](i986cb6a68d43a46c9bd73227.jpg)

Institutional Shares (WQAIX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Quality AllCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-allcap-fund/**. You can also request this information by contacting us at (877) 386-3944.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $28 | 0.58% |

---

# How did the Fund perform during the reporting period?
Westwood Quality AllCap Fund outperformed relative to its primary and representative benchmarks, the Russell 3000 and Russell 3000 Value. Early equity market gains reversed sharply, as major indexes fell more than 10% from their highs during the period, with declines driven by concerns over rising long-term interest rates and tariffs.

The Fund's top-performing sectors, both on a relative and absolute basis, were Consumer Discretionary and Materials, both driven by stock selection. However, we were underweight both sectors, muting the impact of the stock gains.

The Industrials and Information Technology sectors were the biggest detractors, again driven by stock selection. While our selections underperformed, we were also overweight to the sector, further impacting relative returns.

Among the top holdings, O'Reilly Automotive Inc. (ORLY) and Domino's Pizza Inc. (DPZ) drove performance in the Consumer Discretionary sector. O'Reilly gained throughout the period after reporting strong financial results, reaffirming its plan to open 200 to 210 net new stores in 2025 and maintaining full-year same-store sales guidance. Domino's posted positive returns following strong results and the announcement of a new partnership with DoorDash.

In the Materials sector, Crown Holdings Inc. (CCK) rose on strong financial results, while Summit Materials Inc. (SUM) advanced after the announcement that it would be acquired by Quikrete Holdings, Inc.

In the Information Technology and Industrials sectors, L3Harris Technologies Inc. (LHX) and HP Inc. (HPQ) declined on falling revenue and margin pressures, respectively. Littelfuse Inc. (LFUS) and Delta Air Lines Inc. (DAL) rounded out the bottom performers for each sector despite strong financial results.

# How has the Fund performed since inception?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i1a62fcf28a8c5b00d1d7b632.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Quality AllCap Fund - Institutional Shares** | **Russell 3000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Value Index** |
| **09/30/21** | $100000 | $100000 | $100000 |
| **04/30/22** | $98843 | $94220 | $100475 |
| **04/30/23** | $106613 | $95636 | $101145 |
| **04/30/24** | $115102 | $116964 | $114751 |
| **04/30/25** | $124603 | $130300 | $124053 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 30, 2021)** |
| Westwood Quality AllCap Fund - Institutional Shares | 8.25% | 6.34% |
| Russell 3000<sup>®</sup> Index | 11.40% | 7.67% |
| Russell 3000<sup>®</sup> Value Index | 8.11% | 6.20% |

---

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

# **Fund Statistics** 
* Net Assets$20,134,371

* Number of Portfolio Holdings52

* Advisory Fee (net of waivers)$0

* Portfolio Turnover40%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i245bf09aa3cf7c3c750257e8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.7% |
| Money Market Funds | 2.3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i9cf3dbcb00fdce5823bf703e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market | 2.3% |
| Materials | 3.3% |
| Communications | 4.5% |
| Consumer Discretionary | 4.9% |
| Real Estate | 6.0% |
| Utilities | 6.2% |
| Energy | 6.4% |
| Consumer Staples | 7.3% |
| Health Care | 11.0% |
| Industrials | 11.9% |
| Technology | 13.3% |
| Financials | 22.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| JPMorgan Chase & Company | 3.2% |
| Johnson & Johnson | 3.1% |
| Wells Fargo & Company | 3.0% |
| Abbott Laboratories | 3.0% |
| Bank of America Corporation | 3.0% |
| Alphabet, Inc. - Class A | 2.6% |
| Microsoft Corporation | 2.5% |
| Crown Holdings, Inc. | 2.3% |
| BWX Technologies, Inc. | 2.2% |
| CACI International, Inc. - Class A | 2.2% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i1768e8c092c9bc4cc7784d09.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WQAIX

Westwood Quality AllCap Fund

![Image](i6a3daa45d7c9702faecce34c.jpg)

Ultra Shares (WQAUX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Quality AllCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/quality-allcap-fund/**. You can also request this information by contacting us at (877) 386-3944.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Ultra Shares | $22 | 0.45% |

---

# How did the Fund perform during the reporting period?
Westwood Quality AllCap Fund outperformed relative to its primary and representative benchmarks, the Russell 3000 and Russell 3000 Value. Early equity market gains reversed sharply, as major indexes fell more than 10% from their highs during the period, with declines driven by concerns over rising long-term interest rates and tariffs.

The Fund's top-performing sectors, both on a relative and absolute basis, were Consumer Discretionary and Materials, both driven by stock selection. However, we were underweight both sectors, muting the impact of the stock gains.

The Industrials and Information Technology sectors were the biggest detractors, again driven by stock selection. While our selections underperformed, we were also overweight to the sector, further impacting relative returns.

Among the top holdings, O'Reilly Automotive Inc. (ORLY) and Domino's Pizza Inc. (DPZ) drove performance in the Consumer Discretionary sector. O'Reilly gained throughout the period after reporting strong financial results, reaffirming its plan to open 200 to 210 net new stores in 2025 and maintaining full-year same-store sales guidance. Domino's posted positive returns following strong results and the announcement of a new partnership with DoorDash.

In the Materials sector, Crown Holdings Inc. (CCK) rose on strong financial results, while Summit Materials Inc. (SUM) advanced after the announcement that it would be acquired by Quikrete Holdings, Inc.

In the Information Technology and Industrials sectors, L3Harris Technologies Inc. (LHX) and HP Inc. (HPQ) declined on falling revenue and margin pressures, respectively. Littelfuse Inc. (LFUS) and Delta Air Lines Inc. (DAL) rounded out the bottom performers for each sector despite strong financial results.

# How has the Fund performed since inception?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](ief1935c5edb20a94e5ca1290.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Quality AllCap Fund - Ultra Shares** | **Russell 3000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Value Index** |
| **Sep-2021** | $1000000 | $1000000 | $1000000 |
| **Apr-2022** | $989924 | $942202 | $1004748 |
| **Apr-2023** | $1066300 | $956363 | $1011447 |
| **Apr-2024** | $1151406 | $1169642 | $1147511 |
| **Apr-2025** | $1248491 | $1302999 | $1240535 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 30, 2021)** |
| Westwood Quality AllCap Fund - Ultra Shares | 8.43% | 6.39% |
| Russell 3000<sup>®</sup> Index | 11.40% | 7.67% |
| Russell 3000<sup>®</sup> Value Index | 8.11% | 6.20% |

---

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

# **Fund Statistics** 
* Net Assets$20,134,371

* Number of Portfolio Holdings52

* Advisory Fee (net of waivers)$0

* Portfolio Turnover40%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i99ed32d907be810426a6d2f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.7% |
| Money Market Funds | 2.3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib184cb6ef9a6106f8b908c36.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market | 2.3% |
| Materials | 3.3% |
| Communications | 4.5% |
| Consumer Discretionary | 4.9% |
| Real Estate | 6.0% |
| Utilities | 6.2% |
| Energy | 6.4% |
| Consumer Staples | 7.3% |
| Health Care | 11.0% |
| Industrials | 11.9% |
| Technology | 13.3% |
| Financials | 22.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| JPMorgan Chase & Company | 3.2% |
| Johnson & Johnson | 3.1% |
| Wells Fargo & Company | 3.0% |
| Abbott Laboratories | 3.0% |
| Bank of America Corporation | 3.0% |
| Alphabet, Inc. - Class A | 2.6% |
| Microsoft Corporation | 2.5% |
| Crown Holdings, Inc. | 2.3% |
| BWX Technologies, Inc. | 2.2% |
| CACI International, Inc. - Class A | 2.2% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](ia8bc2944e1ab36cf596d7e5f.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WQAUX

Westwood Income Opportunity Fund

![Image](ib09a7251fbfa83956aac4044.jpg)

Institutional Shares (WHGIX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Income Opportunity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/income-opportunity-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $41 | 0.82% |

---

# How did the Fund perform during the reporting period?
For the six-month period, the S&P 500 saw sharp swings driven by political developments and shifting economic policy. Markets initially rallied following President Trump's re-election, buoyed by expectations of pro-business initiatives. However, sentiment reversed in March after the administration imposed tariffs on Canada, Mexico and China, sparking fears of inflation and slower global growth. The S&P 500 entered correction territory by mid-March, and volatility remained elevated through April as trade tensions escalated.

Treasury yields initially fell as investors sought safety, with the 10-year dropping below 4% in early April. But concerns over rising inflation, mounting deficits and aggressive fiscal policy — including proposed tax cuts and spending reductions — led to a bond selloff, pushing yields higher. Tariff uncertainty and debt fears weighed on both equity and bond markets, highlighting the market's sensitivity to U.S. trade and fiscal direction in the wake of the election.

The Fund underperformed the representative benchmark for the period. Although security selection within both equity and fixed income portions of the portfolio was positive, the overweight allocation to equities was the main driver of the relative underperformance.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i4e63ed7ed779f51308fcefd7.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Westwood Income Opportunity Fund - Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** | **Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index** |
| **Apr-2015** | $100000 | $100000 | $100000 | $100000 | $100000 |
| **Apr-2016** | $99240 | $102720 | $99824 | $101206 | $102350 |
| **Apr-2017** | $107712 | $103572 | $118374 | $119341 | $109958 |
| **Apr-2018** | $111766 | $103241 | $133819 | $135173 | $115478 |
| **Apr-2019** | $119440 | $108703 | $150789 | $153414 | $125688 |
| **Apr-2020** | $121513 | $120488 | $149219 | $154738 | $135003 |
| **Apr-2021** | $150968 | $120167 | $225199 | $225889 | $157346 |
| **Apr-2022** | $139376 | $109938 | $218186 | $226370 | $149620 |
| **Apr-2023** | $138795 | $109468 | $221465 | $232402 | $151262 |
| **Apr-2024** | $147765 | $107861 | $270854 | $285068 | $162963 |
| **Apr-2025** | $158350 | $116511 | $301735 | $319550 | $178867 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Income Opportunity Fund - Institutional Shares | 7.16% | 5.44% | 4.70% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |
| Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index | 9.76% | 5.79% | 5.99% |

---

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

# **Fund Statistics** 
* Net Assets$506,888,653

* Number of Portfolio Holdings137

* Advisory Fee $1,692,042

* Portfolio Turnover36%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if06dae004f695bf28fb924f9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 2.5% |
| Common Stocks | 38.2% |
| Convertible Bonds | 4.9% |
| Corporate Bonds | 32.7% |
| Exchange-Traded Funds | 3.7% |
| Foreign Governments | 0.8% |
| Money Market Funds | 1.0% |
| Preferred Stocks | 1.6% |
| U.S. Government & Agencies | 14.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i4e5ffc8437a039c5d3590982.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Foreign Governments | 0.8% |
| Money Market | 1.0% |
| Materials | 1.8% |
| Consumer Discretionary | 2.5% |
| Collateralized Mortgage Obligations | 2.5% |
| Industrials | 3.6% |
| Exchange-Traded Funds | 3.6% |
| Real Estate | 4.7% |
| Consumer Staples | 4.8% |
| Communications | 4.9% |
| Utilities | 5.5% |
| Energy | 6.9% |
| Health Care | 7.1% |
| Technology | 10.0% |
| U.S. Government & Agencies | 14.5% |
| Financials | 25.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Bill | 3.9% |
| U.S. Treasury Bonds | 1.7% |
| Microsoft Corporation | 1.7% |
| Gilead Sciences, Inc. | 1.7% |
| Goldman Sachs Group, Inc. (The) | 1.6% |
| Energy Transfer, L.P. | 1.6% |
| U.S. Treasury Notes | 1.5% |
| Alphabet, Inc. - Class A | 1.5% |
| Berkshire Hathaway, Inc. - Class B | 1.4% |
| iShares Core S&P Mid-Cap ETF | 1.3% |

---

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

![Image](ifb49908b68a68eb82e0ef12c.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WHGIX

Westwood Income Opportunity Fund

![Image](ife7b40ba901195c81c2163a5.jpg)

A Class Shares (WWIAX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Income Opportunity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/income-opportunity-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class Shares | $49 | 1.00% |

---

# How did the Fund perform during the reporting period?
For the six-month period, the S&P 500 saw sharp swings driven by political developments and shifting economic policy. Markets initially rallied following President Trump's re-election, buoyed by expectations of pro-business initiatives. However, sentiment reversed in March after the administration imposed tariffs on Canada, Mexico and China, sparking fears of inflation and slower global growth. The S&P 500 entered correction territory by mid-March, and volatility remained elevated through April as trade tensions escalated.

Treasury yields initially fell as investors sought safety, with the 10-year dropping below 4% in early April. But concerns over rising inflation, mounting deficits and aggressive fiscal policy — including proposed tax cuts and spending reductions — led to a bond selloff, pushing yields higher. Tariff uncertainty and debt fears weighed on both equity and bond markets, highlighting the market's sensitivity to U.S. trade and fiscal direction in the wake of the election.

The Fund underperformed the representative benchmark for the period. Although security selection within both equity and fixed income portions of the portfolio was positive, the overweight allocation to equities was the main driver of the relative underperformance.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib7895b598a558fb83463dd2e.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Westwood Income Opportunity Fund - A Class Shares** | **Bloomberg U.S. Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** | **Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index** |
| **Apr-2015** | $9698 | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $9598 | $10272 | $9982 | $10121 | $10235 |
| **Apr-2017** | $10392 | $10357 | $11837 | $11934 | $10996 |
| **Apr-2018** | $10755 | $10324 | $13382 | $13517 | $11548 |
| **Apr-2019** | $11465 | $10870 | $15079 | $15341 | $12569 |
| **Apr-2020** | $11625 | $12049 | $14922 | $15474 | $13500 |
| **Apr-2021** | $14411 | $12017 | $22520 | $22589 | $15735 |
| **Apr-2022** | $13270 | $10994 | $21819 | $22637 | $14962 |
| **Apr-2023** | $13185 | $10947 | $22146 | $23240 | $15126 |
| **Apr-2024** | $14023 | $10786 | $27085 | $28507 | $16296 |
| **Apr-2025** | $15008 | $11651 | $30174 | $31955 | $17887 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Income Opportunity Fund - A Class Shares |  |  |  |
| Without Load | 7.02% | 5.24% | 4.46% |
| With Load\* | 3.82% | 4.61% | 4.14% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |
| Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index | 9.76% | 5.79% | 5.99% |

---

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

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

# **Fund Statistics** 
* Net Assets$506,888,653

* Number of Portfolio Holdings137

* Advisory Fee $1,692,042

* Portfolio Turnover36%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i77b15ad476db93e19898616b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 2.5% |
| Common Stocks | 38.2% |
| Convertible Bonds | 4.9% |
| Corporate Bonds | 32.7% |
| Exchange-Traded Funds | 3.7% |
| Foreign Governments | 0.8% |
| Money Market Funds | 1.0% |
| Preferred Stocks | 1.6% |
| U.S. Government & Agencies | 14.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5862cd99f9ddbf1f13579ddf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Foreign Governments | 0.8% |
| Money Market | 1.0% |
| Materials | 1.8% |
| Consumer Discretionary | 2.5% |
| Collateralized Mortgage Obligations | 2.5% |
| Industrials | 3.6% |
| Exchange-Traded Funds | 3.6% |
| Real Estate | 4.7% |
| Consumer Staples | 4.8% |
| Communications | 4.9% |
| Utilities | 5.5% |
| Energy | 6.9% |
| Health Care | 7.1% |
| Technology | 10.0% |
| U.S. Government & Agencies | 14.5% |
| Financials | 25.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Bill | 3.9% |
| U.S. Treasury Bonds | 1.7% |
| Microsoft Corporation | 1.7% |
| Gilead Sciences, Inc. | 1.7% |
| Goldman Sachs Group, Inc. (The) | 1.6% |
| Energy Transfer, L.P. | 1.6% |
| U.S. Treasury Notes | 1.5% |
| Alphabet, Inc. - Class A | 1.5% |
| Berkshire Hathaway, Inc. - Class B | 1.4% |
| iShares Core S&P Mid-Cap ETF | 1.3% |

---

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

![Image](i3e6ac0083180313d3a00c6a4.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WWIAX

Westwood Income Opportunity Fund

![Image](ib19c5e05c4def72f5b98d813.jpg)

C Class Shares (WWICX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Income Opportunity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/income-opportunity-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class Shares | $86 | 1.75% |

---

# How did the Fund perform during the reporting period?
For the six-month period, the S&P 500 saw sharp swings driven by political developments and shifting economic policy. Markets initially rallied following President Trump's re-election, buoyed by expectations of pro-business initiatives. However, sentiment reversed in March after the administration imposed tariffs on Canada, Mexico and China, sparking fears of inflation and slower global growth. The S&P 500 entered correction territory by mid-March, and volatility remained elevated through April as trade tensions escalated.

Treasury yields initially fell as investors sought safety, with the 10-year dropping below 4% in early April. But concerns over rising inflation, mounting deficits and aggressive fiscal policy — including proposed tax cuts and spending reductions — led to a bond selloff, pushing yields higher. Tariff uncertainty and debt fears weighed on both equity and bond markets, highlighting the market's sensitivity to U.S. trade and fiscal direction in the wake of the election.

The Fund underperformed the representative benchmark for the period. Although security selection within both equity and fixed income portions of the portfolio was positive, the overweight allocation to equities was the main driver of the relative underperformance.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i27c04b05b4a3cad60e525bb3.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Westwood Income Opportunity Fund - C Class Shares** | **Bloomberg U.S. Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** | **Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index** |
| **Sep-2019** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **Apr-2020** | $9812 | $10442 | $10021 | $10148 | $10374 |
| **Apr-2021** | $12067 | $10414 | $15123 | $14814 | $12091 |
| **Apr-2022** | $11033 | $9528 | $14652 | $14846 | $11498 |
| **Apr-2023** | $10878 | $9487 | $14873 | $15241 | $11624 |
| **Apr-2024** | $11477 | $9348 | $18189 | $18695 | $12523 |
| **Apr-2025** | $12196 | $10097 | $20263 | $20957 | $13745 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 3, 2019)** |
| Westwood Income Opportunity Fund - C Class Shares |  |  |  |
| Without CDSC | 6.26% | 4.45% | 3.57% |
| With CDSC | 5.26% | 4.45% | 3.57% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 0.17% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 13.30% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 13.97% |
| Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index | 9.76% | 5.79% | 5.75% |

---

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

# **Fund Statistics** 
* Net Assets$506,888,653

* Number of Portfolio Holdings137

* Advisory Fee $1,692,042

* Portfolio Turnover36%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i662433d72fc07adb35e57215.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 2.5% |
| Common Stocks | 38.2% |
| Convertible Bonds | 4.9% |
| Corporate Bonds | 32.7% |
| Exchange-Traded Funds | 3.7% |
| Foreign Governments | 0.8% |
| Money Market Funds | 1.0% |
| Preferred Stocks | 1.6% |
| U.S. Government & Agencies | 14.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i6269da185904dfe47995c09b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Foreign Governments | 0.8% |
| Money Market | 1.0% |
| Materials | 1.8% |
| Consumer Discretionary | 2.5% |
| Collateralized Mortgage Obligations | 2.5% |
| Industrials | 3.6% |
| Exchange-Traded Funds | 3.6% |
| Real Estate | 4.7% |
| Consumer Staples | 4.8% |
| Communications | 4.9% |
| Utilities | 5.5% |
| Energy | 6.9% |
| Health Care | 7.1% |
| Technology | 10.0% |
| U.S. Government & Agencies | 14.5% |
| Financials | 25.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Bill | 3.9% |
| U.S. Treasury Bonds | 1.7% |
| Microsoft Corporation | 1.7% |
| Gilead Sciences, Inc. | 1.7% |
| Goldman Sachs Group, Inc. (The) | 1.6% |
| Energy Transfer, L.P. | 1.6% |
| U.S. Treasury Notes | 1.5% |
| Alphabet, Inc. - Class A | 1.5% |
| Berkshire Hathaway, Inc. - Class B | 1.4% |
| iShares Core S&P Mid-Cap ETF | 1.3% |

---

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

![Image](i91824b230d3e84a394ae4295.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WWICX

Westwood Income Opportunity Fund

![Image](i494bda3b759cf16b9e3de7ea.jpg)

Ultra Shares (WHGOX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Income Opportunity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/income-opportunity-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Ultra Shares | $37 | 0.75% |

---

# How did the Fund perform during the reporting period?
For the six-month period, the S&P 500 saw sharp swings driven by political developments and shifting economic policy. Markets initially rallied following President Trump's re-election, buoyed by expectations of pro-business initiatives. However, sentiment reversed in March after the administration imposed tariffs on Canada, Mexico and China, sparking fears of inflation and slower global growth. The S&P 500 entered correction territory by mid-March, and volatility remained elevated through April as trade tensions escalated.

Treasury yields initially fell as investors sought safety, with the 10-year dropping below 4% in early April. But concerns over rising inflation, mounting deficits and aggressive fiscal policy — including proposed tax cuts and spending reductions — led to a bond selloff, pushing yields higher. Tariff uncertainty and debt fears weighed on both equity and bond markets, highlighting the market's sensitivity to U.S. trade and fiscal direction in the wake of the election.

The Fund underperformed the representative benchmark for the period. Although security selection within both equity and fixed income portions of the portfolio was positive, the overweight allocation to equities was the main driver of the relative underperformance.

# How has the Fund performed since inception?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](ibe37cd726aa8c9aab723bb51.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Westwood Income Opportunity Fund - Ultra Shares** | **Bloomberg U.S. Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** | **Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index** |
| **Nov-2022** | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 |
| **Apr-2023** | $1016087 | $1031190 | $1019796 | $1028849 | $1030766 |
| **Apr-2024** | $1083408 | $1016049 | $1247221 | $1262003 | $1110498 |
| **Apr-2025** | $1162350 | $1097541 | $1389423 | $1414657 | $1218878 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (November 30, 2022)** |
| Westwood Income Opportunity Fund - Ultra Shares | 7.29% | 6.43% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | 3.93% |
| Russell 3000<sup>®</sup> Index | 11.40% | 14.60% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.46% |
| Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index | 9.76% | 9.27% |

---

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

# **Fund Statistics** 
* Net Assets$506,888,653

* Number of Portfolio Holdings137

* Advisory Fee $1,692,042

* Portfolio Turnover36%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i45459aaa0fbd509445a94e8b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 2.5% |
| Common Stocks | 38.2% |
| Convertible Bonds | 4.9% |
| Corporate Bonds | 32.7% |
| Exchange-Traded Funds | 3.7% |
| Foreign Governments | 0.8% |
| Money Market Funds | 1.0% |
| Preferred Stocks | 1.6% |
| U.S. Government & Agencies | 14.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i47386f216984b1c25dff54a4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Foreign Governments | 0.8% |
| Money Market | 1.0% |
| Materials | 1.8% |
| Consumer Discretionary | 2.5% |
| Collateralized Mortgage Obligations | 2.5% |
| Industrials | 3.6% |
| Exchange-Traded Funds | 3.6% |
| Real Estate | 4.7% |
| Consumer Staples | 4.8% |
| Communications | 4.9% |
| Utilities | 5.5% |
| Energy | 6.9% |
| Health Care | 7.1% |
| Technology | 10.0% |
| U.S. Government & Agencies | 14.5% |
| Financials | 25.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Bill | 3.9% |
| U.S. Treasury Bonds | 1.7% |
| Microsoft Corporation | 1.7% |
| Gilead Sciences, Inc. | 1.7% |
| Goldman Sachs Group, Inc. (The) | 1.6% |
| Energy Transfer, L.P. | 1.6% |
| U.S. Treasury Notes | 1.5% |
| Alphabet, Inc. - Class A | 1.5% |
| Berkshire Hathaway, Inc. - Class B | 1.4% |
| iShares Core S&P Mid-Cap ETF | 1.3% |

---

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

![Image](idc5f252f3d660bdd340a6b7c.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WHGOX

Westwood Multi-Asset Income Fund

![Image](iae7678fc44e0a21733bb6fa8.jpg)

Institutional Shares (WHGHX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Multi-Asset Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/multi-asset-income-fund/**. You can also request this information by contacting us at (877) 386-3944.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $9 | 0.18% |

---

# How did the Fund perform during the reporting period?
For the six-month period, the S&P 500 saw sharp swings driven by political developments and shifting economic policy. Markets initially rallied following President Trump's re-election, buoyed by expectations of pro-business initiatives. However, sentiment reversed in March after the administration imposed tariffs on Canada, Mexico and China, sparking fears of inflation and slower global growth. The S&P 500 entered correction territory by mid-March, and volatility remained elevated through April as trade tensions escalated.

Treasury yields initially fell as investors sought safety, with the 10-year dropping below 4% in early April. But concerns over rising inflation, mounting deficits and aggressive fiscal policy — including proposed tax cuts and spending reductions — led to a bond selloff, pushing yields higher. Tariff uncertainty and debt fears weighed on both equity and bond markets, highlighting the market's sensitivity to U.S. trade and fiscal direction in the wake of the election.

The Fund underperformed the representative benchmark for the period. Although security selection within both the equity and fixed income portions of the portfolio was positive, the overweight allocation to equities was the main driver of the relative underperformance. Our overweight to high-yield bond holdings was also a detractor to our relative performance as high-yield bonds underperformed investment grade during the period.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i1756802585ddfce5781a3c07.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Westwood Multi-Asset Income Fund - Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** | **Westwood -80%Bloom US Agg/20%S&P500TR** |
| **Apr-2015** | $100000 | $100000 | $100000 | $100000 | $100000 |
| **Apr-2016** | $99086 | $102720 | $99824 | $101206 | $102591 |
| **Apr-2017** | $106206 | $103572 | $118374 | $119341 | $106790 |
| **Apr-2018** | $109050 | $103241 | $133819 | $135173 | $109284 |
| **Apr-2019** | $114581 | $108703 | $150789 | $153414 | $117050 |
| **Apr-2020** | $113016 | $120488 | $149219 | $154738 | $127848 |
| **Apr-2021** | $142260 | $120167 | $225199 | $225889 | $137919 |
| **Apr-2022** | $134697 | $109938 | $218186 | $226370 | $128686 |
| **Apr-2023** | $135032 | $109468 | $221465 | $232402 | $129178 |
| **Apr-2024** | $145387 | $107861 | $270854 | $285068 | $133132 |
| **Apr-2025** | $157198 | $116511 | $301735 | $319550 | $144990 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Multi-Asset Income Fund - Institutional Shares | 8.12% | 6.82% | 4.63% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |
| Westwood -80%Bloom US Agg/20%S&P500TR | 8.91% | 2.55% | 3.78% |

---

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

# **Fund Statistics** 
* Net Assets$105,210,075

* Number of Portfolio Holdings149

* Advisory Fee (net of waivers)$0

* Portfolio Turnover30%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib1b934d446d63760a8c0048d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 1.8% |
| Common Stocks | 19.0% |
| Convertible Bonds | 2.9% |
| Corporate Bonds | 60.0% |
| Exchange-Traded Funds | 1.8% |
| Foreign Governments | 1.4% |
| Money Market Funds | 1.7% |
| Preferred Stocks | 1.8% |
| U.S. Government & Agencies | 9.5% |
| Warrant | 0.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1c46756d23a007bd0867f4c1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| Foreign Governments | 1.3% |
| Money Market | 1.7% |
| Exchange-Traded Funds | 1.8% |
| Collateralized Mortgage Obligations | 1.8% |
| Materials | 2.1% |
| Consumer Staples | 2.5% |
| Utilities | 3.4% |
| Health Care | 4.2% |
| Consumer Discretionary | 6.9% |
| Technology | 7.5% |
| Communications | 8.7% |
| Energy | 9.1% |
| U.S. Government & Agencies | 9.3% |
| Industrials | 9.4% |
| Real Estate | 10.1% |
| Financials | 18.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| CME Ultra Long Term U.S. Treasury Bond Future | 5.1% |
| Ultra 10-Year U.S. Treasury Note Future | 2.7% |
| U.S. Treasury Bill, 4.290%, due 05/29/25 | 2.4% |
| U.S. Treasury Bill, 4.277%, due 06/26/25 | 2.4% |
| U.S. Treasury Bill, 4.314%, due 07/17/25 | 1.9% |
| Icahn Enterprises, L.P. / Icahn Enterprises Financial Corporation, 10.000%, due 11/15/29 | 1.2% |
| Avation Capital S.A., 8.250%, due 10/31/26 | 1.2% |
| U.S. Treasury Notes, 4.625%, due 02/15/35 | 1.0% |
| Ford Motor Credit Company, LLC, 7.450%, due 07/16/31 | 1.0% |
| CoreCivic, Inc., 8.250%, due 04/15/29 | 1.0% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i7b9a77dfd38c88db3a8651f6.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WHGHX

Westwood Multi-Asset Income Fund

![Image](ib62f8005c18340da10ce43a5.jpg)

A Class Shares (WSDAX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Multi-Asset Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/multi-asset-income-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class Shares | $20 | 0.41% |

---

# How did the Fund perform during the reporting period?
For the six-month period, the S&P 500 saw sharp swings driven by political developments and shifting economic policy. Markets initially rallied following President Trump's re-election, buoyed by expectations of pro-business initiatives. However, sentiment reversed in March after the administration imposed tariffs on Canada, Mexico and China, sparking fears of inflation and slower global growth. The S&P 500 entered correction territory by mid-March, and volatility remained elevated through April as trade tensions escalated.

Treasury yields initially fell as investors sought safety, with the 10-year dropping below 4% in early April. But concerns over rising inflation, mounting deficits and aggressive fiscal policy — including proposed tax cuts and spending reductions — led to a bond selloff, pushing yields higher. Tariff uncertainty and debt fears weighed on both equity and bond markets, highlighting the market's sensitivity to U.S. trade and fiscal direction in the wake of the election.

The Fund underperformed the representative benchmark for the period. Although security selection within both the equity and fixed income portions of the portfolio was positive, the overweight allocation to equities was the main driver of the relative underperformance. Our overweight to high-yield bond holdings was also a detractor to our relative performance as high-yield bonds underperformed investment grade during the period.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic016f4817c8c9457d7716a62.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Westwood Multi-Asset Income Fund - A Class Shares** | **S&P 500<sup>®</sup> Index** | **Westwood -80%Bloom US Agg/20%S&P500TR** | **Russell 3000<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Apr-2015** | $9699 | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $9587 | $10121 | $10259 | $9982 | $10272 |
| **Apr-2017** | $10250 | $11934 | $10679 | $11837 | $10357 |
| **Apr-2018** | $10505 | $13517 | $10928 | $13382 | $10324 |
| **Apr-2019** | $11029 | $15341 | $11705 | $15079 | $10870 |
| **Apr-2020** | $10863 | $15474 | $12785 | $14922 | $12049 |
| **Apr-2021** | $13641 | $22589 | $13792 | $22520 | $12017 |
| **Apr-2022** | $12876 | $22637 | $12869 | $21819 | $10994 |
| **Apr-2023** | $12878 | $23240 | $12918 | $22146 | $10947 |
| **Apr-2024** | $13829 | $28507 | $13313 | $27085 | $10786 |
| **Apr-2025** | $14921 | $31955 | $14499 | $30174 | $11651 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Multi-Asset Income Fund - A Class Shares | 7.89% | 6.55% | 4.40% |
| With Load\* | 4.68% | 5.91% | 4.08% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |
| Westwood -80%Bloom US Agg/20%S&P500TR | 8.91% | 2.55% | 3.78% |

---

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

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

# **Fund Statistics** 
* Net Assets$105,210,075

* Number of Portfolio Holdings149

* Advisory Fee (net of waivers)$0

* Portfolio Turnover30%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i46ebd35031d5b156550bc6ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 1.8% |
| Common Stocks | 19.0% |
| Convertible Bonds | 2.9% |
| Corporate Bonds | 60.0% |
| Exchange-Traded Funds | 1.8% |
| Foreign Governments | 1.4% |
| Money Market Funds | 1.7% |
| Preferred Stocks | 1.8% |
| U.S. Government & Agencies | 9.5% |
| Warrant | 0.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib1db1a61c13da347a2aedd7b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| Foreign Governments | 1.3% |
| Money Market | 1.7% |
| Exchange-Traded Funds | 1.8% |
| Collateralized Mortgage Obligations | 1.8% |
| Materials | 2.1% |
| Consumer Staples | 2.5% |
| Utilities | 3.4% |
| Health Care | 4.2% |
| Consumer Discretionary | 6.9% |
| Technology | 7.5% |
| Communications | 8.7% |
| Energy | 9.1% |
| U.S. Government & Agencies | 9.3% |
| Industrials | 9.4% |
| Real Estate | 10.1% |
| Financials | 18.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| CME Ultra Long Term U.S. Treasury Bond Future | 5.1% |
| Ultra 10-Year U.S. Treasury Note Future | 2.7% |
| U.S. Treasury Bill, 4.290%, due 05/29/25 | 2.4% |
| U.S. Treasury Bill, 4.277%, due 06/26/25 | 2.4% |
| U.S. Treasury Bill, 4.314%, due 07/17/25 | 1.9% |
| Icahn Enterprises, L.P. / Icahn Enterprises Financial Corporation, 10.000%, due 11/15/29 | 1.2% |
| Avation Capital S.A., 8.250%, due 10/31/26 | 1.2% |
| U.S. Treasury Notes, 4.625%, due 02/15/35 | 1.0% |
| Ford Motor Credit Company, LLC, 7.450%, due 07/16/31 | 1.0% |
| CoreCivic, Inc., 8.250%, due 04/15/29 | 1.0% |

---

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

![Image](i705b141aebbe43b6bfcf4d4e.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WSDAX

Westwood Alternative Income Fund

![Image](i0a03990ded4bebe24a99c081.jpg)

Institutional Shares (WMNIX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Alternative Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/alternative-income-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $25 | 0.50% |

---

# How did the Fund perform during the reporting period?
The Fund outperformed the representative benchmark for the period and was primarily driven by neutral equity and long volatility exposures within the convertible arbitrage sleeve. Although widening credit spreads reduced returns in our higher-yield investments, we had already decreased our exposure in this area throughout the first quarter of 2025, which helped minimize the negative impact. Small and midcap growth equities (the underlying universe of equities most associated with convertible securities) underperformed their large-cap counterparts as investors priced in the prospects for a U.S. recession and a slowing global economy.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i61605213b0ba64d95888067f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Alternative Income Fund - Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** | **FTSE 1-Month Treasury Bill Index** |
| **May-2015** | $100000 | $100000 | $100000 |
| **Apr-2016** | $100776 | $103056 | $100077 |
| **Apr-2017** | $106882 | $103910 | $100397 |
| **Apr-2018** | $106397 | $103578 | $101517 |
| **Apr-2019** | $109599 | $109058 | $103698 |
| **Apr-2020** | $113998 | $120882 | $105536 |
| **Apr-2021** | $126018 | $120559 | $105619 |
| **Apr-2022** | $125097 | $110297 | $105677 |
| **Apr-2023** | $128714 | $109825 | $108815 |
| **Apr-2024** | $135633 | $108213 | $114750 |
| **Apr-2025** | $146446 | $116892 | $120479 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 1, 2015)** |
| Westwood Alternative Income Fund - Institutional Shares | 7.97% | 5.14% | 3.89% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.57% |
| FTSE 1-Month Treasury Bill Index | 4.99% | 2.68% | 1.88% |

---

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

# **Fund Statistics** 
* Net Assets$150,550,062

* Number of Portfolio Holdings138

* Advisory Fee (net of waivers)$114,133

* Portfolio Turnover35%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i62a3f4a263cfcd18e54c15c5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 86.5% |
| Corporate Bonds | 10.9% |
| Money Market Funds | 2.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie8fed103192ae99b4615c8f0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.5% |
| Real Estate | 1.5% |
| Materials | 2.0% |
| Utilities | 2.3% |
| Money Market | 2.7% |
| Consumer Staples | 3.0% |
| Energy | 4.0% |
| Financials | 4.9% |
| Communications | 7.7% |
| Consumer Discretionary | 11.5% |
| Industrials | 13.3% |
| Health Care | 15.7% |
| Technology | 32.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alibaba Group Holding Ltd. 144A | 2.6% |
| Merit Medical Systems, Inc. 144A | 2.5% |
| Lantheus Holdings, Inc. 144A | 2.5% |
| Itron, Inc. 144A | 2.2% |
| Parsons Corporation | 2.1% |
| Snowflake, Inc. 144A | 2.1% |
| Global Payments, Inc. | 2.1% |
| Akamai Technologies, Inc. | 2.0% |
| Tyler Technologies, Inc. | 2.0% |
| Expedia Group, Inc. | 1.9% |

---

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

![Image](i0710f79179d072ea496aeb7a.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WMNIX

Westwood Alternative Income Fund

![Image](i153e518b891017883930fd7d.jpg)

A Class Shares (WMNAX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Alternative Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/alternative-income-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class Shares | $31 | 0.62% |

---

# How did the Fund perform during the reporting period?
The Fund outperformed the representative benchmark for the period and was primarily driven by neutral equity and long volatility exposures within the convertible arbitrage sleeve. Although widening credit spreads reduced returns in our higher-yield investments, we had already decreased our exposure in this area throughout the first quarter of 2025, which helped minimize the negative impact. Small and midcap growth equities (the underlying universe of equities most associated with convertible securities) underperformed their large-cap counterparts as investors priced in the prospects for a U.S. recession and a slowing global economy.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i408ea45929ed89eca777da87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Alternative Income Fund - A Class Shares** | **Bloomberg U.S. Aggregate Bond Index** | **FTSE 1-Month Treasury Bill Index** |
| **Mar-2020** | $9702 | $10000 | $10000 |
| **Apr-2020** | $9871 | $10178 | $10000 |
| **Apr-2021** | $10888 | $10151 | $10008 |
| **Apr-2022** | $10797 | $9287 | $10014 |
| **Apr-2023** | $11092 | $9247 | $10311 |
| **Apr-2024** | $11679 | $9111 | $10873 |
| **Apr-2025** | $12591 | $9842 | $11416 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 31, 2020)** |
| Westwood Alternative Income Fund - A Class Shares |  |  |  |
| Without Load | 7.81% | 4.99% | 5.26% |
| With Load\* | 4.57% | 4.35% | 4.64% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | -0.31% |
| FTSE 1-Month Treasury Bill Index | 4.99% | 2.68% | 2.64% |

---

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

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

# **Fund Statistics** 
* Net Assets$150,550,062

* Number of Portfolio Holdings138

* Advisory Fee (net of waivers)$114,133

* Portfolio Turnover35%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3be81017899d67d0eae80b22.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 86.5% |
| Corporate Bonds | 10.9% |
| Money Market Funds | 2.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i96c12bc92d25a6007d7efcea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.5% |
| Real Estate | 1.5% |
| Materials | 2.0% |
| Utilities | 2.3% |
| Money Market | 2.7% |
| Consumer Staples | 3.0% |
| Energy | 4.0% |
| Financials | 4.9% |
| Communications | 7.7% |
| Consumer Discretionary | 11.5% |
| Industrials | 13.3% |
| Health Care | 15.7% |
| Technology | 32.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alibaba Group Holding Ltd. 144A | 2.6% |
| Merit Medical Systems, Inc. 144A | 2.5% |
| Lantheus Holdings, Inc. 144A | 2.5% |
| Itron, Inc. 144A | 2.2% |
| Parsons Corporation | 2.1% |
| Snowflake, Inc. 144A | 2.1% |
| Global Payments, Inc. | 2.1% |
| Akamai Technologies, Inc. | 2.0% |
| Tyler Technologies, Inc. | 2.0% |
| Expedia Group, Inc. | 1.9% |

---

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

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

![Image](i7243a988081a74a4d3fbed56.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WMNAX

Westwood Alternative Income Fund

![Image](i66f38b0693386913029bb344.jpg)

Ultra Shares (WMNUX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Alternative Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/alternative-income-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Ultra Shares | $19 | 0.37% |

---

# How did the Fund perform during the reporting period?
The Fund outperformed the representative benchmark for the period and was primarily driven by neutral equity and long volatility exposures within the convertible arbitrage sleeve. Although widening credit spreads reduced returns in our higher-yield investments, we had already decreased our exposure in this area throughout the first quarter of 2025, which helped minimize the negative impact. Small and midcap growth equities (the underlying universe of equities most associated with convertible securities) underperformed their large-cap counterparts as investors priced in the prospects for a U.S. recession and a slowing global economy.

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

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i43ba4a41b7ca567f0fd899e2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Alternative Income Fund - Ultra Shares** | **Bloomberg U.S. Aggregate Bond Index** | **FTSE 1-Month Treasury Bill Index** |
| **May-2015** | $1000000 | $1000000 | $1000000 |
| **Apr-2016** | $1008418 | $1030559 | $1000768 |
| **Apr-2017** | $1070855 | $1039098 | $1003966 |
| **Apr-2018** | $1067385 | $1035780 | $1015171 |
| **Apr-2019** | $1101368 | $1090579 | $1036976 |
| **Apr-2020** | $1145501 | $1208819 | $1055364 |
| **Apr-2021** | $1266997 | $1205590 | $1056186 |
| **Apr-2022** | $1258940 | $1102968 | $1056771 |
| **Apr-2023** | $1296628 | $1098254 | $1088154 |
| **Apr-2024** | $1368063 | $1082128 | $1147502 |
| **Apr-2025** | $1479312 | $1168920 | $1204785 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 1, 2015)** |
| Westwood Alternative Income Fund - Ultra Shares | 8.13% | 5.25% | 3.99% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.57% |
| FTSE 1-Month Treasury Bill Index | 4.99% | 2.68% | 1.88% |

---

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

# **Fund Statistics** 
* Net Assets$150,550,062

* Number of Portfolio Holdings138

* Advisory Fee (net of waivers)$114,133

* Portfolio Turnover35%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0e33b3a30287ed08f67b5cd3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 86.5% |
| Corporate Bonds | 10.9% |
| Money Market Funds | 2.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie78aaf06937b289f9e3aaaab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.5% |
| Real Estate | 1.5% |
| Materials | 2.0% |
| Utilities | 2.3% |
| Money Market | 2.7% |
| Consumer Staples | 3.0% |
| Energy | 4.0% |
| Financials | 4.9% |
| Communications | 7.7% |
| Consumer Discretionary | 11.5% |
| Industrials | 13.3% |
| Health Care | 15.7% |
| Technology | 32.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alibaba Group Holding Ltd. 144A | 2.6% |
| Merit Medical Systems, Inc. 144A | 2.5% |
| Lantheus Holdings, Inc. 144A | 2.5% |
| Itron, Inc. 144A | 2.2% |
| Parsons Corporation | 2.1% |
| Snowflake, Inc. 144A | 2.1% |
| Global Payments, Inc. | 2.1% |
| Akamai Technologies, Inc. | 2.0% |
| Tyler Technologies, Inc. | 2.0% |
| Expedia Group, Inc. | 1.9% |

---

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

![Image](i86090a09d8cc47aee8390b4c.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WMNUX

Westwood Salient MLP & Energy Infrastructure Fund

![Image](i05ffcaa7fa848f572aa729c1.jpg)

Institutional Shares (SMLPX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Salient MLP & Energy Infrastructure Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/energy-infrastructure-fund/**. You can also request this information by contacting us at (877) 386-3944.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $53 | 1.05% |

---

# How did the Fund perform during the reporting period?
For the six-month period, the energy infrastructure and midstream energy markets navigated a dynamic backdrop shaped by strong industry tailwinds and policy-driven uncertainty.

Robust U.S. oil and gas production, along with sustained global demand, helped underpin throughput volumes and cash flows across midstream assets. Despite broader market volatility, the midstream sector outperformed the broader U.S. equity market and stood out as a relative bright spot, supported by resilient fundamentals, stable income and business models that are less sensitive to commodity prices and economic cycles.

The Fund underperformed its representative benchmark for the period and was mainly driven by unfavorable stock selection within the Gathering & Processing and Crude & Refined Products sub-sectors. Additionally, the Fund's underweight to the Crude & Refined Products sub-sector detracted from performance, as the group was one of the index's top performers, returning 15% over the period.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](ic5e1f1fa5fca26b079e7c99b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Westwood Salient MLP & Energy Infrastructure Fund - Institutional Shares** | **Alerian Midstream Energy Select Index** | **Alerian MLP Index Trust** | **S&P 500<sup>®</sup> Index** |
| **Apr-2015** | $100000 | $100000 | $100000 | $100000 |
| **Apr-2016** | $58545 | $73958 | $71286 | $101206 |
| **Apr-2017** | $74209 | $91087 | $81324 | $119341 |
| **Apr-2018** | $64059 | $83025 | $71175 | $135173 |
| **Apr-2019** | $67644 | $90446 | $74788 | $153414 |
| **Apr-2020** | $48124 | $61293 | $44285 | $154738 |
| **Apr-2021** | $64853 | $89670 | $64423 | $225889 |
| **Apr-2022** | $80332 | $117335 | $82032 | $226370 |
| **Apr-2023** | $81414 | $120705 | $95795 | $232402 |
| **Apr-2024** | $103174 | $151653 | $128805 | $285068 |
| **Apr-2025** | $124753 | $196198 | $146198 | $319550 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Salient MLP & Energy Infrastructure Fund - Institutional Shares | 20.92% | 20.99% | 2.24% |
| Alerian Midstream Energy Select Index | 29.37% | 26.20% | 6.97% |
| Alerian MLP Index Trust | 13.50% | 26.98% | 3.87% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |

---

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

# **Fund Statistics** 
* Net Assets$1,219,670,470

* Number of Portfolio Holdings46

* Advisory Fee (net of waivers)$5,377,476

* Portfolio Turnover35%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i26233c7a03d7ed825861a8f9.jpg)

---

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

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ide9cc07a18028c36c7d96316.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Money Market | 0.2% |
| Utilities | 0.3% |
| Water | 0.6% |
| Renewable Energy Infrastructure | 0.9% |
| Oilfield Services & Equipment | 1.6% |
| Affiliated Exchange-Traded Funds | 4.1% |
| Liquefied Natural Gas | 6.9% |
| Crude & Refined Products | 16.2% |
| Natural Gas Pipelines | 18.9% |
| Gathering & Processing | 24.7% |
| Natural Gas Liquids Infrastructure | 25.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Energy Transfer, L.P. | 9.7% |
| DT Midstream, Inc. | 6.9% |
| Williams Companies, Inc. (The) | 6.8% |
| Kinder Morgan, Inc. | 6.8% |
| Targa Resources Corporation | 6.8% |
| Cheniere Energy, Inc. | 6.2% |
| TC Energy Corporation | 5.3% |
| MPLX, L.P. | 4.9% |
| ONEOK, Inc. | 4.8% |
| Enterprise Products Partners, L.P. | 4.7% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i6ae37d974aefafa40b6885a1.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-SMLPX

Westwood Salient MLP & Energy Infrastructure Fund

![Image](i4b07e39d70994d79c26dec41.jpg)

A Class Shares (SMAPX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Salient MLP & Energy Infrastructure Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/energy-infrastructure-fund/**. You can also request this information by contacting us at (877) 386-3944.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class Shares | $66 | 1.31% |

---

# How did the Fund perform during the reporting period?
For the six-month period, the energy infrastructure and midstream energy markets navigated a dynamic backdrop shaped by strong industry tailwinds and policy-driven uncertainty.

Robust U.S. oil and gas production, along with sustained global demand, helped underpin throughput volumes and cash flows across midstream assets. Despite broader market volatility, the midstream sector outperformed the broader U.S. equity market and stood out as a relative bright spot, supported by resilient fundamentals, stable income and business models that are less sensitive to commodity prices and economic cycles.

The Fund underperformed its representative benchmark for the period and was mainly driven by unfavorable stock selection within the Gathering & Processing and Crude & Refined Products sub-sectors. Additionally, the Fund's underweight to the Crude & Refined Products sub-sector detracted from performance, as the group was one of the index's top performers, returning 15% over the period.

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

# Total Return Based on $10,000 Investment\*
![Growth of 10K Chart](ie91d4fe2e403f2da5fe24622.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Westwood Salient MLP & Energy Infrastructure Fund - A Class Shares** | **Alerian Midstream Energy Select Index** | **Alerian MLP Index Trust** | **S&P 500<sup>®</sup> Index** |
| **Apr-2015** | $9449 | $10000 | $10000 | $10000 |
| **Apr-2016** | $5516 | $7396 | $7129 | $10121 |
| **Apr-2017** | $6984 | $9109 | $8132 | $11934 |
| **Apr-2018** | $6018 | $8303 | $7118 | $13517 |
| **Apr-2019** | $6341 | $9045 | $7479 | $15341 |
| **Apr-2020** | $4498 | $6129 | $4428 | $15474 |
| **Apr-2021** | $6055 | $8967 | $6442 | $22589 |
| **Apr-2022** | $7477 | $11734 | $8203 | $22637 |
| **Apr-2023** | $7567 | $12070 | $9580 | $23240 |
| **Apr-2024** | $9564 | $15165 | $12881 | $28507 |
| **Apr-2025** | $11534 | $19620 | $14620 | $31955 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Salient MLP & Energy Infrastructure Fund - A Class Shares |  |  |  |
| Without Load | 20.60% | 20.72% | 2.01% |
| With Load\* | 15.81% | 19.37% | 1.44% |
| Alerian Midstream Energy Select Index | 29.37% | 26.20% | 6.97% |
| Alerian MLP Index Trust | 13.50% | 26.98% | 3.87% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |

---

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

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

# **Fund Statistics** 
* Net Assets$1,219,670,470

* Number of Portfolio Holdings46

* Advisory Fee (net of waivers)$5,377,476

* Portfolio Turnover35%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i90b9476f90285825f9e699ce.jpg)

---

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

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](icfc075ec5290627b81e60b09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Money Market | 0.2% |
| Utilities | 0.3% |
| Water | 0.6% |
| Renewable Energy Infrastructure | 0.9% |
| Oilfield Services & Equipment | 1.6% |
| Affiliated Exchange-Traded Funds | 4.1% |
| Liquefied Natural Gas | 6.9% |
| Crude & Refined Products | 16.2% |
| Natural Gas Pipelines | 18.9% |
| Gathering & Processing | 24.7% |
| Natural Gas Liquids Infrastructure | 25.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Energy Transfer, L.P. | 9.7% |
| DT Midstream, Inc. | 6.9% |
| Williams Companies, Inc. (The) | 6.8% |
| Kinder Morgan, Inc. | 6.8% |
| Targa Resources Corporation | 6.8% |
| Cheniere Energy, Inc. | 6.2% |
| TC Energy Corporation | 5.3% |
| MPLX, L.P. | 4.9% |
| ONEOK, Inc. | 4.8% |
| Enterprise Products Partners, L.P. | 4.7% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i130820f3b8aa976abd06b7c2.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-SMAPX

Westwood Salient MLP & Energy Infrastructure Fund

![Image](i4582beef44c3325598a0a772.jpg)

C Class Shares (SMFPX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Salient MLP & Energy Infrastructure Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/energy-infrastructure-fund/**. You can also request this information by contacting us at (877) 386-3944.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class Shares | $104 | 2.06% |

---

# How did the Fund perform during the reporting period?
For the six-month period, the energy infrastructure and midstream energy markets navigated a dynamic backdrop shaped by strong industry tailwinds and policy-driven uncertainty.

Robust U.S. oil and gas production, along with sustained global demand, helped underpin throughput volumes and cash flows across midstream assets. Despite broader market volatility, the midstream sector outperformed the broader U.S. equity market and stood out as a relative bright spot, supported by resilient fundamentals, stable income and business models that are less sensitive to commodity prices and economic cycles.

The Fund underperformed its representative benchmark for the period and was mainly driven by unfavorable stock selection within the Gathering & Processing and Crude & Refined Products sub-sectors. Additionally, the Fund's underweight to the Crude & Refined Products sub-sector detracted from performance, as the group was one of the index's top performers, returning 15% over the period.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iac5397401931ee45fbf37cb7.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Westwood Salient MLP & Energy Infrastructure Fund - C Class Shares** | **Alerian Midstream Energy Select Index** | **Alerian MLP Index Trust** | **S&P 500<sup>®</sup> Index** |
| **Apr-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $5792 | $7396 | $7129 | $10121 |
| **Apr-2017** | $7277 | $9109 | $8132 | $11934 |
| **Apr-2018** | $6222 | $8303 | $7118 | $13517 |
| **Apr-2019** | $6503 | $9045 | $7479 | $15341 |
| **Apr-2020** | $4582 | $6129 | $4428 | $15474 |
| **Apr-2021** | $6113 | $8967 | $6442 | $22589 |
| **Apr-2022** | $7491 | $11734 | $8203 | $22637 |
| **Apr-2023** | $7524 | $12070 | $9580 | $23240 |
| **Apr-2024** | $9438 | $15165 | $12881 | $28507 |
| **Apr-2025** | $11300 | $19620 | $14620 | $31955 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Salient MLP & Energy Infrastructure Fund - C Class Shares |  |  |  |
| Without CDSC | 19.73% | 19.79% | 1.23% |
| With CDSC | 18.73% | 19.79% | 1.23% |
| Alerian Midstream Energy Select Index | 29.37% | 26.20% | 6.97% |
| Alerian MLP Index Trust | 13.50% | 26.98% | 3.87% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |

---

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

# **Fund Statistics** 
* Net Assets$1,219,670,470

* Number of Portfolio Holdings46

* Advisory Fee (net of waivers)$5,377,476

* Portfolio Turnover35%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i58c76b8c9736ae350155dca6.jpg)

---

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

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i363152e68dec919300a4f51a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Money Market | 0.2% |
| Utilities | 0.3% |
| Water | 0.6% |
| Renewable Energy Infrastructure | 0.9% |
| Oilfield Services & Equipment | 1.6% |
| Affiliated Exchange-Traded Funds | 4.1% |
| Liquefied Natural Gas | 6.9% |
| Crude & Refined Products | 16.2% |
| Natural Gas Pipelines | 18.9% |
| Gathering & Processing | 24.7% |
| Natural Gas Liquids Infrastructure | 25.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Energy Transfer, L.P. | 9.7% |
| DT Midstream, Inc. | 6.9% |
| Williams Companies, Inc. (The) | 6.8% |
| Kinder Morgan, Inc. | 6.8% |
| Targa Resources Corporation | 6.8% |
| Cheniere Energy, Inc. | 6.2% |
| TC Energy Corporation | 5.3% |
| MPLX, L.P. | 4.9% |
| ONEOK, Inc. | 4.8% |
| Enterprise Products Partners, L.P. | 4.7% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i9f0cbefb176b1ae2a2e810e0.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-SMFPX

Westwood Salient MLP & Energy Infrastructure Fund

![Image](i76750da36e4a351d1ed46dfe.jpg)

Ultra Shares (SMRPX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Salient MLP & Energy Infrastructure Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/energy-infrastructure-fund/**. You can also request this information by contacting us at (877) 386-3944.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Ultra Shares | $49 | 0.96% |

---

# How did the Fund perform during the reporting period?
For the six-month period, the energy infrastructure and midstream energy markets navigated a dynamic backdrop shaped by strong industry tailwinds and policy-driven uncertainty.

Robust U.S. oil and gas production, along with sustained global demand, helped underpin throughput volumes and cash flows across midstream assets. Despite broader market volatility, the midstream sector outperformed the broader U.S. equity market and stood out as a relative bright spot, supported by resilient fundamentals, stable income and business models that are less sensitive to commodity prices and economic cycles.

The Fund underperformed its representative benchmark for the period and was mainly driven by unfavorable stock selection within the Gathering & Processing and Crude & Refined Products sub-sectors. Additionally, the Fund's underweight to the Crude & Refined Products sub-sector detracted from performance, as the group was one of the index's top performers, returning 15% over the period.

# How has the Fund performed since inception?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](ib0254d4b391caa932d98f858.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Westwood Salient MLP & Energy Infrastructure Fund - Ultra Shares** | **Alerian Midstream Energy Select Index** | **Alerian MLP Index Trust** | **S&P 500<sup>®</sup> Index** |
| **Jan-2016** | $1000000 | $1000000 | $1000000 | $1000000 |
| **Apr-2016** | $1092745 | $1168838 | $1047455 | $1032981 |
| **Apr-2017** | $1387615 | $1439557 | $1194947 | $1218076 |
| **Apr-2018** | $1198787 | $1312148 | $1045832 | $1379665 |
| **Apr-2019** | $1268510 | $1429422 | $1098914 | $1565844 |
| **Apr-2020** | $901945 | $968686 | $650712 | $1579357 |
| **Apr-2021** | $1216222 | $1417154 | $946615 | $2305577 |
| **Apr-2022** | $1507810 | $1854389 | $1205364 | $2310488 |
| **Apr-2023** | $1529288 | $1907642 | $1407588 | $2372046 |
| **Apr-2024** | $1939676 | $2396757 | $1892632 | $2909591 |
| **Apr-2025** | $2347151 | $3100741 | $2148197 | $3261540 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (January 4, 2016)** |
| Westwood Salient MLP & Energy Infrastructure Fund - Ultra Shares | 21.01% | 21.08% | 9.59% |
| Alerian Midstream Energy Select Index | 29.37% | 26.20% | 12.91% |
| Alerian MLP Index Trust | 13.50% | 26.98% | 8.55% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 13.52% |

---

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

# **Fund Statistics** 
* Net Assets$1,219,670,470

* Number of Portfolio Holdings46

* Advisory Fee (net of waivers)$5,377,476

* Portfolio Turnover35%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7195117d6b944649bf293e63.jpg)

---

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

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib33e1ee7f158d4992834e245.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Money Market | 0.2% |
| Utilities | 0.3% |
| Water | 0.6% |
| Renewable Energy Infrastructure | 0.9% |
| Oilfield Services & Equipment | 1.6% |
| Affiliated Exchange-Traded Funds | 4.1% |
| Liquefied Natural Gas | 6.9% |
| Crude & Refined Products | 16.2% |
| Natural Gas Pipelines | 18.9% |
| Gathering & Processing | 24.7% |
| Natural Gas Liquids Infrastructure | 25.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Energy Transfer, L.P. | 9.7% |
| DT Midstream, Inc. | 6.9% |
| Williams Companies, Inc. (The) | 6.8% |
| Kinder Morgan, Inc. | 6.8% |
| Targa Resources Corporation | 6.8% |
| Cheniere Energy, Inc. | 6.2% |
| TC Energy Corporation | 5.3% |
| MPLX, L.P. | 4.9% |
| ONEOK, Inc. | 4.8% |
| Enterprise Products Partners, L.P. | 4.7% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](idd0edcf7543204fbec65b825.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-SMRPX

Westwood Real Estate Income Fund

![Image](i09be7ae05564b00a1152c02d.jpg)

Institutional Shares (KIFYX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Real Estate Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/real-estate-income-fund/**. You can also request this information by contacting us at (877) 386-3944.

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $39 | 0.82% |

---

# How did the Fund perform during the reporting period?
For the six-month period, the REIT and REIT preferred markets faced headwinds from interest rate volatility and renewed inflation concerns. While fundamentals in sectors like industrial and data center REITs remained solid, swings in Treasury yields weighed on valuations — particularly for rate-sensitive areas like office and retail. The broader REIT market delivered muted performance as investors recalibrated expectations for income-generating assets amid macro uncertainty and evolving fiscal policy following the U.S. election.

The Fund underperformed the benchmark for the period. As the Fund is focused on identifying opportunities within REIT Preferreds and REIT common equity, underperformance relative to the benchmark was mainly attributed to not holding financial preferred securities, which outperformed their REIT counterparts for the period.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](iebeff6705b88f54165a2bc33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Real Estate Income Fund - Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA Fixed Rate Preferred Securities Index** |
| **Apr-2015** | $100000 | $100000 | $100000 |
| **Apr-2016** | $99913 | $102720 | $106694 |
| **Apr-2017** | $112618 | $103572 | $113629 |
| **Apr-2018** | $106200 | $103241 | $115871 |
| **Apr-2019** | $116509 | $108703 | $123828 |
| **Apr-2020** | $95517 | $120488 | $128531 |
| **Apr-2021** | $128777 | $120167 | $142214 |
| **Apr-2022** | $131038 | $109938 | $127857 |
| **Apr-2023** | $123102 | $109468 | $130132 |
| **Apr-2024** | $131718 | $107861 | $139020 |
| **Apr-2025** | $139903 | $116511 | $144406 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Real Estate Income Fund - Institutional Shares | 6.21% | 7.93% | 3.41% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| ICE BofA Fixed Rate Preferred Securities Index | 3.87% | 2.36% | 3.74% |

---

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

# **Fund Statistics** 
* Net Assets$252,713,561

* Number of Portfolio Holdings50

* Advisory Fee $908,721

* Portfolio Turnover30%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i21111c775ba101218fdc3bec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 26.5% |
| Money Market Funds | 3.2% |
| Preferred Stocks | 70.3% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i049fc5eee09d2a6f9efbe1a1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Other Industries | 5.7% |
| Specialty Finance | 3.2% |
| Money Market Funds | 3.2% |
| Home Construction | 3.2% |
| Industrial | 3.5% |
| Banking | 3.7% |
| Mortgage | 3.8% |
| Shopping Centers | 4.2% |
| Data Centers | 4.3% |
| Retail | 4.4% |
| Storage | 4.7% |
| Office | 5.2% |
| Diversified | 6.6% |
| Residential | 8.8% |
| Specialized | 11.9% |
| Hotels | 23.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| KKR Real Estate Finance Trust, Inc., 6.50% - Series A | 3.8% |
| CTO Realty Growth, Inc., 6.38% - Series A | 3.8% |
| RLJ Lodging Trust, 7.80% - Series A | 3.6% |
| LXP Industrial Trust, 6.50% - Series C | 3.5% |
| National Storage Affiliates Trust, 6.00% - Series A | 3.3% |
| EPR Properties, 9.00% - Series E | 3.3% |
| Hovnanian Enterprises, Inc., 7.63% - Series A | 3.3% |
| Pebblebrook Hotel Trust, 5.70% - Series H | 3.2% |
| Blackstone Mortgage Trust, Inc. - Class A | 3.2% |
| Saul Centers, Inc., 6.13% - Series D | 3.2% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i9415d3dab6eea9e42a4ec17f.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-KIFYX

Westwood Real Estate Income Fund

![Image](ib7aec5f12a2fad10bfe2cfed.jpg)

A Class Shares (KIFAX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Real Estate Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/real-estate-income-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class Shares | $54 | 1.12% |

---

# How did the Fund perform during the reporting period?
For the six-month period, the REIT and REIT preferred markets faced headwinds from interest rate volatility and renewed inflation concerns. While fundamentals in sectors like industrial and data center REITs remained solid, swings in Treasury yields weighed on valuations — particularly for rate-sensitive areas like office and retail. The broader REIT market delivered muted performance as investors recalibrated expectations for income-generating assets amid macro uncertainty and evolving fiscal policy following the U.S. election.

The Fund underperformed the benchmark for the period. As the Fund is focused on identifying opportunities within REIT Preferreds and REIT common equity, underperformance relative to the benchmark was mainly attributed to not holding financial preferred securities, which outperformed their REIT counterparts for the period.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8bb5161fbafe3a857284205b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Real Estate Income Fund - A Class Shares** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA Fixed Rate Preferred Securities Index** |
| **Apr-2015** | $9425 | $10000 | $10000 |
| **Apr-2016** | $9373 | $10272 | $10670 |
| **Apr-2017** | $10525 | $10357 | $11363 |
| **Apr-2018** | $9883 | $10324 | $11587 |
| **Apr-2019** | $10810 | $10870 | $12383 |
| **Apr-2020** | $8824 | $12049 | $12853 |
| **Apr-2021** | $11857 | $12017 | $14221 |
| **Apr-2022** | $12016 | $10994 | $12786 |
| **Apr-2023** | $11237 | $10947 | $13013 |
| **Apr-2024** | $12008 | $10786 | $13902 |
| **Apr-2025** | $12711 | $11651 | $14441 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Real Estate Income Fund - A Class Shares |  |  |  |
| Without Load | 5.86% | 7.57% | 3.04% |
| With Load\* | 2.69% | 6.31% | 2.43% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| ICE BofA Fixed Rate Preferred Securities Index | 3.87% | 2.36% | 3.74% |

---

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

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

# **Fund Statistics** 
* Net Assets$252,713,561

* Number of Portfolio Holdings50

* Advisory Fee $908,721

* Portfolio Turnover30%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i34d4a2d7d8c6e7b42e41ca49.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 26.5% |
| Money Market Funds | 3.2% |
| Preferred Stocks | 70.3% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i31a761f7600f745518510f8d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Other Industries | 5.7% |
| Specialty Finance | 3.2% |
| Money Market Funds | 3.2% |
| Home Construction | 3.2% |
| Industrial | 3.5% |
| Banking | 3.7% |
| Mortgage | 3.8% |
| Shopping Centers | 4.2% |
| Data Centers | 4.3% |
| Retail | 4.4% |
| Storage | 4.7% |
| Office | 5.2% |
| Diversified | 6.6% |
| Residential | 8.8% |
| Specialized | 11.9% |
| Hotels | 23.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| KKR Real Estate Finance Trust, Inc., 6.50% - Series A | 3.8% |
| CTO Realty Growth, Inc., 6.38% - Series A | 3.8% |
| RLJ Lodging Trust, 7.80% - Series A | 3.6% |
| LXP Industrial Trust, 6.50% - Series C | 3.5% |
| National Storage Affiliates Trust, 6.00% - Series A | 3.3% |
| EPR Properties, 9.00% - Series E | 3.3% |
| Hovnanian Enterprises, Inc., 7.63% - Series A | 3.3% |
| Pebblebrook Hotel Trust, 5.70% - Series H | 3.2% |
| Blackstone Mortgage Trust, Inc. - Class A | 3.2% |
| Saul Centers, Inc., 6.13% - Series D | 3.2% |

---

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

![Image](i38b1b12924853e07ff9c0c0f.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-KIFAX

Westwood Broadmark Tactical Growth Fund

![Image](i7d243662edf366283875a143.jpg)

Institutional Shares (FTGWX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Broadmark Tactical Growth Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/tactical-growth-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $62 | 1.24% |

---

# How did the Fund perform during the reporting period?
During the trailing period, the Westwood Broadmark Tactical Growth Fund underperformed its primary benchmark, the S&P 500 Index, and underperformed its representative benchmark, the HFRX Equity Hedge Index.

The stock market rose early in the period, reflecting relief and optimism in the incoming administration. Those hopes were quickly beset by economic concerns and then exacerbated by policy scrapes, namely the tariff proposals that shook the markets in February and April. Stocks rebounded as some of the tariff plans were delayed.

Key to our discipline, the Fund was able to sidestep some of the decline seen in the S&P 500 for the period, posting a positive absolute return while the index posted a negative absolute return.

With regard to our four-pillar investment process, for much of the period, the pillars pointed to limit the Fund's exposure to equities. Market exposure decreased steadily throughout the period, declining by over 20% and contributing to the Fund's ability to avoid much of the recent equity market downturn.

Toward the end of the period, equity valuations remained elevated compared to historical norms, and the yield curve steepened after several years of inversion. In addition, there was deterioration in breadth and volume momentum, as well as widening credit spreads, all negative signals of potential economic slowdown on the horizon.

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

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](id8ceb9d039df4a9e1f63d2ba.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Broadmark Tactical Growth Fund - Institutional Shares** | **HFRX Equity Hedge Index** | **S&P 500<sup>®</sup> Index** |
| **Apr-2015** | $100000 | $100000 | $100000 |
| **Apr-2016** | $97898 | $91690 | $101206 |
| **Apr-2017** | $106223 | $97777 | $119341 |
| **Apr-2018** | $112172 | $104602 | $135173 |
| **Apr-2019** | $115450 | $100454 | $153414 |
| **Apr-2020** | $120009 | $94423 | $154738 |
| **Apr-2021** | $137590 | $115296 | $225889 |
| **Apr-2022** | $132766 | $119807 | $226370 |
| **Apr-2023** | $128830 | $120072 | $232402 |
| **Apr-2024** | $132283 | $129824 | $285068 |
| **Apr-2025** | $140025 | $136765 | $319550 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Broadmark Tactical Growth Fund - Institutional Shares | 5.85% | 3.13% | 3.42% |
| HFRX Equity Hedge Index | 5.35% | 7.69% | 3.18% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |

---

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

# **Fund Statistics** 
* Net Assets$162,307,471

* Number of Portfolio Holdings4

* Advisory Fee $894,586

* Portfolio Turnover33%

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifa563653c7a1e3dae0c16352.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 11.2% |
| Money Market Funds | 88.8% |

---

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

![Image](ia3c281677319893a4f0d03ec.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-FTGWX

Westwood Broadmark Tactical Growth Fund

![Image](i8bb62354969b231d6f86fd46.jpg)

A Class Shares (FTAGX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Broadmark Tactical Growth Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/tactical-growth-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class Shares | $76 | 1.53% |

---

# How did the Fund perform during the reporting period?
During the trailing period, the Westwood Broadmark Tactical Growth Fund underperformed its primary benchmark, the S&P 500 Index, and underperformed its representative benchmark, the HFRX Equity Hedge Index.

The stock market rose early in the period, reflecting relief and optimism in the incoming administration. Those hopes were quickly beset by economic concerns and then exacerbated by policy scrapes, namely the tariff proposals that shook the markets in February and April. Stocks rebounded as some of the tariff plans were delayed.

Key to our discipline, the Fund was able to sidestep some of the decline seen in the S&P 500 for the period, posting a positive absolute return while the index posted a negative absolute return.

With regard to our four-pillar investment process, for much of the period, the pillars pointed to limit the Fund's exposure to equities. Market exposure decreased steadily throughout the period, declining by over 20% and contributing to the Fund's ability to avoid much of the recent equity market downturn.

Toward the end of the period, equity valuations remained elevated compared to historical norms, and the yield curve steepened after several years of inversion. In addition, there was deterioration in breadth and volume momentum, as well as widening credit spreads, all negative signals of potential economic slowdown on the horizon.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1795a2b54c32e75a314574a9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Broadmark Tactical Growth Fund - A Class Shares** | **HFRX Equity Hedge Index** | **S&P 500<sup>®</sup> Index** |
| **Apr-2015** | $9425 | $10000 | $10000 |
| **Apr-2016** | $9183 | $9169 | $10121 |
| **Apr-2017** | $9913 | $9778 | $11934 |
| **Apr-2018** | $10418 | $10460 | $13517 |
| **Apr-2019** | $10678 | $10045 | $15341 |
| **Apr-2020** | $11055 | $9442 | $15474 |
| **Apr-2021** | $12623 | $11530 | $22589 |
| **Apr-2022** | $12130 | $11981 | $22637 |
| **Apr-2023** | $11728 | $12007 | $23240 |
| **Apr-2024** | $12013 | $12982 | $28507 |
| **Apr-2025** | $12682 | $13677 | $31955 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Broadmark Tactical Growth Fund - A Class Shares |  |  |  |
| Without Load | 5.56% | 2.78% | 3.01% |
| With Load\* | 1.35% | 1.57% | 2.40% |
| HFRX Equity Hedge Index | 5.35% | 7.69% | 3.18% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |

---

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

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

# **Fund Statistics** 
* Net Assets$162,307,471

* Number of Portfolio Holdings4

* Advisory Fee $894,586

* Portfolio Turnover33%

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ibdafd6d75a03168c2387905f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 11.2% |
| Money Market Funds | 88.8% |

---

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

![Image](if3ef50a8e62da29c886095ba.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-FTAGX

Westwood Broadmark Tactical Growth Fund

![Image](iaafbf27a50f4b4f71a18606a.jpg)

C Class Shares (FTGOX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Broadmark Tactical Growth Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/tactical-growth-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class Shares | $109 | 2.19% |

---

# How did the Fund perform during the reporting period?
During the trailing period, the Westwood Broadmark Tactical Growth Fund underperformed its primary benchmark, the S&P 500 Index, and underperformed its representative benchmark, the HFRX Equity Hedge Index.

The stock market rose early in the period, reflecting relief and optimism in the incoming administration. Those hopes were quickly beset by economic concerns and then exacerbated by policy scrapes, namely the tariff proposals that shook the markets in February and April. Stocks rebounded as some of the tariff plans were delayed.

Key to our discipline, the Fund was able to sidestep some of the decline seen in the S&P 500 for the period, posting a positive absolute return while the index posted a negative absolute return.

With regard to our four-pillar investment process, for much of the period, the pillars pointed to limit the Fund's exposure to equities. Market exposure decreased steadily throughout the period, declining by over 20% and contributing to the Fund's ability to avoid much of the recent equity market downturn.

Toward the end of the period, equity valuations remained elevated compared to historical norms, and the yield curve steepened after several years of inversion. In addition, there was deterioration in breadth and volume momentum, as well as widening credit spreads, all negative signals of potential economic slowdown on the horizon.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](id6aa3d38e58ffe4030a727a9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Broadmark Tactical Growth Fund - C Class Shares** | **HFRX Equity Hedge Index** | **S&P 500<sup>®</sup> Index** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $9699 | $9169 | $10121 |
| **Apr-2017** | $10421 | $9778 | $11934 |
| **Apr-2018** | $10905 | $10460 | $13517 |
| **Apr-2019** | $11097 | $10045 | $15341 |
| **Apr-2020** | $11428 | $9442 | $15474 |
| **Apr-2021** | $12975 | $11530 | $22589 |
| **Apr-2022** | $12402 | $11981 | $22637 |
| **Apr-2023** | $11921 | $12007 | $23240 |
| **Apr-2024** | $12125 | $12982 | $28507 |
| **Apr-2025** | $12713 | $13677 | $31955 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Broadmark Tactical Growth Fund - C Class Shares |  |  |  |
| Without CDSC | 4.85% | 2.15% | 2.43% |
| With CDSC | 3.85% | 2.15% | 2.43% |
| HFRX Equity Hedge Index | 5.35% | 7.69% | 3.18% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |

---

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

# **Fund Statistics** 
* Net Assets$162,307,471

* Number of Portfolio Holdings4

* Advisory Fee $894,586

* Portfolio Turnover33%

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4d5b0b9b9a736ec9307ebb14.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 11.2% |
| Money Market Funds | 88.8% |

---

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

![Image](i06ba6be5ec843a3c0d9a856c.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-FTGOX

Westwood Broadmark Tactical Plus Fund

![Image](ifef32665650abcd3c53174ba.jpg)

Institutional Shares (SBTIX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Broadmark Tactical Plus Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/tactical-plus-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $66 | 1.35% |

---

# How did the Fund perform during the reporting period?
During the trailing period, the Westwood Broadmark Tactical Plus Fund underperformed relative to its primary and representative benchmarks, the S&P 500 Index and HFRX Equity Hedge Index.

The stock market rose early in the period, reflecting relief and optimism in the incoming administration. Those hopes were quickly beset by economic concerns and then exacerbated by policy scrapes, namely the tariff proposals that shook the markets in February and April. Stocks rebounded as some of the tariff plans were delayed.

The Investment team reduced its model market exposure consistently throughout the period, from over 58% at the end of November to as low as approximately 4% in January. Equity market exposure later increased but still remained low for the remainder of the period. The team took opportunistic short positions where possible, with one such case in April in response to deteriorating breadth and volume momentum.

Toward the end of the period, equity valuations remained elevated compared to historical norms, and the yield curve steepened after several years of having been inverted. In addition, there has been deterioration in breadth and volume momentum, as well as widening credit spreads, all negative signals of potential economic slowdown on the horizon.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i43075ee61da7a13de5a20e46.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Broadmark Tactical Plus Fund - Institutional Shares** | **HFRX Equity Hedge Index** | **S&P 500<sup>®</sup> Index** |
| **Apr-2015** | $100000 | $100000 | $100000 |
| **Apr-2016** | $98806 | $91690 | $101206 |
| **Apr-2017** | $107444 | $97777 | $119341 |
| **Apr-2018** | $115395 | $104602 | $135173 |
| **Apr-2019** | $125080 | $100454 | $153414 |
| **Apr-2020** | $126039 | $94423 | $154738 |
| **Apr-2021** | $142417 | $115296 | $225889 |
| **Apr-2022** | $142654 | $119807 | $226370 |
| **Apr-2023** | $142432 | $120072 | $232402 |
| **Apr-2024** | $148949 | $129824 | $285068 |
| **Apr-2025** | $144809 | $136765 | $319550 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Broadmark Tactical Plus Fund - Institutional Shares | -2.78% | 2.82% | 3.77% |
| HFRX Equity Hedge Index | 5.35% | 7.69% | 3.18% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |

---

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

# **Fund Statistics** 
* Net Assets$69,202,952

* Number of Portfolio Holdings2

* Advisory Fee (net of waivers)$307,662

* Portfolio Turnover260%

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9faee14e19d66268499202b5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 100.0% |

---

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

![Image](ia88bad0367c5cae359fd211f.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-SBTIX

Westwood Broadmark Tactical Plus Fund

![Image](i78f2fe504d5837638a91b8a4.jpg)

A Class Shares (SBTAX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Broadmark Tactical Plus Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/tactical-plus-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class Shares | $78 | 1.60% |

---

# How did the Fund perform during the reporting period?
During the trailing period, the Westwood Broadmark Tactical Plus Fund underperformed relative to its primary and representative benchmarks, the S&P 500 Index and HFRX Equity Hedge Index.

The stock market rose early in the period, reflecting relief and optimism in the incoming administration. Those hopes were quickly beset by economic concerns and then exacerbated by policy scrapes, namely the tariff proposals that shook the markets in February and April. Stocks rebounded as some of the tariff plans were delayed.

The Investment team reduced its model market exposure consistently throughout the period, from over 58% at the end of November to as low as approximately 4% in January. Equity market exposure later increased but still remained low for the remainder of the period. The team took opportunistic short positions where possible, with one such case in April in response to deteriorating breadth and volume momentum.

Toward the end of the period, equity valuations remained elevated compared to historical norms, and the yield curve steepened after several years of having been inverted. In addition, there has been deterioration in breadth and volume momentum, as well as widening credit spreads, all negative signals of potential economic slowdown on the horizon.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9265e833df12f1f32b2f9b36.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Broadmark Tactical Plus Fund - A Class Shares** | **HFRX Equity Hedge Index** | **S&P 500<sup>®</sup> Index** |
| **Apr-2015** | $9450 | $10000 | $10000 |
| **Apr-2016** | $9312 | $9169 | $10121 |
| **Apr-2017** | $10111 | $9778 | $11934 |
| **Apr-2018** | $10835 | $10460 | $13517 |
| **Apr-2019** | $11709 | $10045 | $15341 |
| **Apr-2020** | $11782 | $9442 | $15474 |
| **Apr-2021** | $13274 | $11530 | $22589 |
| **Apr-2022** | $13263 | $11981 | $22637 |
| **Apr-2023** | $13215 | $12007 | $23240 |
| **Apr-2024** | $13789 | $12982 | $28507 |
| **Apr-2025** | $13359 | $13677 | $31955 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Broadmark Tactical Plus Fund - A Class Shares |  |  |  |
| Without Load | -3.12% | 2.54% | 3.52% |
| With Load\* | -6.02% | 1.39% | 2.94% |
| HFRX Equity Hedge Index | 5.35% | 7.69% | 3.18% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |

---

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

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

# **Fund Statistics** 
* Net Assets$69,202,952

* Number of Portfolio Holdings2

* Advisory Fee (net of waivers)$307,662

* Portfolio Turnover260%

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia9e7f51a9005a8205072c7b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 100.0% |

---

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

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

![Image](i3f4aade25d33069307494046.jpg)

#### Westwood Broadmark Tactical Plus Fund - A Class Shares (SBTAX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-SBTAX

Westwood Broadmark Tactical Plus Fund

![Image](i57f493a7abaaac6dde1bc829.jpg)

F Class Shares (BTPIX)

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Broadmark Tactical Plus Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/tactical-plus-fund/**. You can also request this information by contacting us at (877) 386-3944. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| F Class Shares | $51 | 1.04% |

---

# How did the Fund perform during the reporting period?
During the trailing period, the Westwood Broadmark Tactical Plus Fund underperformed relative to its primary and representative benchmarks, the S&P 500 Index and HFRX Equity Hedge Index.

The stock market rose early in the period, reflecting relief and optimism in the incoming administration. Those hopes were quickly beset by economic concerns and then exacerbated by policy scrapes, namely the tariff proposals that shook the markets in February and April. Stocks rebounded as some of the tariff plans were delayed.

The Investment team reduced its model market exposure consistently throughout the period, from over 58% at the end of November to as low as approximately 4% in January. Equity market exposure later increased but still remained low for the remainder of the period. The team took opportunistic short positions where possible, with one such case in April in response to deteriorating breadth and volume momentum.

Toward the end of the period, equity valuations remained elevated compared to historical norms, and the yield curve steepened after several years of having been inverted. In addition, there has been deterioration in breadth and volume momentum, as well as widening credit spreads, all negative signals of potential economic slowdown on the horizon.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7ca5f804e4ba390030c9d56f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Broadmark Tactical Plus Fund - F Class Shares** | **HFRX Equity Hedge Index** | **S&P 500<sup>®</sup> Index** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $9907 | $9169 | $10121 |
| **Apr-2017** | $10806 | $9778 | $11934 |
| **Apr-2018** | $11647 | $10460 | $13517 |
| **Apr-2019** | $12657 | $10045 | $15341 |
| **Apr-2020** | $12791 | $9442 | $15474 |
| **Apr-2021** | $14506 | $11530 | $22589 |
| **Apr-2022** | $14577 | $11981 | $22637 |
| **Apr-2023** | $14594 | $12007 | $23240 |
| **Apr-2024** | $15320 | $12982 | $28507 |
| **Apr-2025** | $14925 | $13677 | $31955 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Westwood Broadmark Tactical Plus Fund - F Class Shares | -2.58% | 3.13% | 4.09% |
| HFRX Equity Hedge Index | 5.35% | 7.69% | 3.18% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |

---

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

# **Fund Statistics** 
* Net Assets$69,202,952

* Number of Portfolio Holdings2

* Advisory Fee (net of waivers)$307,662

* Portfolio Turnover260%

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iaa24078d9e15a205bb69035d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 100.0% |

---

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

![Image](i3f5e6a36befb0c1e035cba26.jpg)

#### Westwood Broadmark Tactical Plus Fund - F Class Shares (BTPIX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-BTPIX

Westwood Salient Enhanced Midstream Income ETF

![Image](i6cc0a344b4add465c089931c.jpg)

(MDST) NYSE

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Salient Enhanced Midstream Income ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/westwood-salient-enhanced-midstream-income/**. You can also request this information by contacting us at (800) 994-0755.

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

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Westwood Salient Enhanced Midstream Income ETF | $41 | 0.80% |

---

# How did the Fund perform during the reporting period?
For the six-month period, the energy infrastructure and midstream energy markets navigated a dynamic backdrop shaped by strong industry tailwinds and policy-driven uncertainty. Robust U.S. oil and gas production, along with sustained global demand, helped underpin throughput volumes and cash flows across midstream assets. Despite broader market volatility, the midstream sector outperformed the broader U.S. equity market and stood out as a relative bright spot, supported by resilient fundamentals, stable income, and business models that are less sensitive to commodity prices and economic cycles.

The Fund underperformed its representative benchmark for the period, primarily due to unfavorable stock selection within the Gathering & Processing and Crude & Refined Products sub-sectors. Additionally, the Fund's underweight to the Crude & Refined Products sub-sector detracted from performance, as the group was one of the index's top performers, returning 15% over the period. The Fund's covered call strategy also modestly detracted from returns, as is typically expected in strong midstream markets where upside participation is limited due to the income-focused nature of the call option overlay.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](if6d328b965a2c82e5e3855a4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Salient Enhanced Midstream Income ETF - NAV** | **S&P 500<sup>®</sup> Index** | **Alerian Midstream Energy Select Index** |
| **04/08/24** | $10000 | $10000 | $10000 |
| **04/30/24** | $9837 | $9685 | $9904 |
| **04/30/25** | $11551 | $10857 | $12813 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (April 8, 2024)** |
| Westwood Salient Enhanced Midstream Income ETF - NAV | 17.43% | 14.57% |
| S&P 500<sup>®</sup> Index | 12.10% | 8.06% |
| Alerian Midstream Energy Select Index | 29.37% | 26.34% |

---

#### Past performance does not guarantee future results. Call (800) 994-0755 or visit https://westwoodgroup.com/product/westwood-salient-enhanced-midstream-income/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$82,121,238

* Number of Portfolio Holdings89

* Advisory Fee $299,264

* Portfolio Turnover14%

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](idf273b444a22d9a82ae86fc8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Water | 0.7% |
| Liquefied Natural Gas | 5.9% |
| Natural Gas Pipelines | 21.2% |
| Crude & Refined Products | 22.7% |
| Gathering & Processing | 24.6% |
| Natural Gas Liquids Infrastructure | 25.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Enbridge, Inc. | 8.9% |
| Energy Transfer, L.P. | 8.6% |
| Williams Companies, Inc. (The) | 8.3% |
| Kinder Morgan, Inc. | 7.6% |
| Enterprise Products Partners, L.P. | 6.5% |
| ONEOK, Inc. | 6.2% |
| Cheniere Energy, Inc. | 5.4% |
| TC Energy Corporation | 5.3% |
| DT Midstream, Inc. | 4.9% |
| Targa Resources Corporation | 4.9% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i7f1d47459cd748b5bd9460f3.jpg)

#### Westwood Salient Enhanced Midstream Income ETF - Fund (MDST)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-MDST

Westwood Salient Enhanced Energy Income ETF

![Image](i49d7385e521bb0d1cc3140b6.jpg)

(WEEI) NASDAQ Stock Market, LLC

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood Salient Enhanced Energy Income ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/salient-enhanced-energy-income/**. You can also request this information by contacting us at (800) 994-0755.

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

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Westwood Salient Enhanced Energy Income ETF | $41 | 0.85% |

---

# How did the Fund perform during the reporting period?
For the six-month period, broad energy stocks struggled to gain traction, with the S&P Energy Select Sector Index declining roughly 7.6% over the period. The sector was caught between a lack of clear price momentum in crude oil hovering near $70 per barrel and a shifting macro environment marked by trade tensions, inflation uncertainty and changing fiscal policy.

The Fund outperformed its representative benchmark for the period, with the covered call overlay contributing positively by providing some downside protection in a volatile market. Strong stock selection within the Refining segment further supported relative performance. In more challenged or volatile market environments, the strategy tends to provide relative downside protection, as the premiums collected from selling call options help cushion drawdowns. This income component can help offset some of the equity market weakness, providing a more defensive profile when total return opportunities are limited.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3c1d1c9612f6c72b1db346e5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood Salient Enhanced Energy Income ETF - NAV** | **S&P 500<sup>®</sup> Index** | **S&P Energy Select Sector Index** |
| **04/30/24** | $10000 | $10000 | $10000 |
| **04/30/25** | $9091 | $11210 | $8897 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | |
|:---|:---|
| | **1 Year** |
| Westwood Salient Enhanced Energy Income ETF - NAV | -9.09% |
| S&P 500<sup>®</sup> Index | 12.10% |
| S&P Energy Select Sector Index | -11.03% |

---

#### Past performance does not guarantee future results. Call (800) 994-0755 or visit https://westwoodgroup.com/product/salient-enhanced-energy-income/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$15,271,738

* Number of Portfolio Holdings68

* Advisory Fee $62,688

* Portfolio Turnover7%

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](iccde591c6f348ab2b701df17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.6% |
| Gathering & Processing | 3.0% |
| Natural Gas Liquids Infrastructure | 4.1% |
| Oilfield Services & Equipment | 8.2% |
| Natural Gas Pipelines | 10.2% |
| Refining | 10.4% |
| Exploration & Production | 64.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Exxon Mobil Corporation | 22.0% |
| Chevron Corporation | 14.2% |
| ConocoPhillips | 6.5% |
| Williams Companies, Inc. (The) | 5.9% |
| EOG Resources, Inc. | 4.4% |
| Kinder Morgan, Inc. | 4.3% |
| ONEOK, Inc. | 4.1% |
| Schlumberger Ltd. | 3.8% |
| Phillips 66 | 3.6% |
| Marathon Petroleum Corporation | 3.6% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i3b7a8409d7dd0cdc12cbbccc.jpg)

#### Westwood Salient Enhanced Energy Income ETF - Fund (WEEI)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-WEEI

Westwood LBRTY Global Equity ETF

![Image](i06d47adfd011edd6e45e1400.jpg)

(BFRE) NYSE Arca, Inc.

Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Westwood LBRTY Global Equity ETF (the "Fund") for the period of March 26, 2025 to April 30, 2025. You can find additional information about the Fund at **https://westwoodgroup.com/product/westwood-lbrty-global-equity-index/**. You can also request this information by contacting us at (800) 994-0755.

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

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Westwood LBRTY Global Equity ETF | $5 | 0.50% |

---

# How did the Fund perform during the reporting period?
Please Note: The Westwood LBRTY Global Equity ETF reporting period referenced below has a start date of March 26, 2025, which is the inception date of the Fund.

During the trailing period, the Westwood LBRTY Global Equity ETF outperformed relative to the MSCI ACWI Index and the underlying TOBAM LBRTY All World Equity Index. Domestic and global equities suffered from volatility during the period due to tariff concerns and uncertainty surrounding U.S. interest rate cuts.

The Fund has a large exposure to U.S. equities, and as such, missed out on some of the outperformance of global equities relative to their U.S. counterparts for the period.

The Fund's relative low exposure to the Energy sector helped it navigate declines due to falling commodity prices during the period. A large exposure to the volatile Information Technology sector weighed on the strategy due to valuation compression, and geopolitical tensions, impacting some of the top holdings.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic668f89ff2d4752e9ee051ac.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Westwood LBRTY Global Equity ETF - NAV** | **MSCI ACWI Net** | **TOBAM LBRTY<sup>®</sup> All World Equity Index** |
| **03/26/25** | $10000 | $10000 | $10000 |
| **04/30/25** | $9911 | $9877 | $9909 |

---

# **Average Annual Total Returns as of 4/30/2025** 

---

| | |
|:---|:---|
| | **Since Inception (March 26, 2025)** |
| Westwood LBRTY Global Equity ETF - NAV | -0.89% |
| MSCI ACWI Net | -1.23% |
| TOBAM LBRTY<sup>®</sup> All World Equity Index | -0.91% |

---

#### Past performance does not guarantee future results. Call (800) 994-0755 or visit https://westwoodgroup.com/product/westwood-lbrty-global-equity-index/ for current month-end performance.

# **Fund Statistics** 
* Net Assets$3,064,671

* Number of Portfolio Holdings199

* Advisory Fee $929

* Portfolio Turnover0%

# What did the Fund invest in?

# Country Weighting (% of net assets)
![Group By Sector Chart](i65b4d03f9706495495e502a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 75.1% |
| Canada | 6.9% |
| France | 4.2% |
| United Kingdom | 4.0% |
| Japan | 2.0% |
| Germany | 1.4% |
| Switzerland | 1.2% |
| Netherlands | 1.0% |
| Spain | 0.8% |
| Jersey | 0.5% |
| Other Countries | 2.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corporation | 4.6% |
| NVIDIA Corporation | 4.4% |
| Apple, Inc. | 4.0% |
| Amazon.com, Inc. | 3.7% |
| Air Liquide S.A. | 2.1% |
| Meta Platforms, Inc. - Class A | 2.1% |
| Eli Lilly & Company | 1.9% |
| Bank of America Corporation | 1.8% |
| Alphabet, Inc. - Class A | 1.8% |
| Procter & Gamble Company (The) | 1.6% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i56b974b1c4bd7e65fd8bc204.jpg)

#### Westwood LBRTY Global Equity ETF - Fund (BFRE)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-BFRE

(b). Not applicable

**Item 2.** **Code of Ethics.**

Not required

**Item 3.** **Audit Committee Financial Expert.**

Not required

**Item 4.** **Principal Accountant Fees and Services.**

Not required

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable

**Item 6.** **Investments.**

(a) The Registrant's schedule of investments is included in the Financial Statements under Item 7 of this form.

(b) Not applicable

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies**

(a) ![(LOGO)](we001_v1.jpg)

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Quality Value Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Quality MidCap Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Quality SMidCap Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Quality SmallCap Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Quality AllCap Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Income Opportunity Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Multi-Asset Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Alternative Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Salient MLP & Energy Infrastructure Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Real Estate Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Broadmark Tactical Growth Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Broadmark Tactical Plus Fund** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semi-Annual Financial Statements<br> and Additional Information** | **April 30, 2025** |

---

---

| |
|:---|
| **Investment Adviser:** |
| **Westwood Management Corp.** |

---

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **TABLE OF CONTENTS** |

---

---

| | |
|:---|:---|
| Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Westwood Quality Value Fund | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westwood Quality MidCap Fund | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westwood Quality SMidCap Fund | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westwood Quality SmallCap Fund | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westwood Quality AllCap Fund | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westwood Income Opportunity Fund | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westwood Multi-Asset Income Fund | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westwood Alternative Income Fund | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westwood Salient MLP & Energy Infrastructure Fund | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westwood Real Estate Income Fund | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westwood Broadmark Tactical Growth Fund | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westwood Broadmark Tactical Plus Fund | 36 |
| Statements of Assets and Liabilities | 37 |
| Statements of Operations | 42 |
| Statements of Changes in Net Assets | 47 |
| Financial Highlights | 60 |
| Notes to Financial Statements | 89 |
| Additional Information | 122 |
| Other Federal Tax Information | 122 |

---

---

| |
|:---|
| **WESTWOOD QUALITY VALUE FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCKS — 97.6%** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Communications — 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | 50077 | $4554503 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 28153 | 4470696 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 18549 | 4580676 |
| **Consumer Discretionary — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 19106 | 3833428 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 9687 | 1818637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 2546 | 3603099 |
|  |  | 5421736 |
| **Consumer Staples — 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Beverages — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 13215 | 1791690 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Food — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey Company (The) | 21534 | 3600269 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Household Products — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | 31877 | 3166661 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 46455 | 4517749 |
| **Energy — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 24691 | 3359457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 15354 | 1694007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 37249 | 3934612 |
|  |  | 8988076 |
| **Financials — 20.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Banking — 9.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | 82952 | 3308126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 25686 | 6283309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Corporation | 37488 | 3253209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | 49130 | 3488721 |
|  |  | 16333365 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services — 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 5934 | $3249162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 26837 | 4507811 |
|  |  | 7756973 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Insurance — 6.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company | 11534 | 3698839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 6649 | 3545579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation (The) | 16103 | 4536859 |
|  |  | 11781277 |
| **Health Care — 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma — 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 22282 | 3482899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 7162 | 3649039 |
|  |  | 7131938 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 11877 | 4886673 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 40560 | 5303220 |
| **Industrials — 13.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation | 13396 | 3645319 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Commercial Support Services — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management, Inc. | 16202 | 3780899 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 36530 | 3986153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | 9948 | 3612915 |
|  |  | 7599068 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Construction — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corporation <sup>(a)</sup> | 11652 | 3446196 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corporation | 24338 | 5248733 |
| **Materials — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Forestry, Paper & Wood Products — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Company | 32374 | 3019847 |
| **Real Estate — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*REITs — 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corporation | 45827 | 3556634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corporation | 7864 | 1772624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | 35512 | 3629326 |
|  |  | 8958584 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD QUALITY VALUE FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Technology — 16.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 49416 | $2884412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 22691 | 3631695 |
|  |  | 6516107 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Software — 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 16865 | 6666060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 12092 | 3249241 |
|  |  | 9915301 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Technology Services — 7.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | 11940 | 3571851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | 9450 | 4326871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 13465 | 4652158 |
|  |  | 12550880 |
| **Utilities — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities — 5.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 51441 | 3440374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Company (The) | 37794 | 3472891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 32327 | 3540453 |
|  |  | 10453718 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $135,921,639) |  | $173253582 |

---

**MONEY MARKET FUNDS — 3.4%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| First American Government Obligations Fund - Class U, 4.27% <sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,091,953) | 6091953 | $6091953 |
| **Investments at Value — 101.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $142,013,592) |  | $179345535 |
| **Liabilities in Excess of Other Assets — (1.0%)** |  | (1696437) |
| **Net Assets — 100.0%** |  | $177649098 |

---

plc - Public Limited Company

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

<sup>(b)</sup> The rate shown is the 7-day effective yield as of April 30, 2025.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD QUALITY MIDCAP FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCKS — 98.0%** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Consumer Discretionary — 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 189 | $31366 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary — 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 537 | 20234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 22 | 31135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. <sup>(a)</sup> | 86 | 34025 |
|  |  | 85394 |
| **Consumer Staples — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Food — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Company, Inc. | 301 | 23075 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Household Products — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | 220 | 21855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interparfums, Inc. | 215 | 23478 |
|  |  | 45333 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup> | 202 | 23747 |
| **Energy — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corporation | 250 | 22558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 219 | 28910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Corporation <sup>(a)</sup> | 145 | 25013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corporation | 1149 | 13558 |
|  |  | 90039 |
| **Financials — 14.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Asset Management — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | 1221 | 22625 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Banking — 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 212 | 24692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 569 | 23192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Corporation | 269 | 23344 |
|  |  | 71228 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 198 | 33258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | 121 | 29176 |
|  |  | 62434 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Insurance — 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | 371 | 30244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company | 70 | 22448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | 66 | 23683 |
|  |  | 76375 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health Care — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation | 22 | $15681 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avantor, Inc. <sup>(a)</sup> | 1314 | 17069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper Companies, Inc. (The) <sup>(a)</sup> | 389 | 31770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 227 | 23392 |
|  |  | 72231 |
| **Industrials — 15.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>(a)</sup> | 720 | 24325 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment — 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 299 | 32627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | 64 | 23244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 108 | 19689 |
|  |  | 75560 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Construction — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 197 | 24388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corporation <sup>(a)</sup> | 109 | 32238 |
|  |  | 56626 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Industrial Intermediate Products — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timken Company (The) | 335 | 21524 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Machinery — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 161 | 25345 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 548 | 22813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO, Inc. <sup>(a)</sup> | 135 | 14326 |
|  |  | 37139 |
| **Materials — 13.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Chemicals — 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. <sup>(a)</sup> | 1017 | 33052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 345 | 27038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | 274 | 16985 |
|  |  | 77075 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Construction Materials — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 157 | 17818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 104 | 23545 |
|  |  | 41363 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Containers & Packaging — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 289 | 27839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corporation of America | 132 | 24501 |
|  |  | 52340 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD QUALITY MIDCAP FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Materials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Forestry, Paper & Wood Products — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Company | 261 | $24346 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco Corporation | 523 | 23613 |
| **Real Estate — 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*REITs — 9.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 356 | 33471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 1299 | 23174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corporation | 560 | 32402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | 463 | 32447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Company | 873 | 22619 |
|  |  | 144113 |
| **Technology — 15.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 710 | $41443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>(a)</sup> | 507 | 24736 |
|  |  | 66179 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Software — 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasystems, Inc. | 441 | 40607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corporation <sup>(a)</sup> | 1732 | 37758 |
|  |  | 78365 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Technology Services — 6.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | 76 | 34798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corporation | 205 | 32915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 144 | 31909 |
|  |  | 99622 |
| **Utilities — 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities — 6.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corporation | 376 | 22951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corporation | 423 | 31154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Company | 175 | 23975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy, Inc. | 347 | 23978 |
|  |  | 102058 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,478,801) |  | $1569121 |

---

**MONEY MARKET FUNDS — 2.0%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| First American Treasury Obligations Fund - Class X, 4.24% <sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $32,542) | 32542 | $32542 |
| **Investments at Value — 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,511,343) |  | $1601663 |
| **Liabilities in Excess of Other Assets — (0.0%)<sup>(c)</sup>** |  | (767) |
| **Net Assets — 100.0%** |  | $1600896 |

---

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

<sup>(b)</sup> The rate shown is the 7-day effective yield as of April 30, 2025.

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

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD QUALITY SMIDCAP FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCKS — 98.8%** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Consumer Discretionary — 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. (The) | 26029 | $1311081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 3579 | 1755034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 7609 | 1262790 |
|  |  | 4328905 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 33528 | 1263335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 5632 | 1648824 |
|  |  | 2912159 |
| **Consumer Staples — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Household Products — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interparfums, Inc. | 11615 | 1268358 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup> | 11111 | 1306209 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corporation <sup>(a)</sup> | 13479 | 885031 |
| **Energy — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 5.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corporation | 13708 | 1236873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Corporation <sup>(a)</sup> | 7653 | 1320142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corporation | 116726 | 1377367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy Company | 50586 | 1152855 |
|  |  | 5087237 |
| **Financials — 17.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Asset Management — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 4236 | 1354630 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Banking — 8.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 14076 | 1639432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 40026 | 1631460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchants Bancorp | 34038 | 1023863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Corporation | 14631 | 1269678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corporation | 15976 | 1776052 |
|  |  | 7340485 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | 4866 | 1173290 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Insurance — 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International General Insurance Holdings Ltd. | 54487 | 1310957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury General Corporation | 19190 | 1063510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 7099 | 1717461 |
|  |  | 4091928 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marex Group plc | 33650 | $1492378 |
| **Health Care — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 7.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avantor, Inc. <sup>(a)</sup> | 114373 | 1485705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper Companies, Inc. (The) <sup>(a)</sup> | 21373 | 1745533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corporation <sup>(a)</sup> | 13975 | 1765182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teleflex, Inc. | 8310 | 1138886 |
|  |  | 6135306 |
| **Industrials — 19.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense — 5.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR Corporation <sup>(a)</sup> | 32373 | 1730661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hexcel Corporation | 17534 | 849873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>(a)</sup> | 38291 | 1293661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc. - Class A | 5740 | 960015 |
|  |  | 4834210 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment — 5.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 17355 | 1893778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | 4939 | 1793746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 8174 | 1490202 |
|  |  | 5177726 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Construction — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corporation <sup>(a)</sup> | 4624 | 1367594 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Industrial Intermediate Products — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timken Company (The) | 19066 | 1224990 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Machinery — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 11499 | 1810173 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO, Inc. <sup>(a)</sup> | 13124 | 1392719 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Transportation Equipment — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Bird Corporation <sup>(a)</sup> | 25341 | 883641 |
| **Materials — 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Chemicals — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. <sup>(a)</sup> | 40423 | 1313748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensient Technologies Corporation | 11554 | 1085498 |
|  |  | 2399246 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Construction Materials — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 16152 | 1833090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 5694 | 1289065 |
|  |  | 3122155 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD QUALITY SMIDCAP FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Materials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Containers & Packaging — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 15521 | $1495138 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Forestry, Paper & Wood Products — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Company | 9426 | 879257 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco Corporation | 31021 | 1400598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 6231 | 1138466 |
|  |  | 2539064 |
| **Real Estate — 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*REITs — 11.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | 43766 | 1412766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | 44467 | 859992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | 35482 | 883857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COPT Defense Properties | 51542 | 1345762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 13935 | 902709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 13203 | 1241346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic Corporation | 40700 | 1562473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 45220 | 1496782 |
|  |  | 9705687 |
| **Technology — 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>(a)</sup> | 36667 | 1788983 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Software — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasystems, Inc. | 13087 | 1205051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corporation <sup>(a)</sup> | 76558 | 1668964 |
|  |  | 2874015 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Technology Services — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amdocs Ltd. | 11338 | 1004320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | 3182 | 1456942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 5657 | 1253535 |
|  |  | 3714797 |
| **Utilities — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities — 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDACORP, Inc. | 18007 | 2126447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 34527 | 1836836 |
|  |  | 3963283 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $83,996,827) |  | $86548594 |

---

**MONEY MARKET FUNDS — 1.2%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| First American Government Obligations Fund - Class U, 4.27% <sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,010,599) | 1010599 | $1010599 |
| **Investments at Value — 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $85,007,426) |  | $87559193 |
| **Liabilities in Excess of Other Assets — (0.0%)<sup>(c)</sup>** |  | (3149) |
| **Net Assets — 100.0%** |  | $87556044 |

---

plc - Public Limited Company

REIT - Real Estate Investment Trust

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

<sup>(b)</sup> The rate shown is the 7-day effective yield as of April 30, 2025.

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

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD QUALITY SMALLCAP FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCKS — 98.9%** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Consumer Discretionary — 11.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Home Construction — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Communities, Inc. | 294662 | $16070866 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. (The) | 270468 | 13623473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Papa John's International, Inc. | 281791 | 9730243 |
|  |  | 23353716 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Leisure Products — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc. <sup>(a)</sup> | 337008 | 9621578 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary — 6.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 457915 | 17254237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>(a)</sup> | 95738 | 9989303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMS, Inc. <sup>(a)</sup> | 247387 | 18123572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonic Automotive, Inc. - Class A | 173704 | 10547307 |
|  |  | 55914419 |
| **Consumer Staples — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Food — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J & J Snack Foods Corporation | 128163 | 16608643 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Household Products — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Garden & Pet Company - Class A <sup>(a)</sup> | 303626 | 8978221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interparfums, Inc. | 84918 | 9273046 |
|  |  | 18251267 |
| **Energy — 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 7.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Corporation <sup>(a)</sup> | 53170 | 9171825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinity Natural Resources, Inc. - Class A <sup>(a)</sup> | 513629 | 7884205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Oil and Gas, Inc. | 644847 | 15669782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sitio Royalties Corporation - Class A | 481545 | 8167003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy Company | 742045 | 16911206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Energy, Inc. <sup>(a)</sup> | 608900 | 8634202 |
|  |  | 66438223 |
| **Financials — 22.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Banking — 17.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corporation | 556353 | 15410978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son Ltd. (The) | 231925 | 9318746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Corporation | 291270 | 17808248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City Holding Company | 155656 | 18035861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coastal Financial Corporation <sup>(a)</sup> | 120997 | 9939904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Bancorp | 463287 | 18744592 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Banking — continued* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank Holdings Corporation - Class A | 383568 | $13869819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renasant Corporation | 561321 | 18001564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | 782435 | 18551534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simmons First National Corporation - Class A | 977494 | 18240038 |
|  |  | 157921284 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | 78961 | 19039076 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Insurance — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | 176425 | 8201998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. (The) <sup>(a)</sup> | 430887 | 17933517 |
|  |  | 26135515 |
| **Health Care — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | 218986 | 17788233 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONMED Corporation | 349950 | 17186044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. <sup>(a)</sup> | 190053 | 17950506 |
|  |  | 35136550 |
| **Industrials — 15.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense — 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR Corporation <sup>(a)</sup> | 328557 | 17564657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>(a)</sup> | 276714 | 9348783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc. - Class A | 113091 | 18914470 |
|  |  | 45827910 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hayward Holdings Inc. <sup>(a)</sup> | 347331 | 4629922 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Construction — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. <sup>(a)</sup> | 488446 | 19655067 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Industrial Intermediate Products — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AZZ, Inc. | 169432 | 14699920 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Machinery — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 104177 | 17395475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc. <sup>(a)</sup> | 365629 | 9590449 |
|  |  | 26985924 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD QUALITY SMALLCAP FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Industrials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ArcBest Corporation | 216106 | $12646523 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Transportation Equipment — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Bird Corporation <sup>(a)</sup> | 505149 | 17614546 |
| **Materials — 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Chemicals — 6.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawkins, Inc. | 143329 | 17454606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innospec, Inc. | 109997 | 9842532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensient Technologies Corporation | 132696 | 12466789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stepan Company | 338881 | 17133823 |
|  |  | 56897750 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Forestry, Paper & Wood Products — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Company | 199138 | 18575593 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellium SE <sup>(a)</sup> | 105120 | 1062763 |
| **Real Estate — 10.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*REITs — 10.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COPT Defense Properties | 684489 | 17872008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | 641209 | 17921792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | 1224643 | 18210441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic Corporation | 437515 | 16796201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | 1037278 | 8650898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Edge Properties | 994158 | 17964435 |
|  |  | 97415775 |
| **Technology — 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>(a)</sup> | 270697 | 13207307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeco Instruments, Inc. <sup>(a)</sup> | 731087 | 13671327 |
|  |  | 26878634 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Software — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackLine, Inc. <sup>(a)</sup> | 325184 | 15358440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corporation <sup>(a)</sup> | 808108 | 17616755 |
|  |  | 32975195 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viavi Solutions, Inc. <sup>(a)</sup> | 868837 | 9192295 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Utilities — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities — 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avista Corporation | 316107 | $13108957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 239563 | 13949754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 344182 | 18310482 |
|  |  | 45369193 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $871,241,317) |  | $892706380 |
| **MONEY MARKET FUNDS — 1.0%** |  |  |
| First American Government Obligations Fund - Class U, 4.27% <sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,852,482) | 8852482 | $8852482 |
| **Investments at Value — 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $880,093,799) |  | $901558862 |
| **Other Assets in Excess of Liabilities — 0.1%** |  | 702639 |
| **Net Assets — 100.0%** |  | $902261501 |

---

REIT - Real Estate Investment Trust

SE - Societe Europaea

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

<sup>(b)</sup> The rate shown is the 7-day effective yield as of April 30, 2025.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD QUALITY ALLCAP FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCKS — 97.6%** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Communications — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 3269 | $519117 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 1603 | 395861 |
| **Consumer Discretionary — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 848 | 415834 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>(a)</sup> | 1920 | 200333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 267 | 377858 |
|  |  | 578191 |
| **Consumer Staples — 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Beverages — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 2660 | 360643 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Household Products — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | 3909 | 388320 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup> | 3209 | 377250 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Tobacco & Cannabis — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 2007 | 343919 |
| **Energy — 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 6.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 2428 | 330354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 2989 | 394578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 3404 | 375563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corporation | 3966 | 196079 |
|  |  | 1296574 |
| **Financials — 22.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Asset Management — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 2806 | 382963 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Banking — 12.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | 14935 | 595608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 6672 | 271951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 2622 | 641393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Corporation | 3992 | 346426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | 8620 | 612106 |
|  |  | 2467484 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Insurance — 7.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. (The) <sup>(a)</sup> | 9991 | $415825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International General Insurance Holdings Ltd. | 11742 | 282512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury General Corporation | 7335 | 406506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation (The) | 1494 | 420920 |
|  |  | 1525763 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discover Financial Services | 1166 | 212994 |
| **Health Care — 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 3935 | 615080 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation | 537 | 382768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 416 | 171159 |
|  |  | 553927 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 4659 | 609164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon, Inc. | 4398 | 429289 |
|  |  | 1038453 |
| **Industrials — 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense — 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation | 1485 | 404098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>(a)</sup> | 11990 | 405082 |
|  |  | 809180 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 4053 | 442263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | 1187 | 431095 |
|  |  | 873358 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Machinery — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veralto Corporation | 2187 | 209733 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO, Inc. <sup>(a)</sup> | 2091 | 221897 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Transportation Equipment — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Bird Corporation <sup>(a)</sup> | 7909 | 275787 |
| **Materials — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Construction Materials — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 1829 | 207573 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD QUALITY ALLCAP FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Materials— continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Containers & Packaging — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 4792 | $461614 |
| **Real Estate — 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*REITs — 6.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corporation | 1923 | 433463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 2278 | 372271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | 5597 | 392238 |
|  |  | 1197972 |
| **Technology — 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 6611 | 385884 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Software — 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 1289 | 509490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 1177 | 316272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corporation <sup>(a)</sup> | 9798 | 213596 |
|  |  | 1039358 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Technology Services — 6.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | 1289 | 385604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | 958 | 438640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corporation | 2612 | 419383 |
|  |  | 1243627 |
| **Utilities — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities — 6.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corporation | 5732 | 422162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Company (The) | 4462 | 410013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 3796 | 415738 |
|  |  | 1247913 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,224,096) |  | $19646269 |

---

**MONEY MARKET FUNDS — 2.3%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| First American Treasury Obligations Fund - Class X, 4.24% <sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $471,251) | 471251 | $471251 |
| **Investments at Value — 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,695,347) |  | $20117520 |
| **Other Assets in Excess of Liabilities — 0.1%** |  | 16851 |
| **Net Assets — 100.0%** |  | $20134371 |

---

plc - Public Limited Company

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

<sup>(b)</sup> The rate shown is the 7-day effective yield as of April 30, 2025.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **U.S. GOVERNMENT & AGENCIES — 14.5%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Par Value | Value |
| **U.S. Treasury Bills <sup>(a)</sup> — 3.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | 4.300% | 06/26/25 | $19700000 | $19570148 |
| **U.S. Treasury Bonds — 5.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds | 4.375% | 08/15/43 | 5250000 | 5061533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds | 4.750% | 11/15/53 | 5030000 | 5066743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds | 4.625% | 05/15/54 | 8871000 | 8762884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds | 4.500% | 11/15/54 | 5430000 | 5265403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds | 4.625% | 02/15/55 | 3820000 | 3785978 |
|  |  |  |  | 27942541 |
| **U.S. Treasury Notes — 5.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes | 4.000% | 02/28/30 | 5250000 | 5310703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes | 4.000% | 03/31/30 | 5090000 | 5146070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes | 4.125% | 11/15/32 | 1310000 | 1320541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes | 4.375% | 05/15/34 | 6315000 | 6424772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes | 4.625% | 02/15/35 | 7565000 | 7835686 |
|  |  |  |  | 26037772 |
| **Total U.S. Government & Agencies** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $74,278,646) |  |  |  | $73550461 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.5%** |  |  |  |  |
| **Federal Home Loan Mortgage Corporation — 1.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC, Pool #SD8275 | 4.500% | 12/01/52 | $2564674 | $2452723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC, Pool #SD8288 | 5.000% | 01/01/53 | 2497768 | 2448112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC, Pool #SD2605 | 5.500% | 04/01/53 | 2480726 | 2481025 |
|  |  |  |  | 7381860 |
| **Federal National Mortgage Association — 1.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA, Pool #FS3394 | 4.000% | 10/01/52 | 2703110 | 2518628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA, Pool #MA5192 | 6.500% | 11/01/53 | 2767136 | 2848492 |
|  |  |  |  | 5367120 |
| **Total Collateralized Mortgage Obligations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,760,982) |  |  |  | $12748980 |
| **CONVERTIBLE BONDS — 4.9%** |  |  |  |  |
| **Consumer Discretionary — 0.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meritage Homes Corporation, 144A | 1.750% | 05/15/28 | $2680000 | $2602280 |
| **Energy — 0.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | 3.625% | 04/15/29 | 1950000 | 1867905 |
| **Health Care — 1.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences Corporation | 0.375% | 03/15/27 | 2273000 | 2116163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corporation | 2.125% | 02/15/28 | 2575000 | 3957775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc., 144A | 3.000% | 02/01/29 | 2100000 | 2673300 |
|  |  |  |  | 8747238 |
| **Real Estate — 0.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Office Properties, L.P., 144A | 5.250% | 09/15/28 | 2045000 | 2242343 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**CONVERTIBLE BONDS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Par Value | Value |
| **Technology — 0.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackLine, Inc., 144A | 1.000% | 06/01/29 | $2105000 | $2076092 |
| **Utilities — 1.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 4.250% | 08/15/26 | 3615000 | 4077720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. | 3.000% | 03/01/27 | 2920000 | 3266020 |
|  |  |  |  | 7343740 |
| **Total Convertible Bonds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $23,286,315) |  |  |  | $24879598 |
| **CORPORATE BONDS — 32.4%** |  |  |  |  |
| **Communications — 3.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. | 5.300% | 05/15/65 | $2225000 | $2191388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;América Móvil S.A.B. de C.V., 144A | 5.375% | 04/04/32 | 3050000 | 2906938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating, LLC | 6.384% | 10/23/35 | 2430000 | 2455960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating, LLC | 6.484% | 10/23/45 | 4950000 | 4607497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco SARL / Connect U.S. Finco, LLC, 144A | 9.000% | 09/15/29 | 2585000 | 2417751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc., 144A | 8.125% | 02/15/33 | 2566000 | 2535631 |
|  |  |  |  | 17115165 |
| **Consumer Discretionary — 0.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptiv plc / Aptiv Global Financing DAC | 6.875% | 12/15/54 | 1810000 | 1695375 |
| **Consumer Staples — 1.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAT Capital Corporation | 7.750% | 10/19/32 | 3576000 | 4083975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mars, Inc., 144A | 5.700% | 05/01/55 | 1620000 | 1598786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pilgrim's Pride Corporation | 6.250% | 07/01/33 | 3720000 | 3876921 |
|  |  |  |  | 9559682 |
| **Energy — 3.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Pipelines Operating Company, LLC, 144A | 6.544% | 11/15/53 | 3705000 | 3778385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 5.900% | 04/18/64 | 2490000 | 2214781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. (H15T5Y + 531) <sup>(b)(c)</sup> | 7.125% | 05/15/65 | 4455000 | 4383840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra Energy | 5.500% | 08/01/33 | 4040000 | 4061869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra Energy | 6.400% | 10/01/54 | 2430000 | 2215159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransCanada Trust | 5.600% | 03/07/82 | 2918000 | 2692453 |
|  |  |  |  | 19346487 |
| **Financials — 17.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 6.992% | 06/13/29 | 3175000 | 3295011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital Corporation | 7.000% | 01/15/27 | 4210000 | 4324514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | 5.518% | 10/25/35 | 3140000 | 3073336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia, Series 4 | 8.625% | 10/27/82 | 3270000 | 3381521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays plc | 7.385% | 11/02/28 | 2845000 | 3017048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays plc <sup>(c)</sup> | 8.000% | 12/31/49 | 3150000 | 3245732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corporation (SOFR + 307) <sup>(b)(c)</sup> | 7.624% | 10/30/31 | 2560000 | 2848667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. <sup>(b)</sup> | 6.174% | 05/25/34 | 2065000 | 2111361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. <sup>(b)(c)</sup> | 7.200% | 12/31/49 | 3330000 | 3307139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Group Diversified Holdings, LLC, 144A | 5.250% | 04/15/29 | 2900000 | 2735125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deluxe Corporation, 144A | 8.125% | 09/15/29 | 2600000 | 2603130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farmers Exchange Capital, 144A | 7.050% | 07/15/28 | 3670000 | 3858224 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**CORPORATE BONDS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Par Value | Value |
| **Financials — continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Corners Funding Trust IV, 144A | 5.997% | 02/15/53 | $1925000 | $1946780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Private Credit Fund, 144A | 5.875% | 05/01/30 | 3635000 | 3561741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings plc <sup>(c)</sup> | 8.000% | 12/31/49 | 3455000 | 3588325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A., 144A | 7.778% | 06/20/54 | 2150000 | 2313834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company <sup>(b)</sup> | 5.299% | 07/24/29 | 3396000 | 3477560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corporation <sup>(c)</sup> | 9.250% | 12/31/49 | 2065000 | 2184543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, Series I | 6.296% | 10/18/28 | 2385000 | 2483581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, Series F (SOFR + 262) <sup>(b)</sup> | 5.942% | 02/07/39 | 1830000 | 1839310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Australia Bank Ltd., 144A | 6.429% | 01/12/33 | 2870000 | 3011906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Company, L.P. / PTL Finance Corporation, 144A | 6.200% | 06/15/30 | 2815000 | 2972604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 5.750% | 06/05/33 | 2440000 | 2487920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBL Holdings, Inc., 144A | 7.200% | 10/30/34 | 3600000 | 3371314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Street Lending Partners | 5.750% | 01/15/30 | 2085000 | 2059436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation <sup>(b)(c)</sup> | 6.700% | 12/31/49 | 5470000 | 5486601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp <sup>(b)(c)</sup> | 3.700% | 12/31/49 | 4025000 | 3760815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company, Series W | 5.198% | 01/23/30 | 3595000 | 3663700 |
|  |  |  |  | 86010778 |
| **Health Care — 1.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Health Systems, Inc., 144A | 10.875% | 01/15/32 | 2675000 | 2760161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | 6.000% | 01/15/28 | 2735000 | 2794421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mylan, Inc. | 5.200% | 04/15/48 | 2650000 | 1972453 |
|  |  |  |  | 7527035 |
| **Materials — 1.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings, LLC | 6.350% | 11/15/28 | 5200000 | 5265094 |
| **Real Estate — 0.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty OP, LLC | 4.850% | 03/01/35 | 2545000 | 2435413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPT Operating Partnership, L.P. | 4.625% | 08/01/29 | 3000000 | 2280156 |
|  |  |  |  | 4715569 |
| **Technology — 1.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell International, LLC / EMC Corporation | 8.350% | 07/15/46 | 1314000 | 1596030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP, Inc. | 6.100% | 04/25/35 | 1435000 | 1449052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | 6.900% | 11/09/52 | 2075000 | 2241394 |
|  |  |  |  | 5286476 |
| **Utilities — 1.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., Series R | 6.750% | 06/15/54 | 3090000 | 3124271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piedmont Natural Gas Company, Inc. | 5.050% | 05/15/52 | 2166000 | 1895118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Company, Series 2023E | 5.700% | 03/15/34 | 2770000 | 2861719 |
|  |  |  |  | 7881108 |
| **Total Corporate Bonds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $161,614,667) |  |  |  | $164402769 |
| **FOREIGN GOVERNMENTS — 0.8%** |  |  |  |  |
| Mexico Government International Bonds (Cost $3,917,853) | 7.375% | 05/13/55 | $3980000 | $3938970 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**COMMON STOCKS — 38.1%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Communications — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 47555 | $7551734 |
| **Consumer Discretionary — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 6019 | 2951537 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 25980 | 5808089 |
| **Consumer Staples — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Beverages — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 24719 | 3351402 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Food — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc. - Class A | 61485 | 3765341 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 39910 | 3881248 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Tobacco & Cannabis — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 22217 | 3807105 |
| **Energy — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. | 490825 | 8118245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Corporation | 14964 | 1931104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 141059 | 3709852 |
|  |  | 13759201 |
| **Financials — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Banking — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 22935 | 5610361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Corporation | 60448 | 5245677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | 66407 | 4715561 |
|  |  | 15571599 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 15023 | 8225844 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Insurance — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(d)</sup> | 12990 | 6926917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury General Corporation | 73702 | 4084565 |
|  |  | 11011482 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discover Financial Services | 33167 | 6058616 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health Care — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 80670 | $8594582 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 32090 | 4195767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson & Company | 13902 | 2878965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | 42985 | 3643409 |
|  |  | 10718141 |
| **Industrials — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation | 17777 | 4837477 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 24783 | 5216821 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corporation | 20635 | 4340160 |
| **Materials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corporation | 208382 | 3967593 |
| **Real Estate — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*REITs — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 12694 | 3543530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NNN REIT, Inc. | 66596 | 2737762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic Corporation | 73745 | 2831071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | 10197 | 3063485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | 70060 | 4909804 |
|  |  | 17085652 |
| **Technology — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation <sup>(e)</sup> | 212733 | 4275933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. <sup>(e)</sup> | 58827 | 4526738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation <sup>(e)</sup> | 55891 | 6087647 |
|  |  | 14890318 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Software — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 21921 | 8664495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 10648 | 2861224 |
|  |  | 11525719 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 18240 | 3876000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 67670 | 3906589 |
|  |  | 7782589 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Technology Services — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | 22089 | 5341562 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Utilities — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corporation | 46252 | $2823222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. | 124104 | 3710710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 56776 | 6218107 |
|  |  | 12752039 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $157,278,472) |  | $192795851 |
| **EXCHANGE-TRADED FUNDS — 3.6%** |  |  |
| iShares Core S&P Mid-Cap ETF | 117500 | $6686925 |
| JPMorgan Equity Premium Income ETF | 93780 | 5213230 |
| JPMorgan Nasdaq Equity Premium Income ETF | 126318 | 6485166 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,765,095) |  | $18385321 |
| **PREFERRED STOCKS — 1.6%** |  |  |
| **Industrials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The), 6.00%, 10/15/2027 | 71350 | $4379463 |
| **Technology — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Company, 7.63%, 09/01/2027 | 75800 | 3805160 |
| **Total Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,625,352) |  | $8184623 |

---

**MONEY MARKET FUNDS — 1.0%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| First American Government Obligations Fund - Class U, 4.27% <sup>(f)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,073,552) | 5073552 | $5073552 |
| **Investments at Value — 99.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $463,600,934) |  | $503960125 |
| **Other Assets in Excess of Liabilities — 0.6%** |  | 2928528 |
| **Net Assets — 100.0%** |  | $506888653 |

---

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 $51,966,325 as of April 30, 2025, representing 10.3% 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> The rate shown is the annualized yield as time of purchase.

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of April 30, 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> Non-income producing security.

<sup>(e)</sup> All or a portion of the security covers a written call option. The total value of securities as of April 30, 2025 was $14,890,318.

<sup>(f)</sup> The rate shown is the 7-day effective yield as of April 30, 2025.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Strike<br>Price |<br>Contracts | Notional<br>Value | Value of<br>Options |
| **Call Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation, 07/18/25 | $25.00 | 2120 | $4261200 | $95400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc., 07/18/25 | 90.00 | 588 | 4524660 | 205800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation, 07/18/25 | 130.00 | 558 | 6077736 | 170190 |
| **Total Written Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Premiums $528,380) |  |  | $14863596 | $471390 |

---

The average monthly notional value of written option contracts during the six months ended April 30, 2025 was $9,387,749.

**SCHEDULE OF FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Contracts | <br>Expiration<br>Date |<br>Notional<br>Value | Value/<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| **Interest Rate Futures** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-Year U.S. Treasury Note Future | 55 | 7/1/2025 | $11448163 | $67304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-Year U.S. Treasury Note Future | 82 | 7/1/2025 | 8954016 | 173136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Ultra Long Term U.S. Treasury Bond Future | 26 | 6/19/2025 | 3146813 | 33858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra 10-Year U.S. Treasury Note Future | 88 | 6/19/2025 | 10096625 | 256168 |
| **Currency Future** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euro FX Future with European Style Options | 71 | 6/17/2025 | 10099750 | 144388 |
| **Total Futures Contracts** |  |  | $43745367 | $674854 |

---

The average monthly notional value of futures contracts during the six months ended April 30, 2025 was $15,367,720.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **U.S. GOVERNMENT & AGENCIES — 9.3%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Par Value | Value |
| **U.S. Treasury Bills <sup>(a)</sup> — 6.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | 4.290% | 05/29/25 | $2500000 | $2491803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | 4.277% | 06/26/25 | 2500000 | 2483521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | 4.314% | 07/17/25 | 2000000 | 1982100 |
|  |  |  |  | 6957424 |
| **U.S. Treasury Bonds — 0.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds | 4.625% | 02/15/55 | 775000 | 768098 |
| **U.S. Treasury Notes — 2.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes | 4.000% | 03/31/30 | 1035000 | 1046401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes | 4.625% | 02/15/35 | 1035000 | 1072033 |
|  |  |  |  | 2118434 |
| **Total U.S. Government & Agencies** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,905,809) |  |  |  | $9843956 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.8%** |  |  |  |  |
| **Federal Home Loan Mortgage Corporation — 1.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC, Pool #SD8275 | 4.500% | 12/01/52 | $478452 | $457567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC, Pool #SD8288 | 5.000% | 01/01/53 | 466193 | 456925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLMC, Pool #SD2605 | 5.500% | 04/01/53 | 465136 | 465192 |
|  |  |  |  | 1379684 |
| **Federal National Mortgage Association — 0.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNMA, Pool #FS3394 | 4.000% | 10/01/52 | 505171 | 470694 |
| **Total Collateralized Mortgage Obligations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,866,630) |  |  |  | $1850378 |
| **CONVERTIBLE BONDS — 2.8%** |  |  |  |  |
| **Financials — 0.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc. | 5.500% | 03/15/27 | $1000000 | $969000 |
| **Technology — 1.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackLine, Inc., 144A | 1.000% | 06/01/29 | 1000000 | 986267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre Global, Inc., 144A | 10.750% | 11/15/29 | 1082000 | 1030605 |
|  |  |  |  | 2016872 |
| **Total Convertible Bonds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,932,909) |  |  |  | $2985872 |
| **CORPORATE BONDS — 59.1%** |  |  |  |  |
| **Communications — 7.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. | 5.300% | 05/15/65 | $460000 | $453051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;América Móvil S.A.B. de C.V., 144A | 5.375% | 04/04/32 | 360000 | 343114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating, LLC | 6.384% | 10/23/35 | 1000000 | 1010683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 144A | 9.000% | 09/15/28 | 1000000 | 1035157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco SARL / Connect U.S. Finco, LLC, 144A | 9.000% | 09/15/29 | 1000000 | 935300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings, LLC, 144A | 11.250% | 05/15/28 | 1000000 | 977515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIRECTV Financing, LLC, 144A | 8.875% | 02/01/30 | 500000 | 477000 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**CORPORATE BONDS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Par Value | Value |
| **Communications — continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISH Network Corporation, 144A | 11.750% | 11/15/27 | $1000000 | $1051561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc., 144A | 8.125% | 02/15/33 | 919000 | 908124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telesat Canada / Telesat, LLC, 144A | 4.875% | 06/01/27 | 1000000 | 535927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group plc | 4.875% | 06/19/49 | 500000 | 421026 |
|  |  |  |  | 8148458 |
| **Consumer Discretionary — 5.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc., 144A | 7.500% | 02/15/29 | 750000 | 517335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptiv plc / Aptiv Global Financing DAC | 6.875% | 12/15/54 | 1000000 | 936671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 4.550% | 02/15/48 | 790000 | 635964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit Company, LLC | 7.450% | 07/16/31 | 1000000 | 1054323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magic Mergeco, Inc., 144A | 5.250% | 05/01/28 | 500000 | 264975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michaels Companies, Inc. (The), 144A | 7.875% | 05/01/29 | 1000000 | 343353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Odeon Finco plc, 144A | 12.750% | 11/01/27 | 1000000 | 1016326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staples, Inc., 144A | 10.750% | 09/01/29 | 1000000 | 869688 |
|  |  |  |  | 5638635 |
| **Consumer Staples — 0.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAT Capital Corporation | 7.750% | 10/19/32 | 552000 | 630412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mars, Inc., 144A | 5.700% | 05/01/55 | 320000 | 315810 |
|  |  |  |  | 946222 |
| **Energy — 7.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVR Energy, Inc., 144A | 8.500% | 01/15/29 | 1000000 | 919049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 5.900% | 04/18/64 | 460000 | 409156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. (H15T5Y + 531) <sup>(b)(c)</sup> | 7.125% | 05/15/65 | 825000 | 811822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Infra Escrow Holdings, LLC, 144A | 10.500% | 06/01/27 | 1000000 | 1034938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Partners, L.P. / GLP Finance Corporation, 144A | 8.250% | 01/15/32 | 500000 | 509155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golar LNG Ltd., 144A | 7.750% | 09/19/29 | 1000000 | 998878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Midstream Partners, L.P., 144A | 11.500% | 02/15/28 | 1000000 | 1037100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating, LLC / NGL Energy Finance Corporation, 144A | 8.125% | 02/15/29 | 1000000 | 939458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra Energy <sup>(b)</sup> | 6.400% | 10/01/54 | 450000 | 410215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransCanada Trust | 5.600% | 03/07/82 | 478000 | 441053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W&T Offshore, Inc., 144A | 10.750% | 02/01/29 | 1000000 | 788292 |
|  |  |  |  | 8299116 |
| **Financials — 14.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 6.992% | 06/13/29 | 590000 | 612301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital Corporation | 7.000% | 01/15/27 | 735000 | 754992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avation Capital S.A., 144A | 8.250% | 10/31/26 | 1250000 | 1215625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | 5.518% | 10/25/35 | 635000 | 621518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays plc | 7.385% | 11/02/28 | 515000 | 546144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund | 7.050% | 09/29/25 | 1000000 | 1006724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corporation, 144A | 5.800% | 03/15/30 | 500000 | 488844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Group Diversified Holdings, LLC, 144A | 5.250% | 04/15/29 | 1000000 | 943147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deluxe Corporation, 144A | 8.125% | 09/15/29 | 1000000 | 1001204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Corners Funding Trust IV, 144A | 5.997% | 02/15/53 | 570000 | 576449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Private Credit Fund, 144A | 5.875% | 05/01/30 | 890000 | 872063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings plc | 6.547% | 06/20/34 | 665000 | 694199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings plc <sup>(c)</sup> | 8.000% | 12/31/49 | 615000 | 638732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icahn Enterprises, L.P. / Icahn Enterprises Financial Corporation, 144A | 10.000% | 11/15/29 | 1250000 | 1222241 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**CORPORATE BONDS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Par Value | Value |
| **Financials — continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A., 144A | 7.778% | 06/20/54 | $360000 | $387433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jackson Financial, Inc. | 4.000% | 11/23/51 | 500000 | 332034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, Series F (SOFR + 262) <sup>(b)</sup> | 5.942% | 02/07/39 | 450000 | 452289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Australia Bank Ltd., 144A | 6.429% | 01/12/33 | 485000 | 508981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Queen MergerCo, Inc., 144A | 6.750% | 04/30/32 | 500000 | 501359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 5.750% | 06/05/33 | 230000 | 234517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBL Holdings, Inc., 144A | 7.200% | 10/30/34 | 725000 | 678945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Street Lending Partners | 5.750% | 01/15/30 | 500000 | 493870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation <sup>(b)(c)</sup> | 6.700% | 12/31/49 | 475000 | 476442 |
|  |  |  |  | 15260053 |
| **Health Care — 2.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261229 BC Ltd., 144A | 10.000% | 04/15/32 | 1000000 | 978464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Health Systems, Inc., 144A | 10.875% | 01/15/32 | 1005000 | 1036995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | 6.000% | 01/15/28 | 745000 | 761186 |
|  |  |  |  | 2776645 |
| **Industrials — 7.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BLH Escrow 1, LLC, 144A | 11.000% | 01/31/30 | 1000000 | 815000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The) | 5.805% | 05/01/50 | 1000000 | 938033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreCivic, Inc. | 8.250% | 04/15/29 | 1000000 | 1053871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donnelley RR & Sons Company, 144A | 9.500% | 08/01/29 | 750000 | 716587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc. | 8.625% | 04/15/29 | 1000000 | 1051248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc. | 10.250% | 04/15/31 | 667000 | 728809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GrafTech Global Enterprises, Inc., 144A | 9.875% | 12/23/29 | 1000000 | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manitowoc Company, Inc., 144A | 9.250% | 10/01/31 | 250000 | 253437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | 7.500% | 01/30/30 | 625000 | 611373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO, Inc., 144A | 6.250% | 06/01/28 | 1000000 | 1009876 |
|  |  |  |  | 7928234 |
| **Materials — 1.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 144A | 7.000% | 03/15/32 | 1000000 | 937191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kronos Acquisition Holdings, Inc., 144A | 8.250% | 06/30/31 | 1000000 | 826429 |
|  |  |  |  | 1763620 |
| **Real Estate — 6.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent, L.P. | 4.300% | 04/15/52 | 1000000 | 755205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 144A | 7.000% | 02/15/29 | 1000000 | 1026867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPT Operating Partnership, L.P. | 4.625% | 08/01/29 | 1250000 | 950065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPT Operating Partnership, L.P., 144A | 8.500% | 02/15/32 | 750000 | 763646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Residential Investment Corporation, 144A | 8.000% | 04/01/29 | 1000000 | 998808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office Properties Income Trust, 144A | 9.000% | 09/30/29 | 1000000 | 741875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Properties Trust | 8.875% | 06/15/32 | 1000000 | 963530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, L.P. | 5.125% | 05/15/32 | 1000000 | 978569 |
|  |  |  |  | 7178565 |
| **Technology — 2.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope, LLC, 144A | 9.500% | 12/15/31 | 1000000 | 1022703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell International, LLC / EMC Corporation | 8.350% | 07/15/46 | 342000 | 415405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP, Inc. | 6.100% | 04/25/35 | 295000 | 297889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | 6.900% | 11/09/52 | 320000 | 345661 |
|  |  |  |  | 2081658 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**CORPORATE BONDS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Par Value | Value |
| **Utilities — 2.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison Company, Inc. | 3.850% | 06/15/46 | $750000 | $575270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., Series R | 6.750% | 06/15/54 | 570000 | 576322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Operating Partners, L.P., 144A | 7.250% | 01/15/29 | 1000000 | 989954 |
|  |  |  |  | 2141546 |
| **Total Corporate Bonds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $64,627,234) |  |  |  | $62162752 |
| **FOREIGN GOVERNMENTS — 1.3%** |  |  |  |  |
| Mexico Government International Bonds | 7.375% | 05/13/55 | $750000 | $742268 |
| Republic of South Africa Government Bonds | 5.875% | 04/20/32 | 695000 | 655955 |
| **Total Foreign Governments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,433,289) |  |  |  | $1398223 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**COMMON STOCKS — 18.7%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Communications — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 5103 | $810356 |
| **Consumer Discretionary — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 3300 | 737748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 6456 | 830758 |
|  |  | 1568506 |
| **Consumer Staples — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Beverages — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 4232 | 573775 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Tobacco & Cannabis — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | 10245 | 605991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 3080 | 527789 |
|  |  | 1133780 |
| **Energy — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation | 6507 | 197878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. | 42981 | 710906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 13443 | 353551 |
|  |  | 1262335 |
| **Financials — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Banking — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Corporation | 3693 | 320479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. - ADR | 36879 | 523682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | 11928 | 457319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | 7623 | 541309 |
|  |  | 1842789 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 1751 | 958760 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discover Financial Services | 2985 | 545270 |
| **Health Care — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | 1225 | 356377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 7822 | 833356 |
|  |  | 1189733 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 3535 | 462201 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Industrials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation | 2746 | $747241 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corporation | 1748 | 367657 |
| **Materials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corporation | 20965 | 399174 |
| **Real Estate — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*REITs — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 1473 | 411188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NNN REIT, Inc. | 11546 | 474656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic Corporation | 14379 | 552010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | 1652 | 496310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Edge Properties | 26080 | 471266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | 7902 | 553772 |
|  |  | 2959202 |
| **Technology — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation <sup>(d)</sup> | 17578 | 353318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation <sup>(d)</sup> | 6617 | 720723 |
|  |  | 1074041 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Software — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 1839 | 726883 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 11749 | 678270 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Technology Services — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporation | 3445 | 833070 |
| **Utilities — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corporation | 7680 | 468787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. | 17059 | 510064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 4747 | 519892 |
|  |  | 1498743 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $16,538,454) |  | $19631786 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**EXCHANGE-TRADED FUNDS — 1.8%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| JPMorgan Equity Premium Income ETF | 10187 | $566295 |
| JPMorgan Nasdaq Equity Premium Income ETF | 18744 | 962317 |
| Westwood Salient Enhanced Energy Income ETF <sup>(e)</sup> | 18861 | 371515 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,818,594) |  | $1900127 |
| **PREFERRED STOCKS — 1.8%** |  |  |
| **Industrials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The), 6.00%, 10/15/2027 | 13350 | $819423 |
| **Real Estate — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Apartments — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinebrook Homes Trust, Inc., 9.50% - Series B <sup>(g)</sup> | 20000 | 500000 |
| **Technology — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Company, 7.63%, 09/01/2027 | 11850 | 594870 |
| **Total Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,807,988) |  | $1914293 |
| **WARRANTS — 0.1%** |  |  |
| **Communications — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Publishing & Broadcasting — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audacy 2nd Lien Warrants <sup>(g)</sup> | 906 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audacy 2nd Lien Warrants <sup>(g)</sup> | 5433 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audacy Special Warrants <sup>(g)</sup> | 4483 | 87419 |
| **Total Warrants** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $103,500) |  | $87419 |

---

**MONEY MARKET FUNDS — 1.7%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| First American Government Obligations Fund - Class U, 4.27% <sup>(h)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,803,549) | 1803549 | $1803549 |
| **Investments at Value — 98.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $102,837,956) |  | $103578355 |
| **Other Assets in Excess of Liabilities — 1.6%** |  | 1631720 |
| **Net Assets — 100.0%** |  | $105210075 |

---

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 $39,099,050 as of April 30, 2025, representing 37.2% 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 April 30, 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 April 30, 2025 was $1,074,041.

<sup>(e)</sup> Affiliated fund.

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

<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 April 30, 2025.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Strike<br>Price |<br>Contracts | Notional<br>Value | Value of<br>Options |
| **Call Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation, 07/18/25 | $25.00 | 175 | $351750 | $7875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation, 07/18/25 | 130.00 | 66 | 718872 | 20130 |
| **Total Written Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Premiums $34,610) |  |  | $1070622 | $28005 |

---

The average monthly notional value of written option contracts during the six months ended April 30, 2025 was $1,140,094.

**SCHEDULE OF FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Contracts | <br>Expiration<br>Date |<br>Notional<br>Value | Value/<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| **Interest Rate Futures** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Ultra Long Term U.S. Treasury Bond Future | 44 | 6/19/2025 | $5325375 | $57298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra 10-Year U.S. Treasury Note Future | 25 | 6/19/2025 | 2868359 | 34297 |
| **Total Futures Contracts** |  |  | $8193734 | $91595 |

---

The average monthly notional value of futures contracts during the six months ended April 30, 2025 was $2,737,643.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **CONVERTIBLE BONDS — 87.7%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Par Value | Value |
| **Communications — 5.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Media Corporation - Liberty Formula One, 144A | 2.250% | 08/15/27 | $1500000 | $1821612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap, Inc., 144A | 0.500% | 05/01/30 | 2500000 | 2043750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd., 144A | 0.750% | 06/15/29 | 2000000 | 2256000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. \* | 0.875% | 12/01/28 | 2000000 | 2621000 |
|  |  |  |  | 8742362 |
| **Consumer Discretionary — 10.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., 144A | 0.500% | 06/01/31 | 3000000 | 3942000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | 1.250% | 12/15/27 | 2000000 | 2562000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc., 144A | 2.000% | 03/15/30 | 2000000 | 1959629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD.com, Inc., 144A | 0.250% | 06/01/29 | 2500000 | 2622750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. \* | 3.125% | 01/15/29 | 2000000 | 2813000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meritage Homes Corporation, 144A | 1.750% | 05/15/28 | 1500000 | 1456500 |
|  |  |  |  | 15355879 |
| **Consumer Staples — 3.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef's Warehouse, Inc. | 2.375% | 12/15/28 | 1470000 | 2110036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Holdings, Inc. | 2.500% | 08/15/27 | 2000000 | 2355138 |
|  |  |  |  | 4465174 |
| **Energy — 3.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corporation \* | 3.375% | 05/01/28 | 2000000 | 2210000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | 3.625% | 04/15/29 | 2900000 | 2777910 |
|  |  |  |  | 4987910 |
| **Financials — 3.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc. | 5.500% | 03/15/27 | 1000000 | 969000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Scientific, Inc., 144A | 3.000% | 09/01/29 | 1500000 | 1643674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Corporation | 5.500% | 03/15/26 | 1000000 | 978000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RWT Holdings, Inc. | 5.750% | 10/01/25 | 500000 | 498500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WisdomTree, Inc., 144A | 3.250% | 08/15/29 | 500000 | 493750 |
|  |  |  |  | 4582924 |
| **Health Care — 15.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. | 1.000% | 09/15/27 | 2500000 | 2866159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc., 144A | 0.750% | 03/15/30 | 1000000 | 985892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom, Inc. | 0.375% | 05/15/28 | 3000000 | 2710427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences Corporation | 0.375% | 03/01/28 | 2000000 | 1775000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. | 1.000% | 08/15/28 | 2250000 | 2810856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc. | 1.750% | 06/15/28 | 1000000 | 974005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jazz Investments I Ltd. | 2.000% | 06/15/26 | 2500000 | 2569958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc., 144A \* | 2.625% | 12/15/27 | 2500000 | 3707043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc., 144A | 3.000% | 02/01/29 | 3000000 | 3819001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc. | 1.250% | 09/15/27 | 1500000 | 1421911 |
|  |  |  |  | 23640252 |
| **Industrials — 10.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc., 144A | 2.500% | 09/15/28 | 2500000 | 2623606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor Corporation | 1.125% | 08/15/29 | 2500000 | 2630000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granite Construction, Inc., 144A | 3.250% | 06/15/30 | 1000000 | 1259500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc., 144A \* | 1.375% | 07/15/30 | 3000000 | 3270269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSI Systems, Inc., 144A | 2.250% | 08/01/29 | 1500000 | 1905006 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**CONVERTIBLE BONDS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Par Value | Value |
| **Industrials — continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech, Inc. \* | 2.250% | 08/15/28 | $1500000 | $1592250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZTO Express Cayman, Inc. | 1.500% | 09/01/27 | 2000000 | 1969400 |
|  |  |  |  | 15250031 |
| **Materials — 1.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MP Materials Corporation, 144A | 3.000% | 03/01/30 | 1500000 | 2087250 |
| **Technology — 32.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. | 0.375% | 09/01/27 | 3000000 | 2958000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BILL Holdings, Inc., 144A | 0.000% | 04/01/30 | 2000000 | 1696000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackLine, Inc., 144A | 1.000% | 06/01/29 | 1500000 | 1479401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Box, Inc., 144A | 1.500% | 09/15/29 | 1500000 | 1466250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog, Inc., 144A | 0.000% | 12/01/29 | 2500000 | 2247456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Ocean Holdings, Inc. | 0.000% | 12/01/26 | 1000000 | 928800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dropbox, Inc. | 0.000% | 03/01/28 | 2000000 | 2039636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five9, Inc. | 1.000% | 03/15/29 | 2500000 | 2115586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc. \* | 1.500% | 03/01/31 | 3500000 | 3101000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. | 1.500% | 12/15/29 | 2000000 | 2275028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc., 144A | 0.750% | 06/01/30 | 2000000 | 1877070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS Instruments, Inc., 144A \* | 1.250% | 06/01/30 | 2000000 | 1719863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutanix, Inc. | 0.250% | 10/01/27 | 2000000 | 2655000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ON Semiconductor Corporation | 0.000% | 05/01/27 | 2000000 | 2134800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progress Software Corporation | 1.000% | 04/15/26 | 2000000 | 2300205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid7, Inc., 144A | 1.250% | 03/15/29 | 1000000 | 850562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate HDD Cayman | 3.500% | 06/01/28 | 1500000 | 1897500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. | 0.500% | 08/01/27 | 2000000 | 2024000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake, Inc., 144A | 0.000% | 10/01/29 | 2500000 | 3101250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synaptics, Inc., 144A | 0.750% | 12/01/31 | 2000000 | 1758000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. | 0.250% | 03/15/26 | 2500000 | 2941250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeco Instruments, Inc. | 2.875% | 06/01/29 | 2000000 | 2027000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | 2.250% | 09/15/30 | 1500000 | 1245000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corporation | 3.000% | 11/15/28 | 1000000 | 1357000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workiva, Inc. | 1.250% | 08/15/28 | 1500000 | 1410750 |
|  |  |  |  | 49606407 |
| **Utilities — 2.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 2.500% | 07/15/27 | 1750000 | 1802500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc., 144A | 2.875% | 03/15/28 | 1500000 | 1708500 |
|  |  |  |  | 3511000 |
| **Total Convertible Bonds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $131,469,181) |  |  |  | $132229189 |
| **CORPORATE BONDS — 11.1%** |  |  |  |  |
| **Communications — 1.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. \* | 0.000% | 02/15/26 | $3000000 | $2926399 |
| **Consumer Discretionary — 1.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ Lodging Trust, L.P., 144A | 3.750% | 07/01/26 | 2000000 | 1960885 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**CORPORATE BONDS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity | Par Value | Value |
| **Energy — 0.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Infra Escrow Holdings, LLC, 144A \* | 10.500% | 06/01/27 | $1000000 | $1034938 |
| **Financials — 1.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital Corporation | 7.000% | 01/15/27 | 1735000 | 1782193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund | 7.050% | 09/29/25 | 1090000 | 1097329 |
|  |  |  |  | 2879522 |
| **Industrials — 3.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc. | 8.625% | 04/15/29 | 1500000 | 1576872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parsons Corporation | 2.625% | 03/01/29 | 3000000 | 3161999 |
|  |  |  |  | 4738871 |
| **Materials — 0.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings, LLC | 6.350% | 11/15/28 | 915000 | 926454 |
| **Real Estate — 1.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 144A | 7.000% | 02/15/29 | 1000000 | 1026867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Properties Trust, 144A | 8.625% | 11/15/31 | 1100000 | 1167854 |
|  |  |  |  | 2194721 |
| **Total Corporate Bonds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $16,589,783) |  |  |  | $16661790 |
| **MONEY MARKET FUNDS —2.7%** |  |  |  |  |
| First American Government Obligations Fund - Class U, 4.27% <sup>(a)</sup> (Cost $3,991,107) | First American Government Obligations Fund - Class U, 4.27% <sup>(a)</sup> (Cost $3,991,107) | First American Government Obligations Fund - Class U, 4.27% <sup>(a)</sup> (Cost $3,991,107) | 3991107 | $3991107 |
| **Investments at Value — 101.5%** (Cost $152,050,071) |  |  |  | $152882086 |
| **Liabilities in Excess of Other Assets — (1.5%)** |  |  |  | (2332024) |
| **Net Assets — 100.0%** |  |  |  | $150550062 |

---

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 $60,992,128 as of April 30, 2025, representing 40.5% 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> The rate shown is the 7-day effective yield as of April 30, 2025.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

A list of open OTC swap agreements as of April 30, 2025, is as follows:

**SCHEDULE OF TOTAL RETURN SWAP AGREEMENTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | |  |  |  | Net Unrealized |
| Number of |  | Notional |  | Termination |  | Appreciation / |
| Shares | Reference Entity | Amount | Interest Rate Receivable <sup>(a)</sup> | Date | Counterparty | (Depreciation) |
| **Short Positions** | **Short Positions** |  |  |  |  |  |
| (10000) | Advanced Energy Industries, Inc. | $(903262) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | $(69555) |
| (8900) | Akamai Technologies, Inc. | (660136) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (55993) |
| (22300) | Alibaba Group Holding Ltd. | (2503844) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (155292) |
| (4800) | Alnylam Pharmaceuticals, Inc. | (1108464) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (153250) |
| (37600) | Alphatec Holdings, Inc. | (372616) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (39614) |
| (7100) | BILL Holdings, Inc. | (299691) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (23355) |
| (12500) | BlackLine, Inc. | (573200) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (16499) |
| (17800) | Box, Inc. | (533110) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (21722) |
| (6650) | Burlington Stores, Inc. | (1544998) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | 50773 |
| (17400) | Cheesecake Factory, Inc. (The) | (825616) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (49644) |
| (27800) | Chef's Warehouse, Inc. (The) | (1471191) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (107769) |
| (14700) | CMS Energy Corporation | (1071070) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (9787) |
| (90700) | Core Scientific, Inc. | (621295) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (112326) |
| (4300) | Datadog, Inc. - Class A | (397965) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (40614) |
| (4800) | DexCom, Inc. | (332304) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (9769) |
| (28200) | Dropbox, Inc. | (759426) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (44424) |
| (4600) | Exact Sciences Corporation | (200882) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (8729) |
| (600) | Expedia Group, Inc. | (90954) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (3053) |
| (10100) | Five9, Inc. | (233512) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (20015) |
| (33600) | Fluor Corporation | (1142064) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (28346) |
| (8900) | Global Payments, Inc. | (760238) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | 82392 |
| (8700) | Granite Construction, Inc. | (675729) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (30373) |
| (28100) | Halozyme Therapeutics, Inc. | (1721968) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (1021) |
| (8400) | Ionis Pharmaceuticals, Inc. | (239437) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (18168) |
| (15000) | Itron, Inc. | (1546610) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (120434) |
| (4300) | Jazz Pharmaceuticals plc | (442513) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (59681) |
| (31300) | JD.com, Inc. | (1171872) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | 152856 |
| (24500) | Lantheus Holdings, Inc. | (2518110) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (34044) |
| (11200) | Liberty Media Corporation - Liberty Formula One | (898912) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (92701) |
| (14400) | Live Nation Entertainment, Inc. | (1857312) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (46888) |
| (19500) | Lumentum Holdings, Inc. | (1027455) | 3.76% OBFR 4.33% minus 57bp | 05/16/2025 | BNP Paribas | (122215) |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**SCHEDULE OF TOTAL RETURN SWAP AGREEMENTS — continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | |  |  |  | Net Unrealized |
| Number of |  | Notional |  | Termination |  | Appreciation / |
| Shares | Reference Entity | Amount | Interest Rate Receivable <sup>(a)</sup> | Date | Counterparty | (Depreciation) |
| (26400) | Merit Medical Systems, Inc. | $(2427744) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | $(61710) |
| (4500) | Meritage Homes Corporation | (288315) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (17837) |
| (3300) | Microchip Technology, Inc. | (133562) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (18337) |
| (6500) | MKS Instruments, Inc. | (436670) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (18516) |
| (53100) | MP Materials Corporation | (1315982) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | 19091 |
| (40700) | Northern Oil & Gas, Inc. | (912901) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (74490) |
| (24400) | Nutanix, Inc. - Class A | (1533540) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (140197) |
| (18800) | ON Semiconductor Corporation | (679768) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (65579) |
| (8450) | Ormat Technologies, Inc. | (600626) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (11848) |
| (5500) | OSI Systems, Inc. | (1027785) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (96694) |
| (17400) | Parsons Corporation | (1197508) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | 31568 |
| (14600) | Post Holdings, Inc. | (1707783) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | 56992 |
| (28600) | PPL Corporation | (1013819) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (28469) |
| (19500) | Progress Software Corporation | (1113060) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (54292) |
| (4700) | Rapid7, Inc. | (108429) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (2404) |
| (2700) | Sarepta Therapeutics, Inc. | (146934) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (21302) |
| (12600) | Seagate Technology Holdings plc | (941845) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (203908) |
| (8100) | Shift4 Payments, Inc. | (634483) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (27130) |
| (62800) | Snap, Inc. - Class A | (497716) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | 763 |
| (11100) | Snowflake, Inc. - Class A | (1626594) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (141047) |
| (12000) | Synaptics, Inc. | (592440) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (74498) |
| (17600) | Tetra Tech, Inc. | (527648) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (20421) |
| (18200) | Trip.com Group Ltd. | (1027754) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (44160) |
| (3550) | Tyler Technologies, Inc. | (2053427) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | 128309 |
| (19210) | Uber Technologies, Inc. | (1421924) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (131920) |
| (37200) | Veeco Instruments, Inc. | (719076) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | 24676 |
| (22600) | Vishay Intertechnology, Inc. | (261096) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (32096) |
| (21900) | Western Digital Corporation | (820692) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (129047) |
| (20600) | WisdomTree, Inc. | (172216) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (6718) |
| (3500) | Workiva, Inc. | (242970) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | (20072) |
| (13200) | ZTO Express Cayman, Inc. | (247500) | 3.98% OBFR 4.33% minus 35bp | 05/16/2025 | BNP Paribas | 3711 |
| **Total Short Positions** | **Total Short Positions** |  |  |  |  | $(2386842) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total swap agreements at value (assets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total swap agreements at value (assets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total swap agreements at value (assets) | $551131 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total swap agreements at value (liabilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total swap agreements at value (liabilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total swap agreements at value (liabilities) | (2937973) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net swap agreements at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net swap agreements at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net swap agreements at value | $(2386842) |

---

OFBR - Overnight Bank Funding Rate

OTC - Over the Counter

The average monthly notional value for Swap Contracts for the six months ended April 30, 2025 was $51,196,680.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**SCHEDULE OF FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Contracts | <br>Expiration<br>Date |<br>Notional<br>Value | Value/<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| **Interest Rate Futures** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-Year U.S. Treasury Note Future | 100 | 7/1/2025 | $10919531 | $2829 |

---

The average monthly notional value of futures contracts during the six months ended April 30, 2025 was $1,819,922.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **AFFILIATED EXCHANGE-TRADED FUNDS — 4.1%** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Salient Enhanced Energy Income ETF | 481115 | $9476763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Salient Enhanced Midstream Income ETF | 1565169 | 40482470 |
| **Total Affiliated Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $50,094,282) |  | $49959233 |
| **MASTER LIMITED PARTNERSHIPS — 22.7% <sup>(a)</sup>** | **MASTER LIMITED PARTNERSHIPS — 22.7% <sup>(a)</sup>** | **MASTER LIMITED PARTNERSHIPS — 22.7% <sup>(a)</sup>** |
| **Crude & Refined Products — 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners, L.P. | 107853 | $4233230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy, L.P. | 657447 | 9033322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX, L.P. | 1167077 | 59439232 |
|  |  | 72705784 |
| **Gathering & Processing — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Partners, L.P. | 758591 | 28523022 |
| **Natural Gas Liquids Infrastructure — 14.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. <sup>(b)</sup> | 7140335 | 118101140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. | 1925914 | 57584829 |
|  |  | 175685969 |
| **Total Master Limited Partnerships** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $176,593,094) |  | $276914775 |
| **MLP RELATED COMPANIES — 72.7%** |  |  |
| **Crude & Refined Products — 10.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | 955865 | $44629337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gibson Energy, Inc. | 414744 | 6526118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains GP Holdings, L.P. - Class A | 2736230 | 51003328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Corporation | 892073 | 22025282 |
|  |  | 124184065 |
| **Gathering & Processing — 22.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corporation | 1937271 | 32061835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 862238 | 83809533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMG Utica I Offshore Co-Investment, L.P. <sup>(c)(d)(e)</sup> | 16000000 | 13010520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream, L.P. - Class A | 830056 | 30853182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. | 763454 | 31561188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation | 484616 | 82820874 |
|  |  | 274117132 |
| **Liquefied Natural Gas — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. <sup>(b)</sup> | 326404 | 75435229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextDecade Corporation <sup>(f)</sup> | 1102221 | 8244613 |
|  |  | 83679842 |
| **Natural Gas Liquids Infrastructure — 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keyera Corporation | 1455056 | 45168667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | 717215 | 58926385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corporation | 761209 | 29078184 |
|  |  | 133173236 |

---

**MLP RELATED COMPANIES — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Natural Gas Pipelines — 18.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc | 3157387 | $83039278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corporation | 1271220 | 64082200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The) <sup>(b)</sup> | 1423740 | 83388452 |
|  |  | 230509930 |
| **Oilfield Services & Equipment — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. <sup>(b)</sup> | 918502 | 19417132 |
| **Renewable Energy Infrastructure — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy, Inc. - Class C | 84093 | 2467289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc <sup>(b)</sup> | 6792 | 1999361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. <sup>(b)</sup> | 11627 | 4311524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. <sup>(b)</sup> | 7380 | 2160052 |
|  |  | 10938226 |
| **Utilities — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Corporation <sup>(b)</sup> | 30782 | 3990271 |
| **Water — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. - Class A | 289085 | 7215562 |
| **Total MLP Related Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $621,734,857) |  | $887225396 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**MONEY MARKET FUNDS — 0.2%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| First American Government Obligations Fund - Class U, 4.27% <sup>(g)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,104,018) | 2104018 | $2104018 |
| **Investments at Value — 99.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $850,526,251) |  | $1216203422 |
| **Other Assets in Excess of Liabilities — 0.3%** |  | 3467048 |
| **Net Assets — 100.0%** |  | $1219670470 |

---

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 April 30, 2025 was $1,074,041.

<sup>(c)</sup> These securities are exempt from registration under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt 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 the procedures approved by the Fund's Board of Trustees and represents 1.1% 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 April 30, 2025.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Strike<br>Price |<br>Contracts | Notional<br>Value | Value of<br>Options |
| **Call Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc., 05/16/25 | $260.00 | 163 | $3767093 | $9780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc, 05/16/25 | 310.00 | 33 | 971421 | 11550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P., 05/02/25 | 18.00 | 2142 | 3542868 | 2142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc., 05/16/25 | 380.00 | 43 | 1594526 | 51600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc., 05/16/25 | 400.00 | 73 | 2706986 | 37960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc., 05/16/25 | 310.00 | 36 | 1053684 | 19908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc., 05/16/25 | 330.00 | 37 | 1082953 | 6290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc., 05/16/25 | 25.00 | 6 | 12684 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc., 05/16/25 | 30.00 | 918 | 1940652 | 4590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Corporation, 05/16/25 | 150.00 | 153 | 1983339 | 30753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The), 05/02/25 | 61.00 | 711 | 4164327 | 2133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The), 05/02/25 | 62.00 | 711 | 4164327 | 15998 |
| **Total Written Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Premiums $173,418) |  |  | $26984860 | $192914 |

---

The average monthly notional value of written option contracts during the six months ended April 30, 2025 was $11,384,615.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD REAL ESTATE INCOME FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCKS — 26.4%** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financials — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc. - Class A | 425000 | $8096250 |
| **Real Estate Investment Trusts (REITs) — 23.2%** | **Real Estate Investment Trusts (REITs) — 23.2%** | **Real Estate Investment Trusts (REITs) — 23.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Hotels — 5.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 350000 | 4119500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | 110000 | 5264600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | 50000 | 4397500 |
|  |  | 13781600 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Office — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COPT Defense Properties | 300000 | 7833000 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Residential — 5.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 20000 | 4199600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerspace | 110000 | 6639600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 15000 | 4187250 |
|  |  | 15026450 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Retail — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Getty Realty Corporation | 150000 | 4198500 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Specialized — 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farmland Partners, Inc. | 400000 | 4024000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media, Inc. | 439009 | 6642206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rayonier, Inc. | 146266 | 3577667 |
|  |  | 14243873 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Storage — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 25000 | 3663000 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $66,136,526) |  | $66842673 |
| **PREFERRED STOCKS\* — 70.3%** |  |  |
| **Consumer Discretionary — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Home Construction — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc., 7.63% - Series A | 500000 | $8240000 |
| **Financials — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Banking — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associated Banc-Corp, 5.63% - Series F | 96216 | 1839650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associated Banc-Corp, 5.88% - Series E | 52423 | 1052654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banc of California, Inc., 7.75% - Series F | 87360 | 2164780 |

---

**PREFERRED STOCKS\* — continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value | Value |
| **Financials — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Banking — continued* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchants Bancorp, 7.63% - Series E | 180000 | $| 4194000 |
|  |  |  | 9251084 |
| **Real Estate Investment Trusts (REITs) — 63.4%** | **Real Estate Investment Trusts (REITs) — 63.4%** | **Real Estate Investment Trusts (REITs) — 63.4%** | **Real Estate Investment Trusts (REITs) — 63.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Apartments — 1.8%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinebrook Homes Trust, 9.50% - Series B <sup>(b)</sup> | 180000 |  | 4500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Data Centers — 4.3%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc., 7.13% - Series H | 240000 |  | 5155200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc., 7.13% - Series J | 77265 |  | 1641109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc., 7.15% - Series I | 182664 |  | 3940062 |
|  |  |  | 10736371 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Diversified — 6.6%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc., 6.75% - Series A | 320000 |  | 7072000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc., 6.38% - Series A | 447333 |  | 9613186 |
|  |  |  | 16685186 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Healthcare — 3.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical REIT, Inc., 7.50% - Series A | 311134 |  | 7918360 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Hotels — 18.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chatham Lodging Trust, 6.63% - Series A | 190000 |  | 3748700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DiamondRock Hospitality Company, 8.25% - Series A | 66410 |  | 1662907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust, 5.70% - Series H | 489548 |  | 8150974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust, 6.30% - Series F | 242066 |  | 4405601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust, 6.38% - Series E | 98002 |  | 1738556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust, 6.38% - Series G | 250000 |  | 4575000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ Lodging Trust, 7.80% - Series A | 375000 |  | 9120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc., 5.88% - Series F | 158938 |  | 3003928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc., 6.25% - Series E | 283000 |  | 5532650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc., 6.13% - Series H | 166508 |  | 3483347 |
|  |  |  | 45421663 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD REAL ESTATE INCOME FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**PREFERRED STOCKS\* — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Real Estate Investment Trusts (REITs) — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Industrial — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LXP Industrial Trust, 6.50% - Series C | 190000 | $8762800 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Manufactured Homes — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMH Properties, Inc., 6.38% - Series D | 87634 | 1996303 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Mortgage — 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc., 6.50% - Series A | 523747 | 9663132 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Office — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc., 4.75% - Series C | 406228 | 5402833 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Residential — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent, 5.88% - Series G | 312958 | 7338865 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Retail — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regency Centers Corporation, 5.88% - Series B | 98117 | 2251785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regency Centers Corporation, 6.25% - Series A | 200000 | 4680000 |
|  |  | 6931785 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Shopping Centers — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saul Centers, Inc., 6.00% - Series E | 125000 | 2567500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saul Centers, Inc., 6.13% - Series D | 381000 | 8031480 |
|  |  | 10598980 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Specialized — 6.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties, 5.75% - Series C | 31000 | 680140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties, 5.75% - Series G | 107775 | 2164122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties, 9.00% - Series E | 283506 | 8275540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQHQ, Inc. <sup>(b)</sup> | 5000 | 4750000 |
|  |  | 15869802 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Storage — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Storage Affiliates Trust, 6.00% - Series A | 370000 | 8362000 |
| **Total Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $178,700,112) |  | $177679164 |

---

**MONEY MARKET FUNDS — 3.2%**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| First American Government Obligations Fund - Class U, 4.27% <sup>(c)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,991,417) | 7991417 | $7991417 |
| **Investments at Value — 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $252,828,055) |  | $252513254 |
| **Other Assets in Excess of Liabilities — 0.1%** |  | 200307 |
| **Net Assets — 100.0%** |  | $252713561 |

---

REIT - Real Estate Investment Trust

\* Securities listed have a perpetual maturity.

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

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

<sup>(c)</sup> The rate shown is the 7-day effective yield as of April 30, 2025.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD BROADMARK TACTICAL GROWTH FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **EXCHANGE-TRADED FUNDS — 11.2%** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Consumer Staples Select Sector SPDR Fund | 52158 | $4268089 |
| Health Care Select Sector SPDR Fund | 27996 | 3932598 |
| Utilities Select Sector SPDR Fund | 125461 | 9898873 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,133,440) |  | $18099560 |
| **MONEY MARKET FUNDS — 88.5%** |  |  |
| First American Government Obligations Fund - Class U, 4.27% <sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $143,706,259) | 143706259 | $143706259 |
| **Investments at Value — 99.7%** (Cost $160,839,699) |  | $161805819 |
| **Other Assets in Excess of Liabilities — 0.3%** |  | 501652 |
| **Net Assets — 100.0%** |  | $162307471 |

---

<sup>(a)</sup> The rate shown is the 7-day effective yield as of April 30, 2025.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD BROADMARK TACTICAL PLUS FUND** |
| **APRIL 30, 2025** *(Unaudited)* |

---

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **MONEY MARKET FUNDS — 100.3%** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| First American Government Obligations Fund - Class U, 4.27% <sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $69,382,344) | 69382344 | $69382344 |
| **Liabilities in Excess of Other Assets — (0.3%)** |  | (179392) |
| **Net Assets — 100.0%** |  | $69202952 |

---

<sup>(a)</sup> The rate shown is the 7-day effective yield as of April 30, 2025.

**SCHEDULE OF FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Contracts | <br>Expiration<br>Date |<br>Notional<br>Value | Value/<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| **Short Index Futures** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Mini S&P 500 Futures | (192) | 06/20/25 | $53635200) | $(470913) |

---

The average monthly notional value of futures contracts during the six months ended April 30, 2025 was $11,939,950.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Westwood**<br>**Quality Value**<br>**Fund** | <br>**Westwood**<br>**Quality MidCap**<br>**Fund** | **Westwood**<br>**Quality**<br>**SMidCap**<br>**Fund** | **Westwood**<br>**Quality**<br>**SmallCap**<br>**Fund** |
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $142013592 | $1511343 | $85007426 | $880093799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $179345535 | $1601663 | $87559193 | $901558862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 3184 |  | 19330 | 174120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investment securities sold |  |  |  | 3372485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from Adviser |  | 5365 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 145490 | 315 | 26512 | 476132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 34990 | 3806 | 17634 | 46591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | 179529199 | 1611149 | 87622669 | 905628190 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for capital shares redeemed |  |  | 3015 | 1183720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investment securities purchased | 1768797 |  |  | 1553794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Adviser, net of waivers (Note 4) | 55604 |  | 29197 | 509044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 5966 | 902 | 3130 | 25564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued administrative servicing fees — Institutional Shares (Note 4) | 37347 | 931 | 21423 | 57957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees — A Class Shares (Note 4) | 483 |  |  | 2810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees — C Class Shares (Note 4) | 724 |  |  | 12140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 11180 | 8420 | 9860 | 21660 |
| Total liabilities | 1880101 | 10253 | 66625 | 3366689 |
| **CONTINGENCIES AND COMMITMENTS (NOTE 8)** |  |  |  |  |
| **NET ASSETS** | $177649098 | $1600896 | $87556044 | $902261501 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| Paid-in capital | $124219471 | $1479952 | $84627594 | $872148801 |
| Accumulated earnings | 53429627 | 120944 | 2928450 | 30112700 |
| **NET ASSETS** | $177649098 | $1600896 | $87556044 | $902261501 |
| **NET ASSET VALUE PER SHARE:** |  |  |  |  |
| **INSTITUTIONAL SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to Institutional Shares | $175573478 | $1600896 | $61743835 | $359832960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares of beneficial interest outstanding | 13376681 | 151189 | 4215290 | 20253732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $13.13 | $10.59 | $14.65 | $17.77 |
| **A CLASS SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to A Class Shares | $2074504 | N/A | N/A | $2647318 |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class Shares of beneficial interest outstanding | 157083 | N/A | N/A | 149477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $13.21 | N/A | N/A | $17.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | 3.00% | N/A | N/A | 4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share | $13.62 | N/A | N/A | $18.45 |
| **C CLASS SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to C Class Shares | N/A | N/A | N/A | $4088549 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class Shares of beneficial interest outstanding | N/A | N/A | N/A | 234632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | N/A | N/A | N/A | $17.43 |
| **ULTRA SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to Ultra Class Shares | $1116 | N/A | $25812209 | $535692674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultra Class Shares of beneficial interest outstanding | 85 | N/A | 1765191 | 30127598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $13.08 \* | N/A | $14.62 | $17.78 |

---

\* Net Assets divided by Shares do not calculate to the Net Asset Value because Net Assets and Shares are shown rounded.

Amounts designated as "—" are either $0 or have been rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Westwood**<br>**Quality AllCap**<br>**Fund** | **Westwood**<br>**Income**<br>**Opportunity**<br>**Fund** | <br>**Westwood**<br>**Multi-Asset**<br>**Income Fund** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated securities, at cost | $— | $— | $434878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at cost | 17695347 | 463600934 | 102403078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value (Note 2 and 3) | $— | $— | $371515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value (Note 2) | 20117520 | 503960125 | 103206840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin receivable on futures contracts |  | 16063 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for capital shares sold |  | 384409 | 128160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investment securities sold |  | 1462029 | 274319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash collateral for futures contracts |  | 768200 | 290350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from Adviser | 6538 |  | 5871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 7959 | 3691150 | 1494547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable |  |  | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 12694 | 46356 | 26152 |
| Total assets | 20144711 | 510328332 | 105799019 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written call options, at value (Notes 1 & 4) (premiums received $—, $528,380, $34,610) |  | 471390 | 28005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin payable on futures contracts |  | 52500 | 32406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for capital shares redeemed |  | 101364 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investment securities purchased |  | 2416387 | 497213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Adviser, net of waivers (Note 4) |  | 257706 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 1430 | 14663 | 3558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued administrative servicing fees — Institutional Shares (Note 4) | 134 | 61316 | 4682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees — A Class Shares (Note 4) |  | 18779 | 8296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees — C Class Shares (Note 4) |  | 26224 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 8776 | 19350 | 13740 |
| Total liabilities | 10340 | 3439679 | 588944 |
| **CONTINGENCIES AND COMMITMENTS (NOTE 8)** |  |  |  |
| **NET ASSETS** | $20134371 | $506888653 | $105210075 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in capital | $17499751 | $480009408 | $122273613 |
| Accumulated earnings (deficit) | 2634620 | 26879245 | (17063538) |
| **NET ASSETS** | $20134371 | $506888653 | $105210075 |
| **NET ASSET VALUE PER SHARE:** |  |  |  |
| **INSTITUTIONAL SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to Institutional Shares | $507881 | $357781748 | $96290843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares of beneficial interest outstanding | 45343 | 30675456 | 10057452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $11.20 | $11.66 | $9.57 |
| **A CLASS SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to A Class Shares | N/A | $41148548 | $8919232 |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class Shares of beneficial interest outstanding | N/A | 3532589 | 926116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | N/A | $11.65 | $9.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | N/A | 3.00% | 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share | N/A | $12.01 | $9.93 |
| **C CLASS SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to C Class Shares | N/A | $12350665 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class Shares of beneficial interest outstanding | N/A | 1066065 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | N/A | $11.59 | N/A |
| **ULTRA SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to Ultra Shares | $19626490 | $95607692 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultra Shares of beneficial interest outstanding | 1750385 | 8202195 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $11.21 | $11.66 | N/A |

---

Amounts designated as "—" are either $0 or have been rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Westwood**<br>**Alternative**<br>**Income Fund** | **Westwood**<br>**Salient MLP**<br>**& Energy**<br>**Infrastructure**<br>**Fund** | <br>**Westwood**<br>**Real Estate**<br>**Income Fund** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated securities, at cost | $— | $50094282 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at cost | 152050071 | 800431969 | 252828055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value (Note 2 and 3) | $— | $49959233 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value (Note 2) | 152882086 | 1166244189 | 252513254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on swap agreements | 551131 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin receivable on futures contracts | 10156 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 58888 | 372653 | 102033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investment securities sold |  | 205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash collateral for futures contracts | 125000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 696075 | 4886098 | 265463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 39476 | 557400 | 96355 |
| Total assets | 154362812 | 1222019778 | 252977105 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written call options, at value (Notes 1 & 4) (premiums received $—, $173,418 and $—) |  | 192914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on swap agreements | 2937973 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 26652 | 453888 | 42801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to broker for swap contracts | 681433 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Adviser, net of waivers (Note 4) | 124352 | 858711 | 134569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 4827 | 43050 | 8475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for tax expense (Note 2) |  | 300000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued administrative servicing fees — Institutional Shares (Note 4) | 17047 | 166742 | 13931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued administrative servicing fees — A Class Shares (Note 4) |  | 64235 | 13273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued administrative servicing fees — C Class Shares (Note 4) |  | 5553 | 3124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees — A Class Shares (Note 4) | 261 | 65418 | 29905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees — C Class Shares (Note 4) | 3525 | 34844 | 3656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 16680 | 163953 | 13810 |
| Total liabilities | 3812750 | 2349308 | 263544 |
| **CONTINGENCIES AND COMMITMENTS (NOTE 8)** |  |  |  |
| **NET ASSETS** | $150550062 | $1219670470 | $252713561 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in capital | $153234264 | $1375645410 | $252264150 |
| Accumulated earnings (deficit) | (2684202) | (155974940) | 449411 |
| **NET ASSETS** | $150550062 | $1219670470 | $252713561 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Westwood**<br>**Alternative**<br>**Income Fund** | **Westwood**<br>**Salient MLP**<br>**& Energy**<br>**Infrastructure**<br>**Fund** |<br>**Westwood**<br>**Real Estate**<br>**Income Fund** |
| **NET ASSET VALUE PER SHARE:** |  |  |  |
| **INSTITUTIONAL SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to Institutional Shares | $107663815 | $1042568141 | $167801002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares of beneficial interest outstanding | 10930122 | 104361731 | 9577462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $9.85 | $9.99 | $17.52 |
| **A CLASS SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to A Class Shares | $828785 | $154843139 | $84912559 |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class Shares of beneficial interest outstanding | 84295 | 15411502 | 4825121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $9.83 | $10.05 | $17.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | 3.00% | 4.00% | 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share | $10.13 | $10.47 | $18.14 |
| **C CLASS SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to C Class Shares | N/A | $16753915 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class Shares of beneficial interest outstanding | N/A | 1677375 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | N/A | $9.99 | N/A |
| **ULTRA SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to Ultra Shares | $42057462 | $5505275 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultra Shares of beneficial interest outstanding | 4270296 | 551152 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $9.85 | $9.99 | N/A |

---

Amounts designated as "—" are either $0 or have been rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | |
|:---|:---|:---|
|  | **Westwood**<br>**Broadmark**<br>**Tactical Growth**<br>**Fund** | **Westwood**<br>**Broadmark**<br>**Tactical Plus**<br>**Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $160839699 | $69382344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $161805819 | $69382344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin receivable on futures contracts |  | 123991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 179208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 461090 | 231533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 80569 | 49655 |
| Total assets | 162526686 | 69787523 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin payable on futures contracts |  | 505081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 28322 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Adviser, net of waivers (Note 4) | 142946 | 52718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 5349 | 2708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued administrative servicing fees — Institutional Shares (Note 4) | 7454 | 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued administrative servicing fees — A Class Shares (Note 4) | 2404 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued administrative servicing fees — C Class Shares (Note 4) | 4113 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued administrative servicing fees — F Class Shares (Note 4) |  | 6661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees — A Class Shares (Note 4) | 12514 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees — C Class Shares (Note 4) | 5533 | 2586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 10580 | 10970 |
| Total liabilities | 219215 | 584571 |
| **CONTINGENCIES AND COMMITMENTS (NOTE 8)** |  |  |
| **NET ASSETS** | $162307471 | $69202952 |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid-in capital | $161881498 | $74889405 |
| Accumulated earnings (deficit) | 425973 | (5686453) |
| **NET ASSETS** | $162307471 | $69202952 |
| **NET ASSET VALUE PER SHARE:** |  |  |
| **INSTITUTIONAL SHARES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to Institutional Shares | $143781200 | $33292973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares of beneficial interest outstanding | 5466655 | 3159590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $26.30 | $10.54 |
| **A CLASS SHARES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to A Class Shares | $15925405 | $642638 |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class Shares of beneficial interest outstanding | 652793 | 62255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $24.40 | $10.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | 4.00% | 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share | $25.42 | $10.64 |
| **C CLASS SHARES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to C Class Shares | $2600866 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class Shares of beneficial interest outstanding | 116340 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | $22.36 | N/A |
| **F CLASS SHARES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to F Class Shares | N/A | $35267341 |
| &nbsp;&nbsp;&nbsp;&nbsp;F Class Shares of beneficial interest outstanding | N/A | 3262237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 1) | N/A | $10.81 |

---

Amounts designated as "—" are either $0 or have been rounded to $0.

N/A — Not Applicable.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **FOR THE SIX MONTHS ENDED APRIL 30, 2025** *(Unaudited)* |

---

**STATEMENTS OF OPERATIONS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Westwood**<br>**Quality Value**<br>**Fund** |<br>**Westwood**<br>**Quality MidCap**<br>**Fund** | **Westwood**<br>**Quality**<br>**SMidCap**<br>**Fund** | **Westwood**<br>**Quality**<br>**SmallCap**<br>**Fund** |
| **INVESTMENT INCOME** |  |  |  |  |
| Dividend income from unaffiliated securities (net of foreign withholding tax of $3,147, $49, $607, and $—, respectively) | $1948419 | $12580 | $502645 | $8675400 |
| **EXPENSES** |  |  |  |  |
| Investment management fees (Note 4) | 494449 | 5310 | 375080 | 4431843 |
| Administrative service plan fees - Institutional Shares (Note 4) | 77805 | 1013 | 51870 | 292283 |
| Administration fees (Note 4) | 31695 | 2254 | 16962 | 154157 |
| Distribution fees - A Class (Note 4) | 2584 |  |  | 3867 |
| Distribution fees - C Class (Note 4) | 503 |  |  | 18413 |
| Registration and filing fees | 28508 | 1860 | 1114 | 38536 |
| Legal fees | 8770 | 87 | 19302 | 44851 |
| Trustees' fees and expenses (Note 4) | 10458 | 351 | 5335 | 53860 |
| Audit and tax services fees | 11000 | 8650 | 10100 | 11000 |
| Transfer agent fees (Note 4) | 9866 | 5315 | 5943 | 18695 |
| Custody fees | 3384 | 1388 | 2399 | 10783 |
| Insurance expense | 2032 | 1435 | 1872 | 4781 |
| Compliance fees (Note 4) | 1892 | 22 | 924 | 9701 |
| Borrowing costs (Note 2) | 8748 |  | 985 | 18165 |
| Other expenses | 19416 | 7288 | 13416 | 64985 |
| **Total expenses** | 711110 | 34973 | 505302 | 5175920 |
| Investment management fees reduced and expense reimbursements by the Adviser (Note 4) | (77576) | (28650) | (112374) | (724179) |
| **Net expenses** | 633534 | 6323 | 392928 | 4451741 |
| **NET INVESTMENT INCOME** | 1314885 | 6257 | 109717 | 4223659 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |
| Net realized gains from investment transactions in unaffiliated securities | 16000479 | 34326 | 869227 | 25441099 |
| Net change in unrealized appreciation (depreciation) on investment transactions in unaffiliated securities | (22235362) | (186460) | (9208316) | (149159933) |
| **NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS** | (6234883) | (152134) | (8339089) | (123718834) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(4919998) | $(145877) | $(8229372) | $(119495175) |

---

Amounts designated as "—" are either $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **FOR THE SIX MONTHS ENDED APRIL 30, 2025** *(Unaudited)* |

---

**STATEMENTS OF OPERATIONS**

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Westwood**<br>**Quality AllCap**<br>**Fund** | **Westwood**<br>**Income**<br>**Opportunity**<br>**Fund** |<br>**Westwood**<br>**Multi-Asset**<br>**Income Fund** |
| **INVESTMENT INCOME** |  |  |  |
| Dividend income from unaffiliated securities (net of foreign withholding tax of $382, $5,861, and $3,398, respectively) | $184477 | $3558710 | $485627 |
| Interest income (net of foreign withholding tax of $—, $27,696, and $632, respectively) |  | 7467145 | 2917768 |
| **Total investment income** | 184477 | 11025855 | 3403395 |
| **EXPENSES** |  |  |  |
| Investment management fees (Note 4) | 47620 | 1692042 | 30935 |
| Administrative service plan fees - Institutional Shares (Note 4) | 348 | 143981 | 9817 |
| Administration fees (Note 4) | 5605 | 82586 | 21538 |
| Distribution fees - A Class (Note 4) |  | 54060 | 10668 |
| Distribution fees - C Class (Note 4) |  | 62929 | 486 |
| Registration and filing fees | 16812 | 33140 | 23344 |
| Legal fees | 934 | 22998 | 4500 |
| Trustees' fees and expenses (Note 4) | 1341 | 26282 | 5204 |
| Audit and tax services fees | 10100 | 11150 | 10700 |
| Transfer agent fees (Note 4) | 5410 | 10219 | 5939 |
| Custody fees | 1715 | 7289 | 7113 |
| Insurance expense | 1495 | 2915 | 1704 |
| Compliance fees (Note 4) | 198 | 4745 | 906 |
| Borrowing costs (Note 2) | 383 | 2083 | 433 |
| Other expenses | 10549 | 53098 | 22863 |
| **Total expenses** | 102510 | 2209517 | 156150 |
| Investment management fees reduced and expense reimbursements by the Adviser (Note 4) | (54158) |  | (53437) |
| Affiliated management fee waived by Adviser (Note 4) |  |  | (135) |
| **Net expenses** | 48352 | 2209517 | 102578 |
| **NET INVESTMENT INCOME** | 136125 | 8816338 | 3300817 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS** |  |  |  |
| Net realized losses from investment transactions in affiliated securities (Note 3) |  |  | (11782) |
| Net realized gains (losses) from investment transactions in unaffiliated securities | 224506 | 9440725 | (278247) |
| Net realized gains from written option contracts |  | 375735 | 32006 |
| Net realized gains (losses) from long futures contracts |  | (197350) | 17605 |
| Net change in unrealized appreciation (depreciation) on investment transactions in affiliated securities (Note 3) |  |  | (33681) |
| Net change in unrealized appreciation (depreciation) on investment transactions in unaffiliated securities | (708657) | (22725592) | (3854328) |
| Net change in unrealized appreciation (depreciation) on written option contracts |  | 137950 | 19360 |
| Net change in unrealized appreciation (depreciation) on long futures contracts |  | 674854 | 91595 |
| **NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS** | (484151) | (12293678) | (4017472) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(348026) | $(3477340) | $(716655) |

---

Amounts designated as "—" are either $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **FOR THE SIX MONTHS ENDED APRIL 30, 2025** *(Unaudited)* |

---

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  |<br>**Westwood**<br>**Alternative**<br>**Income**<br>**Fund** | **Westwood**<br>**Salient MLP**<br>**& Energy**<br>**Infrastructure**<br>**Fund** |
| **INVESTMENT INCOME** |  |  |
| Distributions from master limited partnerships | $— | $17215783 |
| Dividends from master limited partnership related companies (net of foreign withholding tax of $— and $681,971) |  | 16111925 |
| Dividend income from affiliated securities (Note 3) |  | 2783158 |
| Dividend income from unaffiliated securities | 118131 | 121676 |
| Interest income | 1334088 |  |
| **Total investment income** | 1452219 | 36232542 |
| **EXPENSES** |  |  |
| Investment management fees (Note 4) | 252595 | 5614012 |
| Administrative service plan fees - Institutional Shares (Note 4) | 64693 | 489561 |
| Administrative service plan fees - A Class (Note 4) |  | 81790 |
| Administrative service plan fees - C Class (Note 4) |  | 8563 |
| Administration fees (Note 4) | 26562 | 240666 |
| Distribution fees - A Class Shares (Note 4) | 753 | 204478 |
| Distribution fees - C Class Shares (Note 4) | 1123 | 85630 |
| Registration and filing fees | 29948 | 39841 |
| Legal fees | 6140 | 66685 |
| Trustees' fees and expenses (Note 4) | 6684 | 60998 |
| Audit and tax service fees | 14250 | 16150 |
| Transfer agent fees (Note 4) | 5925 | 18582 |
| Custody fees | 2918 | 21813 |
| Insurance expense | 1766 | 22970 |
| Tax expense (Note 2) |  | 59777 |
| Compliance fees (Note 4) | 1140 | 10640 |
| Borrowing costs (Note 2) |  | 302 |
| Other expenses | 36512 | 50685 |
| **Total expenses** | 451009 | 7093143 |
| Investment management fees reduced and expense reimbursements by the Adviser (Note 4) | (125097) |  |
| Contractual management fee waived by Adviser (Note 4) | (13365) |  |
| Affiliated management fee waived by Adviser (Note 4) |  | (236536) |
| **Net expenses** | 312547 | 6856607 |
| **NET INVESTMENT INCOME** | 1139672 | 29375935 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **FOR THE SIX MONTHS ENDED APRIL 30, 2025** *(Unaudited)* |

---

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  |<br>**Westwood**<br>**Alternative**<br>**Income**<br>**Fund** | **Westwood**<br>**Salient MLP**<br>**& Energy**<br>**Infrastructure**<br>**Fund** |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, OPTIONS, FUTURES, AND SWAPS** |  |  |
| Net realized gains (losses) from investment transactions in affiliated securities (Note 3) | $— | $116013 |
| Net realized gains (losses) from investment transactions in unaffiliated securities | 14903540 | 26954577 |
| Net realized losses from foreign currency transactions |  | (11672) |
| Net realized gains (losses) from written option contracts | (12685) | 891522 |
| Net realized losses from long futures contracts | (22906) |  |
| Net realized gains from swap transactions | 917349 |  |
| Net change in unrealized appreciation (depreciation) on investment transactions in affiliated securities (Note 3) |  | (1602334) |
| Net change in unrealized appreciation (depreciation) on investment transactions in unaffiliated securities | (9582030) | (9448302) |
| Net change in unrealized appreciation (depreciation) on written option contracts | 38699 | (9026) |
| Net change in unrealized appreciation (depreciation) on long futures contracts | 2829 |  |
| Net change in unrealized appreciation (depreciation) on swap transactions | (3181971) |  |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS, OPTIONS, FUTURES, AND SWAPS** | 3062825 | 16774765 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $4202497 | $46150700 |

---

Amounts designated as "—" are either $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **FOR THE SIX MONTHS ENDED APRIL 30, 2025** *(Unaudited)* |

---

**STATEMENTS OF OPERATIONS**

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Westwood Real**<br>**Estate Income**<br>**Fund** | **Westwood**<br>**Broadmark**<br>**Tactical Growth**<br>**Fund** | **Westwood**<br>**Broadmark**<br>**Tactical Plus**<br>**Fund** |
| **INVESTMENT INCOME** |  |  |  |
| Dividend income from unaffiliated securities | $11559201 | $2438670 | $1386690 |
| Interest income |  |  | 10209 |
| **Total investment income** | 11559201 | 2438670 | 1396899 |
| **EXPENSES** |  |  |  |
| Investment management fees (Note 4) | 908721 | 894586 | 496354 |
| Administrative service plan fees - Institutional Shares (Note 4) | 42373 | 35845 | 17363 |
| Administrative service plan fees - A Class (Note 4) | 43822 | 7392 | 280 |
| Administrative service plan fees - C Class (Note 4) | 3124 | 4027 | 83 |
| Administrative service plan fees - F Class (Note 4) |  |  | 17728 |
| Administration fees (Note 4) | 40566 | 30565 | 17288 |
| Distribution fees - A Class (Note 4) | 109557 | 20068 | 701 |
| Distribution fees - C Class (Note 4) | 9371 | 12080 | 826 |
| Registration and filing fees | 1746 | 3706 | 25253 |
| Legal fees | 13471 | 8374 | 7839 |
| Trustees' fees and expenses (Note 4) | 13415 | 8342 | 3766 |
| Audit and tax services fees | 8600 | 6540 | 7900 |
| Transfer agent fees (Note 4) | 14320 | 7132 | 5660 |
| Custody fees | 3375 | 2230 | 2463 |
| Insurance expense | 6197 | 6801 | 2969 |
| Compliance fees (Note 4) | 2500 | 1495 | 658 |
| Other expenses | 783 | 590 | 6727 |
| **Total expenses** | 1221941 | 1049773 | 613858 |
| Investment management fees reduced and expense reimbursements by the Advisor (Note 4) |  |  | (188692) |
| **Net expenses** | 1221941 | 1049773 | 425166 |
| **NET INVESTMENT INCOME** | 10337260 | 1388897 | 971733 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, OPTIONS, AND FUTURES** |  |  |  |
| Net realized gains (losses) from investment transactions from unaffiliated securities | 235689 | 5901132 | (2188762) |
| Net realized losses from purchased option contracts |  |  | (296289) |
| Net realized losses from long futures contracts |  |  | (936748) |
| Net realized losses from short futures contracts |  |  | (776423) |
| Net change in unrealized appreciation (depreciation) on investment transactions from unaffiliated securities | (29195897) | (6793245) |  |
| Net change in unrealized appreciation (depreciation) on long futures contracts |  |  | 788145 |
| Net change in unrealized appreciation (depreciation) on short futures contracts |  |  | (470913) |
| **NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS, OPTIONS AND FUTURES** | (28960208) | (892113) | (3880990) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(18622948) | $496784 | $(2909257) |

---

Amounts designated as "—" are either $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** |
|  | **Value Fund** | **Value Fund** | **MidCap Fund** | **MidCap Fund** | **SMidCap Fund** | **SMidCap Fund** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |  |  |  |  |
| Net investment income | $1314885 | $3151630 | $6257 | $25456 | $109717 | $2173132 |
| Net realized gains on investments and foreign currency transactions | 16000479 | 14792100 | 34326 | 90205 | 869227 | 30150397 |
| Net realized gains from in-kind redemptions (Note 9) |  |  |  |  |  | 40670720 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (22235362) | 24331317 | (186460) | 331012 | (9208316) | (3066973) |
| Net increase (decrease) in net assets resulting from operations | (4919998) | 42275047 | (145877) | 446673 | (8229372) | 69927276 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (15146057) | (7516536) | (107692) | (40833) | (892595) | (5558912) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class Shares | (141255) | (47334) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class Shares | (11340) | (3816) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultra Shares | (83) | (39) | N/A | N/A | (438530) | (3896906) |
| **Total distributions** | (15298735) | (7567725) | (107692) | (40833) | (1331125) | (9455818) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| **Institutional Class** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 4421812 | 7156002 | 1876 | 49183 | 3440459 | 20017079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 8250849 | 4570154 | 107692 | 40833 | 880521 | 5545018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (27986120) | (19151019) | (246586) | (30694) | (11269879) | (156295124) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from Institutional Shares capital share transactions | (15313459) | (7424863) | (137018) | 59322 | (6948899) | (130733027) |
| **A Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 111612 | 724091 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares exchanged from C Class Shares | 182320 |  | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 141254 | 47333 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (281155) | (103273) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase from A Class Shares capital share transactions | 154031 | 668151 | N/A | N/A | N/A | N/A |
| **C Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued |  | 52686 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 11340 | 3815 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (248) | (31506) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares exchanged to A Class Shares | (182320) |  | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from C Class Shares capital share transactions | (171228) | 24995 | N/A | N/A | N/A | N/A |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** |
|  | **Value Fund** | **Value Fund** | **MidCap Fund** | **MidCap Fund** | **SMidCap Fund** | **SMidCap Fund** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** |
| **Ultra Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | $— | $— | N/A | N/A | $660098 | $8515742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 83 | 39 | N/A | N/A | 438530 | 3896907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed |  |  | N/A | N/A | (1269072) | (120376338) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from Ultra Shares capital share transactions | 83 | 39 | N/A | N/A | (170444) | (107963689) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from capital share transactions | (15330573) | (6731678) | (137018) | 59322 | (7119343) | (238696716) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (35549306) | 27975644 | (390587) | 465162 | (16679840) | (178225258) |
| **NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 213198404 | 185222760 | 1991483 | 1526321 | 104235884 | 282461142 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $177649098 | $213198404 | $1600896 | $1991483 | $87556044 | $104235884 |

---

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** |
|  | **Value Fund** | **Value Fund** | **MidCap Fund** | **MidCap Fund** | **SMidCap Fund** | **SMidCap Fund** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** |
| **CAPITAL SHARES ACTIVITY** |  |  |  |  |  |  |
| **Institutional Shares** |  |  |  |  |  |  |
| Sold | 297835 | 530331 | 164 | 4545 | 214059 | 1363803 |
| Issued in reinvestment of dividends to shareholders | 589443 | 350332 | 9227 | 3852 | 55800 | 391001 |
| Redeemed | (1992593) | (1389271) | (22231) | (2907) | (715567) | (10126998) |
| Net increase (decrease) in shares outstanding | (1105315) | (508608) | (12840) | 5490 | (445708) | (8372194) |
| Shares outstanding at beginning of period | 14481996 | 14990604 | 164029 | 158539 | 4660998 | 13033192 |
| Shares outstanding at end of period | 13376681 | 14481996 | 151189 | 164029 | 4215290 | 4660998 |
| **A Class Shares** |  |  |  |  |  |  |
| Sold | 7996 | 51018 | N/A | N/A | N/A | N/A |
| Shares issued in connection with exchange of C Class Shares | 12872 |  | N/A | N/A | N/A | N/A |
| Issued in reinvestment of dividends to shareholders | 10028 | 3607 | N/A | N/A | N/A | N/A |
| Redeemed | (19855) | (7370) | N/A | N/A | N/A | N/A |
| Net increase in shares outstanding | 11041 | 47255 | N/A | N/A | N/A | N/A |
| Shares outstanding at beginning of period | 146042 | 98787 | N/A | N/A | N/A | N/A |
| Shares outstanding at end of period | 157083 | 146042 | N/A | N/A | N/A | N/A |
| **C Class Shares** |  |  |  |  |  |  |
| Sold |  | 4010 | N/A | N/A | N/A | N/A |
| Issued in reinvestment of dividends to shareholders | 827 | 299 | N/A | N/A | N/A | N/A |
| Redeemed | (18) | (2392) | N/A | N/A | N/A | N/A |
| Shares exchanged for A Class Shares | (13207) |  | N/A | N/A | N/A | N/A |
| Net increase (decrease) in shares outstanding | (12398) | 1917 | N/A | N/A | N/A | N/A |
| Shares outstanding at beginning of period | 12398 | 10481 | N/A | N/A | N/A | N/A |
| Shares outstanding at end of period |  | 12398 | N/A | N/A | N/A | N/A |
| **Ultra Shares** |  |  |  |  |  |  |
| Sold |  |  | N/A | N/A | 41167 | 567320 |
| Issued in reinvestment of dividends to shareholders | 6 | 3 | N/A | N/A | 27843 | 274415 |
| Redeemed |  |  | N/A | N/A | (80103) | (7960374) |
| Net increase (decrease) in shares outstanding | 6 | 3 | N/A | N/A | (11093) | (7118639) |
| Shares outstanding at beginning of period | 79 | 76 | N/A | N/A | 1776284 | 8894923 |
| Shares outstanding at end of period | 85 | 79 | N/A | N/A | 1765191 | 1776284 |

---

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** |
|  | **SmallCap Fund** | **SmallCap Fund** | **AllCap Fund** | **AllCap Fund** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |  |  |
| Net investment income | $4223659 | $12116371 | $136125 | $336534 |
| Net realized gains on investments and foreign currency transactions | 25441099 | 73539695 | 224506 | 924834 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (149159933) | 153638732 | (708657) | 3531197 |
| Net increase (decrease) in net assets resulting from operations | (119495175) | 239294798 | (348026) | 4792565 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (27260186) | (19668695) | (27525) | (7343) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class Shares | (185558) | (91955) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class Shares | (155936) | (54222) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultra Shares | (38579598) | (27901992) | (1120857) | (755489) |
| **Total distributions** | (66181278) | (47716864) | (1148382) | (762832) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 37205471 | 103683222 | 9950 | 294950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 25567708 | 18554793 | 27525 | 7343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (82671549) | (174839553) | (53541) | (1807) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from Institutional Shares capital share transactions | (19898370) | (52601538) | (16066) | 300486 |
| **A Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 509921 | 1568260 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 182922 | 90168 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (742129) | (1006292) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from A Class Shares capital share transactions | (49286) | 652136 | N/A | N/A |
| **C Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 2275528 | 1784217 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 155622 | 53520 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from redemption fees |  | 57 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (302286) | (406832) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase from C Class Shares capital share transactions | 2128864 | 1430962 | N/A | N/A |
| **Ultra Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 32457658 | 127543686 | 10761 | 88473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 34250323 | 26372777 | 1120857 | 755489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (60459090) | (234574289) | (2020754) | (2988530) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from Ultra Shares capital share transactions | 6248891 | (80657826) | (889136) | (2144568) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from capital share transactions | (11569901) | (131176266) | (905202) | (1844082) |
| **TOTAL INCREASE (DECREASE) INCREASE IN NET ASSETS** | (197246354) | 60401668 | (2401610) | 2185651 |
| **NET ASSETS** |  |  |  |  |
| Beginning of period | 1099507855 | 1039106187 | 22535981 | 20350330 |
| End of period | $902261501 | $1099507855 | $20134371 | $22535981 |

---

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** | **Westwood Quality** |
|  | **SmallCap Fund** | **SmallCap Fund** | **AllCap Fund** | **AllCap Fund** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** |
| **CAPITAL SHARES ACTIVITY** |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Sold | 1867246 | 5111017 | 869 | 26435 |
| Issued in reinvestment of dividends to shareholders | 1189913 | 937383 | 2358 | 688 |
| Redeemed | (4134381) | (8407338) | (4534) | (169) |
| Net increase (decrease) in shares outstanding | (1077222) | (2358938) | (1307) | 26954 |
| Shares outstanding at beginning of period | 21330954 | 23689892 | 46650 | 19696 |
| Shares outstanding at end of period | 20253732 | 21330954 | 45343 | 46650 |
| **A Class Shares** |  |  |  |  |
| Sold | 25874 | 76469 | N/A | N/A |
| Issued in reinvestment of dividends to shareholders | 8534 | 4587 | N/A | N/A |
| Redeemed | (36465) | (49697) | N/A | N/A |
| Net increase (decrease) in shares outstanding | (2057) | 31359 | N/A | N/A |
| Shares outstanding at beginning of period | 151534 | 120175 | N/A | N/A |
| Shares outstanding at end of period | 149477 | 151534 | N/A | N/A |
| **C Class Shares** |  |  |  |  |
| Sold | 114131 | 89247 | N/A | N/A |
| Issued in reinvestment of dividends to shareholders | 7353 | 2757 | N/A | N/A |
| Redeemed | (16600) | (20046) | N/A | N/A |
| Net increase in shares outstanding | 104884 | 71958 | N/A | N/A |
| Shares outstanding at beginning of period | 129748 | 57790 | N/A | N/A |
| Shares outstanding at end of period | 234632 | 129748 | N/A | N/A |
| **Ultra Shares** |  |  |  |  |
| Sold | 1575287 | 6244418 | 855 | 8087 |
| Issued in reinvestment of dividends to shareholders | 1593615 | 1329195 | 95878 | 70819 |
| Redeemed | (2897842) | (11351350) | (172053) | (264765) |
| Net increase (decrease) in shares outstanding | 271060 | (3777737) | (75320) | (185859) |
| Shares outstanding at beginning of period | 29856538 | 33634275 | 1825705 | 2011564 |
| Shares outstanding at end of period | 30127598 | 29856538 | 1750385 | 1825705 |

---

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Westwood Income** | **Westwood Income** | **Westwood Multi-Asset** | **Westwood Multi-Asset** | **Westwood Alternative** | **Westwood Alternative** |
|  | **Opportunity Fund** | **Opportunity Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |  |  |  |  |
| Net investment income | $8816338 | $18271582 | $3300817 | $5716773 | $1139672 | $2613946 |
| Net realized gains (losses) on investments, futures, purchased options, written options, swap agreements and foreign currency transactions | 9619110 | 14402810 | (240418) | (2185281) | 15785298 | (3490284) |
| Net change in unrealized appreciation (depreciation) on investments, purchased options, written options, swap agreements and foreign currency translations | (21912788) | 61642644 | (3777054) | 13538318 | (12722473) | 12046098 |
| Net increase in net assets resulting from operations | (3477340) | 94317036 | (716655) | 17069810 | 4202497 | 11169760 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |  |  |
| **From distributable earnings** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (7935375) | (14315602) | (2939697) | (5190565) | (1210430) | (631694) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class Shares | (902833) | (1638250) | (256449) | (445751) | (7430) | (1484) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class Shares | (216089) | (367521) | (2304) | (8093) | (1431) | (2414) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultra Shares | (2137760) | (2844706) | N/A | N/A | (438860) | (236854) |
| **From return of capital** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares |  | (2747330) |  |  |  | (2229470) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class Shares |  | (314399) |  |  |  | (5237) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class Shares |  | (70531) |  |  |  | (8521) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultra Shares |  | (545932) | N/A | N/A |  | (835944) |
| **Total distributions** | (11192057) | (22844271) | (3198450) | (5644409) | (1658151) | (3951618) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| **Institutional Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 25459701 | 54246666 | 17953424 | 12126618 | 24477141 | 34420579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 7768740 | 16679788 | 2881815 | 5088025 | 1210289 | 2860830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from redemption fees |  |  |  |  | 311 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (34003905) | (147921947) | (9189470) | (33308391) | (14644469) | (34375735) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from Institutional Shares capital share transactions | (775464) | (76995493) | 11645769 | (16093748) | 11043272 | 2905772 |
| **A Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 3330085 | 5638892 | 1000121 | 680201 | 13208 | 421791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares exchanged from C Class Shares |  |  | 211253 |  | 386849 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 891564 | 1928395 | 208834 | 375643 | 7430 | 6721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from redemption fees |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (5511634) | (14445761) | (421337) | (791103) | (53415) | (8725) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from A Class Shares capital share transactions | (1289985) | (6878474) | 998871 | 264741 | 354072 | 419787 |
| **C Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 857952 | 1699798 | 129414 |  |  | 15928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 216064 | 437952 | 2304 | 8093 | 1431 | 10935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (921587) | (2869801) | (970) | (147540) | (57547) | (57173) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares exchanged to A Class Shares |  |  | (211253) |  | (386849) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from C Class Shares capital share transactions | 152429 | (732051) | (80505) | (139447) | (442965) | (30310) |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Westwood Income** | **Westwood Income** | **Westwood Multi-Asset** | **Westwood Multi-Asset** | **Westwood Alternative** | **Westwood Alternative** |
|  | **Opportunity Fund** | **Opportunity Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** |
| **Ultra Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | $— | $22024494 | N/A | N/A | $15972301 | $3029294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 2137760 | 3390638 | N/A | N/A | 438860 | 1072798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from redemption fees |  |  | N/A | N/A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed |  | (77160) | N/A | N/A | (2744558) | (32700046) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from Ultra Shares capital share transactions | 2137760 | 25337972 | N/A | N/A | 13666603 | (28597954) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from capital share transactions | 224740 | (59268046) | 12564135 | (15968454) | 24620982 | (25302705) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (14444657) | 12204719 | 8649030 | (4543053) | 27165328 | (18084563) |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of period | 521333310 | 509128591 | 96561045 | 101104098 | 123384734 | 141469297 |
| End of period | $506888653 | $521333310 | $105210075 | $96561045 | $150550062 | $123384734 |

---

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Westwood Income** | **Westwood Income** | **Westwood Multi-Asset** | **Westwood Multi-Asset** | **Westwood Alternative** | **Westwood Alternative** |
|  | **Opportunity Fund** | **Opportunity Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** |
| **CAPITAL SHARES ACTIVITY** |  |  |  |  |  |  |
| **Institutional Shares** |  |  |  |  |  |  |
| Sold | 2112872 | 4673569 | 1802897 | 1242224 | 2510652 | 3630305 |
| Issued in reinvestment of dividends to shareholders | 652029 | 1421693 | 291104 | 527373 | 124459 | 302758 |
| Redeemed | (2825814) | (12795020) | (921754) | (3488694) | (1503516) | (3642815) |
| Net increase (decrease) in shares outstanding | (60913) | (6699758) | 1172247 | (1719097) | 1131595 | 290248 |
| Shares outstanding at beginning of period | 30736369 | 37436127 | 8885205 | 10604302 | 9798527 | 9508279 |
| Shares outstanding at end of period | 30675456 | 30736369 | 10057452 | 8885205 | 10930122 | 9798527 |
| **A Class Shares** |  |  |  |  |  |  |
| Sold | 273142 | 491049 | 99767 | 69623 | 1349 | 44515 |
| Shares issued in connection with exchange of C Class Shares |  |  | 20932 |  | 39681 |  |
| Issued in reinvestment of dividends to shareholders | 74922 | 164489 | 20964 | 38700 | 764 | 708 |
| Redeemed | (461896) | (1249840) | (41770) | (80091) | (5494) | (922) |
| Net increase (decrease) in shares outstanding | (113832) | (594302) | 99893 | 28232 | 36300 | 44301 |
| Shares outstanding at beginning of period | 3646421 | 4240723 | 826223 | 797991 | 47995 | 3694 |
| Shares outstanding at end of period | 3532589 | 3646421 | 926116 | 826223 | 84295 | 47995 |
| **C Class Shares** |  |  |  |  |  |  |
| Sold | 71280 | 147061 | 12814 |  |  | 1698 |
| Issued in reinvestment of dividends to shareholders | 18243 | 37502 | 228 | 838 | 148 | 1157 |
| Redeemed | (76531) | (249494) | (96) | (15215) | (5926) | (6014) |
| Shares exchanged for A Class Shares |  |  | (20858) |  | (39629) |  |
| Net increase (decrease) in shares outstanding | 12992 | (64931) | (7912) | (14377) | (45407) | (3159) |
| Shares outstanding at beginning of period | 1053073 | 1118004 | 7912 | 22289 | 45407 | 48566 |
| Shares outstanding at end of period | 1066065 | 1053073 |  | 7912 |  | 45407 |
| **Ultra Shares** |  |  |  |  |  |  |
| Sold |  | 1858673 | N/A | N/A | 1631703 | 319184 |
| Issued in reinvestment of dividends to shareholders | 179579 | 288053 | N/A | N/A | 45075 | 113613 |
| Redeemed |  | (6759) | N/A | N/A | (282368) | (3494832) |
| Net increase (decrease) in shares outstanding | 179579 | 2139967 | N/A | N/A | 1394410 | (3062035) |
| Shares outstanding at beginning of period | 8022616 | 5882649 | N/A | N/A | 2875886 | 5937921 |
| Shares outstanding at end of period | 8202195 | 8022616 | N/A | N/A | 4270296 | 2875886 |

---

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Westwood Salient MLP & Energy** | **Westwood Salient MLP & Energy** | **Westwood Salient MLP & Energy** | **Westwood Real Estate** | **Westwood Real Estate** |
|  | **Infrastructure Fund** | **Infrastructure Fund** | **Infrastructure Fund** | **Income Fund** | **Income Fund** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Ten Months**<br>**Ended**<br>**October 31,**<br>**2024<sup>(1)</sup>** |<br>**Year Ended**<br>**December 31,**<br>**2023** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |  |  |  |
| Net investment income | $29375935 | $11865047 | $11849671 | $10337260 | $6379968 |
| Net realized gains (losses) on investments, purchased options, and written options and foreign currency transactions | 27950440 | 152016619 | 82832371 | 235689 | 12482337 |
| Net change in unrealized appreciation (depreciation) on investments, purchased options, and written options and foreign currency translations | (11059662) | 99916042 | 21715338 | (29195897) | 41116199 |
| Net increase (decrease) in net assets resulting from operations | 46266713 | 263797708 | 116397380 | (18622948) | 59978504 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |  |
| **From distributable earnings** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (23485442) | (33180127) | (27341988) | (6509259) | (11575870) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class Shares | (3394782) | (5204696) | (4936471) | (3197000) | (6662836) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class Shares | (290902) | (459392) | (460833) | (80827) | (348719) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultra Shares | (128963) | (193623) | (847726) | N/A | N/A |
| **From return of capital** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares |  |  | (16281710) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class Shares |  |  | (2957920) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class Shares |  |  | (277766) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultra Shares |  |  | (488726) | N/A | N/A |
| **Total distributions** | (27300089) | (39037838) | (53593140) | (9787086) | (18587425) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |
| **Institutional Shares** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 133666410 | 123526743 | 119568014 | 23317386 | 48683696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 21020655 | 29953122 | 38786838 | 6503506 | 11562313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (100159123) | (110022101) | (250245155) | (21407221) | (46537152) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from Institutional Shares capital share transactions | 54527942 | 43457764 | (91890303) | 8413671 | 13708857 |
| **A Class Shares** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 9944736 | 12910727 | 7283399 | 8673742 | 5974199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares exchanged from C Class Shares |  |  |  | 4368115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 3193939 | 4967732 | 7558882 | 2817987 | 5757609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (16051260) | (28790959) | (40811580) | (16189764) | (28372262) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease from A Class Shares capital share transactions | (2912585) | (10912500) | (25969299) | (329920) | (16640454) |
| **C Class Shares** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 3065566 | 3365690 | 361392 | 256353 | 1165400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 288230 | 455306 | 726366 | 78486 | 331566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (2312183) | (5278700) | (4082510) | (164529) | (3188237) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares exchanged to A Class Shares |  |  |  | (4368115) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from C Class Shares capital share transactions | 1041613 | (1457704) | (2994752) | (4197805) | (1691271) |

---

<sup>(1)</sup> Fund changed fiscal year to October 31.

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Westwood Salient MLP & Energy** | **Westwood Salient MLP & Energy** | **Westwood Salient MLP & Energy** | **Westwood Real Estate** | **Westwood Real Estate** |
|  | **Infrastructure Fund** | **Infrastructure Fund** | **Infrastructure Fund** | **Income Fund** | **Income Fund** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Ten Months**<br>**Ended**<br>**October 31,**<br>**2024<sup>(1)</sup>** |<br>**Year Ended**<br>**December 31,**<br>**2023** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** |
| **Ultra Shares** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | $19189 | $14007 | $53597 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 7768 | 11882 | 595134 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (36677) | (54815) | (27961154) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease from C Class Shares capital share transactions | (9720) | (28926) | (27312423) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from capital share transactions | 52647250 | 31058634 | (148166777) | 3885946 | (4622868) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 71613874 | 255818504 | (85362537) | (24524088) | 36768211 |
| **NET ASSETS** |  |  |  |  |  |
| Beginning of period | 1148056596 | 892238092 | 977600629 | 277237649 | 240469438 |
| End of period | $1219670470 | $1148056596 | $892238092 | $252713561 | $277237649 |

---

<sup>(1)</sup> Fund changed fiscal year to October 31.

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Westwood Salient MLP & Energy** | **Westwood Salient MLP & Energy** | **Westwood Salient MLP & Energy** | **Westwood Real Estate** | **Westwood Real Estate** |
|  | **Infrastructure Fund** | **Infrastructure Fund** | **Infrastructure Fund** | **Income Fund** | **Income Fund** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Ten Months**<br>**Ended**<br>**October 31,**<br>**2024<sup>(1)</sup>** |<br>**Year Ended**<br>**December 31,**<br>**2023** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** |
| **CAPITAL SHARES ACTIVITY** |  |  |  |  |  |
| **Institutional Shares** |  |  |  |  |  |
| Sold | 12690575 | 14088500 | 15987827 | 1262435 | 2615219 |
| Issued in reinvestment of dividends to shareholders | 2000874 | 3470697 | 5260813 | 358890 | 622745 |
| Redeemed | (9584532) | (12702215) | (33706817) | (1155353) | (2510717) |
| Net increase (decrease) in shares outstanding | 5106917 | 4856982 | (12458177) | 465972 | 727247 |
| Shares outstanding at beginning of period | 99254814 | 94397832 | 106856009 | 9111490 | 8384243 |
| Shares outstanding at end of period | 104361731 | 99254814 | 94397832 | 9577462 | 9111490 |
| **A Class Shares** |  |  |  |  |  |
| Sold | 950885 | 1434937 | 967455 | 237718 | 322610 |
| Issued in reinvestment of dividends to shareholders | 302393 | 574680 | 1018471 | 154760 | 309331 |
| Redeemed | (1535933) | (3393716) | (5538192) | (638875) | (1520068) |
| Shares issued in connection with exchange of C Class Shares |  |  |  | 236896 |  |
| Net decrease in shares outstanding | (282655) | (1384099) | (3552266) | (9501) | (888127) |
| Shares outstanding at beginning of period | 15694157 | 17078256 | 20630522 | 4834622 | 5722749 |
| Shares outstanding at end of period | 15411502 | 15694157 | 17078256 | 4825121 | 4834622 |
| **C Class Shares** |  |  |  |  |  |
| Sold | 291595 | 377740 | 47319 | 13818 | 65366 |
| Issued in reinvestment of dividends to shareholders | 27378 | 52822 | 98343 | 4422 | 18563 |
| Redeemed | (223377) | (600366) | (543165) | (9021) | (177323) |
| Shares exchanged for A Class Shares |  |  |  | (246658) |  |
| Net increase (decrease) in shares outstanding | 95596 | (169804) | (397503) | (237439) | (93394) |
| Shares outstanding at beginning of period | 1581779 | 1751583 | 2149086 | 237439 | 330833 |
| Shares outstanding at end of period | 1677375 | 1581779 | 1751583 |  | 237439 |
| **Ultra Shares** |  |  |  |  |  |
| Sold | 1814 | 1606 | 7111 | N/A | N/A |
| Issued in reinvestment of dividends to shareholders | 740 | 1380 | 80958 | N/A | N/A |
| Redeemed | (3692) | (2950) | (3741953) | N/A | N/A |
| Net increase (decrease) in shares outstanding | (1138) | 36 | (3653884) | N/A | N/A |
| Shares outstanding at beginning of period | 552290 | 552254 | 4206138 | N/A | N/A |
| Shares outstanding at end of period | 551152 | 552290 | 552254 | N/A | N/A |

---

<sup>(1)</sup> Fund changed fiscal year to October 31.

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Westwood Broadmark** | **Westwood Broadmark** | **Westwood Broadmark** | **Westwood Broadmark** |
|  | **Tactical Growth Fund** | **Tactical Growth Fund** | **Tactical Plus Fund** | **Tactical Plus Fund** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $1388897 | $4470493 | $971733 | $2665102 |
| Net realized gains (losses) from investments, futures and foreign currency transactions | 5901132 | (3271065) | (4198222) | (620321) |
| Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations | (6793245) | 10476988 | 317232 | (1719724) |
| Net increase (decrease) in net assets resulting from operations | 496784 | 11676416 | (2909257) | 325057 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (4353625) | (7979746) | (1235356) | (1440029) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class Shares | (467725) | (751357) | (15215) | (23687) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class Shares | (83825) | (173655) | (7145) | (11420) |
| &nbsp;&nbsp;&nbsp;&nbsp;F Class Shares | N/A | N/A | (1313012) | (1638589) |
| **Total distributions** | (4905175) | (8904758) | (2570728) | (3113725) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| **Institutional Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 18012788 | 35410257 | 3094572 | 5873899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 4347637 | 7964224 | 1235356 | 1440028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (18940108) | (117097899) | (3538460) | (7011056) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from Institutional Shares capital share transactions | 3420317 | (73723418) | 791468 | 302871 |
| **A Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 1746953 | 2219487 | 485 | 29423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares exchanged from C Class Shares |  |  | 275596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 459737 | 729546 | 15215 | 23687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (2004155) | (7599131) | (106228) | (142864) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from A Class Shares capital share transactions | 202535 | (4650098) | 185068 | (89754) |
| **C Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 40318 | 751331 | 21 | 88015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | 83825 | 172002 | 7145 | 11420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (893411) | (3774527) | (62690) | (155299) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares exchanged to A Class Shares |  |  | (275596) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease from C Class Shares capital share transactions | (769268) | (2851194) | (331120) | (55864) |
| **F Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | N/A | N/A | 2722767 | 2472567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends | N/A | N/A | 1313012 | 1638589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | N/A | N/A | (1645983) | (7221927) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from F Class Shares capital share transactions | N/A | N/A | 2389796 | (3110771) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from capital share transactions | 2853584 | (81224710) | 3035212 | (2953518) |
| **TOTAL DECREASE IN NET ASSETS** | (1554807) | (78453052) | (2444773) | (5742186) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 163862278 | 242315330 | 71647725 | 77389911 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $162307471 | $163862278 | $69202952 | $71647725 |

---

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Westwood Broadmark** | **Westwood Broadmark** | **Westwood Broadmark** | **Westwood Broadmark** |
|  | **Tactical Growth Fund** | **Tactical Growth Fund** | **Tactical Plus Fund** | **Tactical Plus Fund** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**October 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**October 31,**<br>**2024** |
| **CAPITAL SHARES ACTIVITY** |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sold | 674777 | 1355988 | 279107 | 516528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued in reinvestment of dividends to shareholders | 163938 | 308306 | 111595 | 128141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (707593) | (4492502) | (320030) | (616248) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | 131122 | (2828208) | 70672 | 28421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | 5335533 | 8163741 | 3088918 | 3060497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 5466655 | 5335533 | 3159590 | 3088918 |
| **A Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sold | 69748 | 90584 | 41 | 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in connection with exchange of C Class Shares |  |  | 25342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued in reinvestment of dividends to shareholders | 18673 | 30349 | 1402 | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (79276) | (313722) | (9732) | (12843) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | 9145 | (192789) | 17053 | (8077) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | 643648 | 836437 | 45202 | 53279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 652793 | 643648 | 62255 | 45202 |
| **C Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sold | 1729 | 33535 |  | 8565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued in reinvestment of dividends to shareholders | 3708 | 7801 | 706 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (39323) | (168977) | (5954) | (14933) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares exchanged for A Class Shares |  |  | (27194) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (33886) | (127641) | (32442) | (5258) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | 150226 | 277867 | 32442 | 37700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 116340 | 150226 |  | 32442 |
| **F Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sold | N/A | N/A | 242651 | 210414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued in reinvestment of dividends to shareholders | N/A | N/A | 115684 | 142387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | N/A | N/A | (144455) | (620664) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | N/A | N/A | 213880 | (267863) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | N/A | N/A | 3048357 | 3316220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at end of period | N/A | N/A | 3262237 | 3048357 |

---

<sup>(1)</sup> Effective March 31, 2024, Westwood Salient Select Income Fund was renamed as Westwood Real Estate Income Fund.

<sup>(2)</sup> Fund changed fiscal year to October 31.

Amounts designated as "—" are $0 or rounded to $0.

N/A — Not Applicable

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Quality Value Fund <sup>(1)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Westwood Quality Value Fund -**<br>**Institutional Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31, 2024** |<br>**Year Ended**<br>**October 31, 2023** |<br>**Year Ended**<br>**October 31, 2022** |<br>**Year Ended**<br>**October 31, 2021** |<br>**Year Ended**<br>**October 31, 2020** |
| Net asset value at beginning of period | $14.56 | $12.27 | $12.52 | $15.46 | $11.80 | $13.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.09 | 0.21 | 0.19 | 0.18 | 0.13 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.49) | 2.58 | (0.25) | (0.74) | 4.28 | (0.95) |
| Total from investment operations | (0.40) | 2.79 | (0.06) | (0.56) | 4.41 | (0.75) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.23) | (0.19) | (0.10) | (0.17) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.84) | (0.27) |  | (2.28) | (0.58) | (0.40) |
| Total distributions | (1.03) | (0.50) | (0.19) | (2.38) | (0.75) | (0.61) |
| Net asset value at end of period | $13.13 | $14.56 | $12.27 | $12.52 | $15.46 | $11.80 |
| Total return <sup>(b)</sup> | (3.11 %) <sup>(c)</sup> | 23.22% | (0.51%) | (4.37%) | 38.80% | (6.11%) |
| Net assets at end of period (in 000s) | $175573 | $210883 | $183878 | $249760 | $206730 | $172349 |
| Ratio of net expenses to average net assets <sup>(d)</sup> | 0.64 % <sup>(e)(f)</sup> | 0.62% | 0.64% | 0.65% | 0.65% | 0.65% |
| Ratio of gross expenses to average net assets | 0.72 % <sup>(e)(f)</sup> | 0.69% | 0.70% | 0.69% | 0.76% | 0.77% |
| Ratio of net investment income to average net assets <sup>(d)</sup> | 1.33 % <sup>(e)</sup> | 1.52% | 1.52% | 1.38% | 0.91% | 1.66% |
| Portfolio turnover rate <sup>(g)</sup> | 34 % <sup>(c)</sup> | 42% | 57% | 77% | 72% | 52% |
|  | **Six Months Ended** |  |  |  |  |  |
| **Westwood Quality Value Fund -** | **April 30, 2025** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **A Class Shares** | **(Unaudited)** | **October 31, 2024** | **October 31, 2023** | **October 31, 2022** | **October 31, 2021** | **October 31, 2020** |
| Net asset value at beginning of period | $14.64 | $12.33 | $12.58 | $15.53 | $11.84 | $13.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.07 | 0.18 | 0.17 | 0.15 | 0.08 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.49) | 2.61 | (0.26) | (0.75) | 4.31 | (0.96) |
| Total from investment operations | (0.42) | 2.79 | (0.09) | (0.60) | 4.39 | (0.78) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.21) | (0.16) | (0.07) | (0.12) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.84) | (0.27) |  | (2.28) | (0.58) | (0.40) |
| Total distributions | (1.01) | (0.48) | (0.16) | (2.35) | (0.70) | (0.58) |
| Net asset value at end of period | $13.21 | $14.64 | $12.33 | $12.58 | $15.53 | $11.84 |
| Total return <sup>(b)</sup> | (3.24 %) <sup>(c)</sup> | 23.07% | (0.75%) | (4.64%) | 38.46% | (6.32%) |
| Net assets at end of period (in 000s) | $2075 | $2138 | $1218 | $1402 | $858 | $2143 |
| Ratio of net expenses to average net assets <sup>(d)</sup> | 0.81 % <sup>(e)(f)</sup> | 0.80% | 0.82% | 0.90% | 0.90% | 0.90% |
| Ratio of gross expenses to average net assets | 0.89 % <sup>(e)(f)</sup> | 0.87% | 0.88% | 0.94% | 1.01% | 1.00% |
| Ratio of net investment income to average net assets <sup>(d)</sup> | 1.16 % <sup>(e)</sup> | 1.32% | 1.35% | 1.15% | 0.58% | 1.43% |
| Portfolio turnover rate <sup>(g)</sup> | 34 % <sup>(c)</sup> | 42% | 57% | 77% | 72% | 52% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Not annualized.*

*<sup>(d)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(e)</sup>* *Annualized.*

*<sup>(f)</sup>* *Includes 0.01% of borrowing costs (Note 2).*

*<sup>(g)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(1)</sup>* *Effective March 1, 2021, Westwood LargeCap Fund was renamed as Westwood Quality Value Fund.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Quality Value Fund <sup>(1)</sup> (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Westwood Quality Value Fund - Ultra Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31, 2024** |<br>**Period Ended**<br>**October 31, 2023 <sup>(a)</sup>** |
| Net asset value at beginning of period | $14.53 | $12.26 | $13.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.08 | 0.20 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.49) | 2.58 | (1.02) |
| Total from investment operations | (0.41) | 2.78 | (0.85) |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.24) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.84) | (0.27) |  |
| Total distributions | (1.04) | (0.51) | (0.19) |
| Net asset value at end of period | $13.08 | $14.53 | $12.26 |
| Total return <sup>(c)</sup> | (3.20 %) <sup>(d)</sup> | 23.17% | (6.42)% <sup>(d)</sup> |
| Net assets at end of period (in 000s) | $1 | $1 | $1 |
| Ratio of net expenses to average net assets <sup>(e)</sup> | 0.56 % <sup>(f)(g)</sup> | 0.55% | 0.55 % <sup>(f)</sup> |
| Ratio of gross expenses to average net assets | 0.64 % <sup>(f)(g)</sup> | 0.62% | 0.82 % <sup>(f)</sup> |
| Ratio of net investment income to average net assets <sup>(e)</sup> | 1.22 % <sup>(f)</sup> | 1.45% | 1.46 % <sup>(f)</sup> |
| Portfolio turnover rate <sup>(h)</sup> | 34 % <sup>(d)</sup> | 42% | 57 % <sup>(d)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Represents the period from the commencement of operations (November 30, 2022) through October 31, 2023.*

*<sup>(b)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(c)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Not annualized.*

*<sup>(e)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *Includes 0.02% of borrowing costs (Note 2).*

*<sup>(h)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(1)</sup>* *Effective March 1, 2021, Westwood LargeCap Fund was renamed as Westwood Quality Value Fund.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Quality MidCap Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Westwood Quality MidCap Fund - Institutional Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31, 2024** |<br>**Year Ended**<br>**October 31, 2023** |<br>**Period Ended**<br>**October 31, 2022<sup>(a)</sup>** |
| Net asset value at beginning of period | $12.14 | $9.63 | $9.64 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.04 | 0.16 | 0.14 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.94) | 2.61 | (0.01) | (0.47) |
| Total from investment operations | (0.90) | 2.77 | 0.13 | (0.36) |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.13) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.52) | (0.13) |  |  |
| Total distributions | (0.65) | (0.26) | (0.14) |  |
| Net asset value at end of period | $10.59 | $12.14 | $9.63 | $9.64 |
| Total return <sup>(c)</sup> | (7.83)% <sup>(d)</sup> | 29.09% | 1.29% | (3.60)% <sup>(d)</sup> |
| Net assets at end of period (in 000s) | $1601 | $1991 | $1526 | $530 |
| Ratio of net expenses to average net assets <sup>(e)</sup> | 0.69 % <sup>(f)</sup> | 0.69% | 0.62% | 0.58 % <sup>(f)(g)</sup> |
| Ratio of gross expenses to average net assets | 3.82 % <sup>(f)</sup> | 3.41% | 5.79% | 20.06 % <sup>(f)</sup> |
| Ratio of net investment income to average net assets <sup>(e)</sup> | 0.68 % <sup>(f)</sup> | 1.39% | 1.43% | 1.21 % <sup>(f)</sup> |
| Portfolio turnover rate | 32 % <sup>(d)</sup> | 56% | 72% | 96 % <sup>(d)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Represents the period from the commencement of operations (November 30, 2021) through October 31, 2022.*

*<sup>(b)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(c)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Not annualized.*

*<sup>(e)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *Includes federal excise taxes of 0.01% of average net assets with respect to the period ending October 31, 2022.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Quality SMidCap Fund <sup>(1)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Westwood Quality SMidCap Fund -**<br>**Institutional Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31, 2024** |<br>**Year Ended**<br>**October 31, 2023** |<br>**Year Ended**<br>**October 31, 2022** |<br>**Year Ended**<br>**October 31, 2021** |<br>**Year Ended**<br>**October 31, 2020** |
| Net asset value at beginning of period | $16.19 | $12.88 | $12.89 | $16.62 | $11.97 | $14.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.01 | 0.13 | 0.13 | 0.08 | 0.15 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (1.36) | 3.60 | 0.05 | (1.45) | 4.89 | (0.75) |
| Total from investment operations | (1.35) | 3.73 | 0.18 | (1.37) | 5.04 | (0.64) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.14) | (0.09) | (0.11) | (0.13) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (0.28) | (0.10) | (2.25) | (0.26) | (1.49) |
| Total distributions | (0.19) | (0.42) | (0.19) | (2.36) | (0.39) | (1.60) |
| Net asset value at end of period | $14.65 | $16.19 | $12.88 | $12.89 | $16.62 | $11.97 |
| Total return <sup>(b)</sup> | (8.41 %) <sup>(c)</sup> | 29.49% | 1.42% | (9.64%) | 42.85% | (5.39 %) |
| Net assets at end of period (in 000s) | $61744 | $75453 | $167877 | $201586 | $237479 | $164350 |
| Ratio of net expenses to average net assets <sup>(d)</sup> | 0.83 % <sup>(e)</sup> | 0.90 % <sup>(e)(g)</sup> | 0.86% | 0.87% | 0.88% | 0.88% |
| Ratio of gross expenses to average net assets | 1.05 % <sup>(e)</sup> | 1.07 % <sup>(e)(g)</sup> | 1.01% | 1.02% | 1.10% | 1.05% |
| Ratio of net investment income to average net assets <sup>(d)</sup> | 0.18 % <sup>(e)</sup> | 0.90% | 0.96% | 0.62% | 0.99% | 0.90% |
| Portfolio turnover rate <sup>(f)</sup> | 31 % <sup>(c)</sup> | 73 % <sup>(i)</sup> | 87% | 104% | 106% | 69% |
|  | **Six Months Ended** |  |  |  |  |  |
| **Westwood Quality SMidCap Fund -** | **April 30, 2025** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Period Ended** |
| **Ultra Shares** | **(Unaudited)** | **October 31, 2024** | **October 31, 2023** | **October 31, 2022** | **October 31, 2021** | **October 31, 2020 <sup>(h)</sup>** |
| Net asset value at beginning of period | $16.20 | $12.88 | $12.90 | $16.62 | $11.96 | $11.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.02 | 0.16 | 0.15 | 0.11 | 0.16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (1.36) | 3.60 | 0.04 | (1.44) | 4.91 | 0.52 |
| Total from investment operations | (1.34) | 3.76 | 0.19 | (1.33) | 5.07 | 0.52 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.16) | (0.11) | (0.14) | (0.15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (0.28) | (0.10) | (2.25) | (0.26) |  |
| Total distributions | (0.24) | (0.44) | (0.21) | (2.39) | (0.41) |  |
| Net asset value at end of period | $14.62 | $16.20 | $12.88 | $12.90 | $16.62 | $11.96 |
| Total return <sup>(b)</sup> | (8.35 %) <sup>(c)</sup> | 29.77% | 1.54% | (9.41%) | 43.19% | 4.55 % <sup>(c)</sup> |
| Net assets at end of period (in 000s) | $25812 | $28783 | $114584 | $88909 | $100933 | $2072 |
| Ratio of net expenses to average net assets <sup>(d)</sup> | 0.68 % <sup>(e)</sup> | 0.70 % <sup>(e)(g)</sup> | 0.68% | 0.68% | 0.68% | 0.70 % <sup>(e)</sup> |
| Ratio of gross expenses to average net assets | 0.90 % <sup>(e)</sup> | 0.87 % <sup>(e)(g)</sup> | 0.83% | 0.83% | 0.90% | 1.02 % <sup>(e)</sup> |
| Ratio of net investment income to average net assets <sup>(d)</sup> | 0.31 % <sup>(e)</sup> | 1.08% | 1.12% | 0.80% | 1.00% | 0.08 % <sup>(e)</sup> |
| Portfolio turnover rate <sup>(f)</sup> | 31 % <sup>(c)</sup> | 73 % <sup>(i)</sup> | 87% | 104% | 106% | 69 % <sup>(c)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Not annualized.*

*<sup>(d)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(e)</sup>* *Annualized.*

*<sup>(f)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(g)</sup>* *Includes 0.02% of borrowing costs (Note 2).*

*<sup>(h)</sup>* *Represents the period from the commencement of operations (July 31, 2020) through October 31, 2020.*

*<sup>(i)</sup>* *Excludes in kind transactions (Note 9).*

*<sup>(1)</sup>* *Effective March 1, 2021, Westwood SMIDCap Fund was renamed as Westwood Quality SMIDCap Fund.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Quality SmallCap Fund <sup>(1)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Westwood Quality SmallCap Fund -**<br>**Institutional Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31, 2024** |<br>**Year Ended**<br>**October 31, 2023** |<br>**Year Ended**<br>**October 31, 2022** |<br>**Year Ended**<br>**October 31, 2021** |<br>**Year Ended**<br>**October 31, 2020** |
| Net asset value at beginning of period | $21.35 | $18.06 | $18.88 | $21.99 | $14.46 | $16.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.07 | 0.20 | 0.27 | 0.18 | 0.18 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (2.36) | 3.92 | (0.42) | (2.28) | 7.47 | (2.45) |
| Total from investment operations | (2.29) | 4.12 | (0.15) | (2.10) | 7.65 | (2.33) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.28) | (0.19) | (0.20) | (0.12) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.11) | (0.55) | (0.48) | (0.81) |  | (0.06) |
| Total distributions | (1.29) | (0.83) | (0.67) | (1.01) | (0.12) | (0.18) |
| Net asset value at end of period | $17.77 | $21.35 | $18.06 | $18.88 | $21.99 | $14.46 |
| Total return <sup>(b)</sup> | (11.74 %) <sup>(e)</sup> | 23.24% | (0.92%) | (10.08%) | 53.07% | (13.90%) |
| Net assets at end of period (in 000s) | $359833 | $455373 | $427774 | $476094 | $586435 | $357901 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.93 % <sup>(f)</sup> | 0.90% | 0.92% | 0.92% | 0.92% | 0.99% |
| Ratio of gross expenses to average net assets | 1.07 % <sup>(f)</sup> | 1.04% | 1.05% | 1.04% | 1.09% | 1.16% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 0.74 % <sup>(f)</sup> | 0.97% | 1.43% | 0.94% | 0.90% | 0.81% |
| Portfolio turnover rate <sup>(d)</sup> | 32 % <sup>(e)</sup> | 57% | 58% | 60% | 58% | 67% |
|  | **Six Months Ended** |  |  |  |  |  |
| **Westwood Quality SmallCap Fund -** | **April 30, 2025** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **A Class Shares** | **(Unaudited)** | **October 31, 2024** | **October 31, 2023** | **October 31, 2022** | **October 31, 2021** | **October 31, 2020** |
| Net asset value at beginning of period | $21.27 | $17.99 | $18.84 | $21.94 | $14.44 | $16.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.06 | 0.16 | 0.26 | 0.16 | 0.16 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (2.36) | 3.91 | (0.43) | (2.27) | 7.45 | (2.43) |
| Total from investment operations | (2.30) | 4.07 | (0.17) | (2.11) | 7.61 | (2.35) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.24) | (0.20) | (0.18) | (0.11) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.11) | (0.55) | (0.48) | (0.81) |  | (0.06) |
| Total distributions | (1.26) | (0.79) | (0.68) | (0.99) | (0.11) | (0.20) |
| Net asset value at end of period | $17.71 | $21.27 | $17.99 | $18.84 | $21.94 | $14.44 |
| Total return <sup>(b)</sup> | (11.78 %) <sup>(e)</sup> | 23.02% | (1.03%) | (10.15%) | 52.90% | (14.04%) |
| Net assets at end of period (in 000s) | $2647 | $3224 | $2161 | $1556 | $1470 | $881 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 1.04 % <sup>(f)</sup> | 1.04% | 1.04% | 1.04% | 1.04% | 1.09% |
| Ratio of gross expenses to average net assets | 1.18 % <sup>(f)</sup> | 1.18% | 1.17% | 1.16% | 1.22% | 1.28% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 0.60 % <sup>(f)</sup> | 0.80% | 1.38% | 0.81% | 0.77% | 0.55% |
| Portfolio turnover rate <sup>(d)</sup> | 32 % <sup>(e)</sup> | 57% | 58% | 60% | 58% | 67% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(e)</sup>* *Not annualized.*

*<sup>(f)</sup>* *Annualized.*

*<sup>(1)</sup>* *Effective March 1, 2021, Westwood SmallCap Fund was renamed as Westwood Quality SmallCap Fund.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Quality SmallCap Fund <sup>(1)</sup> (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Westwood Quality SmallCap Fund -**<br>**C Class Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31, 2024** |<br>**Year Ended**<br>**October 31, 2023** |<br>**Year Ended**<br>**October 31, 2022** |<br>**Year Ended**<br>**October 31, 2021** |<br>**Year Ended**<br>**October 31, 2020** |
| Net asset value at beginning of period | $20.93 | $17.81 | $18.62 | $21.75 | $14.34 | $16.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | (0.03) | (0.01) | 0.10 | 0.01 | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (2.31) | 3.88 | (0.41) | (2.25) | 7.44 | (2.45) |
| Total from investment operations | (2.34) | 3.87 | (0.31) | (2.24) | 7.43 | (2.46) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.20) | (0.02) | (0.08) | (0.02) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.11) | (0.55) | (0.48) | (0.81) |  | (0.06) |
| Total distributions | (1.16) | (0.75) | (0.50) | (0.89) | (0.02) | (0.18) |
| Net asset value at end of period | $17.43 | $20.93 | $17.81 | $18.62 | $21.75 | $14.34 |
| Total return <sup>(b)</sup> | (12.12 %) <sup>(f)</sup> | 22.12% | (1.77%) | (10.84%) | 51.81% | (14.67 %) |
| Net assets at end of period (in 000s) | $4089 | $2715 | $1029 | $708 | $849 | $186 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 1.79 % <sup>(g)</sup> | 1.79% | 1.79% | 1.79% | 1.79% | 1.84% |
| Ratio of gross expenses to average net assets | 1.93 % <sup>(g)</sup> | 1.93% | 1.92% | 1.91% | 1.97% | 2.02% |
| Ratio of net investment income (loss) to average net assets <sup>(c)</sup> | (0.26 %) <sup>(g)</sup> | (0.06%) | 0.51% | 0.07% | (0.04%) | (0.08 %) |
| Portfolio turnover rate <sup>(d)</sup> | 32 % <sup>(f)</sup> | 57% | 58% | 60% | 58% | 67% |
|  | **Six Months Ended** |  |  |  |  |  |
| **Westwood Quality SmallCap Fund -** | **April 30, 2025** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Period Ended** |
| **Ultra Shares** | **(Unaudited)** | **October 31, 2024** | **October 31, 2023** | **October 31, 2022** | **October 31, 2021** | **October 31, 2020<sup>(e)</sup>** |
| Net asset value at beginning of period | $21.38 | $18.08 | $18.91 | $22.01 | $14.47 | $11.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.09 | 0.22 | 0.29 | 0.21 | 0.20 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (2.38) | 3.94 | (0.43) | (2.28) | 7.48 | 2.70 |
| Total from investment operations | (2.29) | 4.16 | (0.14) | (2.07) | 7.68 | 2.75 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.31) | (0.21) | (0.22) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.11) | (0.55) | (0.48) | (0.81) |  |  |
| Total distributions | (1.31) | (0.86) | (0.69) | (1.03) | (0.14) |  |
| Net asset value at end of period | $17.78 | $21.38 | $18.08 | $18.91 | $22.01 | $14.47 |
| Total return <sup>(b)</sup> | (11.71 %) <sup>(f)</sup> | 23.41% | (0.83%) | (9.91%) | 53.29% | 23.46 % <sup>(f)</sup> |
| Net assets at end of period (in 000s) | $535693 | $638196 | $608142 | $511179 | $506444 | $151903 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.79 % <sup>(g)</sup> | 0.79% | 0.79% | 0.79% | 0.79% | 0.81 % <sup>(g)</sup> |
| Ratio of gross expenses to average net assets | 0.93 % <sup>(g)</sup> | 0.93% | 0.92% | 0.91% | 0.97% | 1.10 % <sup>(g)</sup> |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 0.87 % <sup>(g)</sup> | 1.07% | 1.52% | 1.07% | 0.95% | 0.63 % <sup>(g)</sup> |
| Portfolio turnover rate <sup>(d)</sup> | 32 % <sup>(f)</sup> | 57% | 58% | 60% | 58% | 67 % <sup>(f)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(e)</sup>* *Represents the period from the commencement of operations (March 31, 2020) through October 31, 2020.*

*<sup>(f)</sup>* *Not annualized.*

*<sup>(g)</sup>* *Annualized.*

*<sup>(1)</sup>* *Effective March 1, 2021, Westwood SmallCap Fund was renamed as Westwood Quality SmallCap Fund.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Quality AllCap Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Westwood Quality AllCap Fund - Institutional Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31, 2024** |<br>**Year Ended**<br>**October 31, 2023** |<br>**Year Ended**<br>**October 31, 2022** |<br>**Period Ended**<br>**October 31, 2021<sup>(a)</sup>** |
| Net asset value at beginning of period | $12.02 | $10.02 | $10.03 | $10.59 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.07 | 0.15 | 0.16 | 0.16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.28) | 2.22 |  | (0.67) | 0.59 |
| Total from investment operations | (0.21) | 2.37 | 0.16 | (0.51) | 0.59 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.17) | (0.17) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.45) | (0.20) |  | (0.02) |  |
| Total distributions | (0.61) | (0.37) | (0.17) | (0.05) |  |
| Net asset value at end of period | $11.20 | $12.02 | $10.02 | $10.03 | $10.59 |
| Total return <sup>(c)</sup> | (1.92 %) <sup>(d)</sup> | 24.16% | 1.56% | (4.86%) | 5.90 % <sup>(d)</sup> |
| Net assets at end of period (in 000s) | $508 | $561 | $197 | $553 | $529 |
| Ratio of net expenses to average net assets <sup>(e)</sup> | 0.58 % <sup>(f)</sup> | 0.53% | 0.48% | 0.45% | 0.65 % <sup>(f)</sup> |
| Ratio of gross expenses to average net assets | 1.09 % <sup>(f)</sup> | 0.97% | 0.91% | 0.93% | 2.25 % <sup>(f)</sup> |
| Ratio of net investment income to average net assets <sup>(e)</sup> | 1.15 % <sup>(f)</sup> | 1.33% | 1.56% | 1.55% | 0.22 % <sup>(f)</sup> |
| Portfolio turnover rate <sup>(g)</sup> | 40 % <sup>(d)</sup> | 73% | 84% | 101% | 4 % <sup>(d)</sup> |
|  | **Six Months Ended** |  |  |  |  |
|  | **April 30, 2025** | **Year Ended** | **Year Ended** | **Year Ended** | **Period Ended** |
| **Westwood Quality AllCap Fund - Ultra Shares** | **(Unaudited)** | **October 31, 2024** | **October 31, 2023** | **October 31, 2022** | **October 31, 2021<sup>(a)</sup>** |
| Net asset value at beginning of period | $12.04 | $10.02 | $10.03 | $10.59 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.07 | 0.17 | 0.16 | 0.16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.28) | 2.22 |  | (0.67) | 0.59 |
| Total from investment operations | (0.21) | 2.39 | 0.16 | (0.51) | 0.59 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.17) | (0.17) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.45) | (0.20) |  | (0.02) |  |
| Total distributions | (0.62) | (0.37) | (0.17) | (0.05) |  |
| Net asset value at end of period | $11.21 | $12.04 | $10.02 | $10.03 | $10.59 |
| Total return <sup>(c)</sup> | (1.92 %) <sup>(d)</sup> | 24.39% | 1.53% | (4.81%) | 5.90 % <sup>(d)</sup> |
| Net assets at end of period (in 000s) | $19626 | $21975 | $20153 | $21750 | $21715 |
| Ratio of net expenses to average net assets <sup>(e)</sup> | 0.45 % <sup>(f)</sup> | 0.45% | 0.45% | 0.45% | 0.45 % <sup>(f)</sup> |
| Ratio of gross expenses to average net assets | 0.96 % <sup>(f)</sup> | 0.89% | 0.88% | 0.93% | 2.07 % <sup>(f)</sup> |
| Ratio of net investment income to average net assets <sup>(e)</sup> | 1.29 % <sup>(f)</sup> | 1.51% | 1.57% | 1.55% | 0.44 % <sup>(f)</sup> |
| Portfolio turnover rate <sup>(g)</sup> | 40 % <sup>(d)</sup> | 73% | 84% | 101% | 4 % <sup>(d)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Represents the period from the commencement of operations (September 30, 2021) through October 31, 2021.*

*<sup>(b)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(c)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4)*

*<sup>(d)</sup>* *Not annualized.*

*<sup>(e)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4)*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Income Opportunity Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Westwood Income Opportunity Fund -**<br>**Institutional Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31, 2024** |<br>**Year Ended**<br>**October 31, 2023** |<br>**Year Ended**<br>**October 31, 2022** |<br>**Year Ended**<br>**October 31, 2021** |<br>**Year Ended**<br>**October 31, 2020** |
| Net asset value at beginning of period | $12.00 | $10.46 | $10.59 | $13.92 | $12.84 | $15.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.20 | 0.41 | 0.38 | 0.30 | 0.23 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.28) | 1.65 | (0.12) | (2.19) | 1.90 | 0.34 |
| Total from investment operations | (0.08) | 2.06 | 0.26 | (1.89) | 2.13 | 0.56 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.44) | (0.39) | (0.28) | (0.50) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (1.16) | (0.55) | (3.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (0.08) |  |  |  |  |
| Total distributions | (0.26) | (0.52) | (0.39) | (1.44) | (1.05) | (3.61) |
| Net asset value at end of period | $11.66 | $12.00 | $10.46 | $10.59 | $13.92 | $12.84 |
| Total return <sup>(b)</sup> | (0.71 %) <sup>(e)</sup> | 19.85% | 2.35% | (14.97%) | 17.21% | 4.59% |
| Net assets at end of period (in 000s) | $357782 | $368844 | $391661 | $579772 | $814633 | $662612 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.82 % <sup>(f)</sup> | 0.83% | 0.81% | 0.81% | 0.85% | 0.89% |
| Ratio of gross expenses to average net assets | 0.82 % <sup>(f)</sup> | 0.83% | 0.81% | 0.81% | 0.86% | 0.89% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 3.42 % <sup>(f)</sup> | 3.53% | 3.44% | 2.52% | 1.68% | 1.69% |
| Portfolio turnover rate <sup>(d)</sup> | 36 % <sup>(e)</sup> | 57% | 88% | 81% | 82% | 111% |
|  | **Six Months Ended** |  |  |  |  |  |
| **Westwood Income Opportunity Fund - A** | **April 30, 2025** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **Class Shares** | **(Unaudited)** | **October 31, 2024** | **October 31, 2023** | **October 31, 2022** | **October 31, 2021** | **October 31, 2020** |
| Net asset value at beginning of period | $11.99 | $10.45 | $10.57 | $13.90 | $12.83 | $15.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.19 | 0.39 | 0.36 | 0.27 | 0.20 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.28) | 1.65 | (0.11) | (2.19) | 1.88 | 0.34 |
| Total from investment operations | (0.09) | 2.04 | 0.25 | (1.92) | 2.08 | 0.52 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.25) | (0.42) | (0.37) | (0.25) | (0.46) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (1.16) | (0.55) | (3.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (0.08) |  |  |  |  |
| Total distributions | (0.25) | (0.50) | (0.37) | (1.41) | (1.01) | (3.57) |
| Net asset value at end of period | $11.65 | $11.99 | $10.45 | $10.57 | $13.90 | $12.83 |
| Total return <sup>(b)</sup> | (0.79 %) <sup>(e)</sup> | 19.68% | 2.25% | (15.21%) | 16.86% | 4.34% |
| Net assets at end of period (in 000s) | $41149 | $43706 | $44318 | $55296 | $62614 | $48051 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 1.00 % <sup>(f)</sup> | 1.00% | 0.99% | 1.06% | 1.10% | 1.14% |
| Ratio of gross expenses to average net assets | 1.00 % <sup>(f)</sup> | 1.00% | 0.99% | 1.06% | 1.11% | 1.14% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 3.24 % <sup>(f)</sup> | 3.36% | 3.27% | 2.27% | 1.44% | 1.43% |
| Portfolio turnover rate <sup>(d)</sup> | 36 % <sup>(e)</sup> | 57% | 88% | 81% | 82% | 111% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(e)</sup>* *Not annualized.*

*<sup>(f)</sup>* *Annualized.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Income Opportunity Fund (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Westwood Income Opportunity Fund -**<br>**C Class Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31, 2024** |<br>**Year Ended**<br>**October 31, 2023** |<br>**Year Ended**<br>**October 31, 2022** |<br>**Year Ended**<br>**October 31, 2021** |<br>**Year Ended**<br>**October 31, 2020** |
| Net asset value at beginning of period | $11.92 | $10.40 | $10.53 | $13.84 | $12.79 | $15.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.15 | 0.30 | 0.27 | 0.18 | 0.10 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.28) | 1.63 | (0.12) | (2.16) | 1.88 | 0.36 |
| Total from investment operations | (0.13) | 1.93 | 0.15 | (1.98) | 1.98 | 0.42 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.34) | (0.28) | (0.17) | (0.38) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (1.16) | (0.55) | (3.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (0.07) |  |  |  |  |
| Total distributions | (0.20) | (0.41) | (0.28) | (1.33) | (0.93) | (3.51) |
| Net asset value at end of period | $11.59 | $11.92 | $10.40 | $10.53 | $13.84 | $12.79 |
| Total return <sup>(b)</sup> | (1.08 %) <sup>(f)</sup> | 18.71% | 1.40% | (15.75 %) | 16.03% | 3.52% |
| Net assets at end of period (in 000s) | $12351 | $12555 | $11626 | $12743 | $13323 | $4453 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 1.75 % <sup>(g)</sup> | 1.75% | 1.74% | 1.81% | 1.85% | 1.90% |
| Ratio of gross expenses to average net assets | 1.75 % <sup>(g)</sup> | 1.75% | 1.74% | 1.81% | 1.86% | 1.90% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 2.49 % <sup>(g)</sup> | 2.61% | 2.51% | 1.52% | 0.70% | 0.4<br> 8% |
| Portfolio turnover rate <sup>(d)</sup> | 36 % <sup>(f)</sup> | 57% | 88% | 81% | 82% | 111% |
|  |  |  |  | **Six Months Ended** |  |  |
|  |  |  |  | **April 30, 2025** | **Year Ended** | **Period Ended** |
| **Westwood Income Opportunity Fund - Ultra Shares** |  |  |  | **(Unaudited)** | **October 31, 2024** | **October 31, 2023 <sup>(e)</sup>** |
| Net asset value at beginning of period |  |  |  | $11.99 | $10.46 | $11.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> |  |  | 0.21 | 0.42 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments |  |  | (0.27) | 1.64 | (0.62) |
| Total from investment operations | Total from investment operations |  |  | (0.06) | 2.06 | (0.27) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  | (0.27) | (0.44) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.09) |  |
| Total distributions |  |  |  | (0.27) | (0.53) | (0.39) |
| Net asset value at end of period |  |  |  | $11.66 | $11.99 | $10.46 |
| Total return <sup>(b)</sup> |  |  |  | (0.58 %) <sup>(f)</sup> | 19.86% | (2.47)% <sup>(f)</sup> |
| Net assets at end of period (in 000s) |  |  |  | $95608 | $96228 | $61524 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | Ratio of net expenses to average net assets <sup>(c)</sup> |  |  | 0.75 % <sup>(g)</sup> | 0.75% | 0.74 % <sup>(g)</sup> |
| Ratio of gross expenses to average net assets | Ratio of gross expenses to average net assets |  |  | 0.75 % <sup>(g)</sup> | 0.75% | 0.74 % <sup>(g)</sup> |
| Ratio of net investment income to average net assets <sup>(c)</sup> | Ratio of net investment income to average net assets <sup>(c)</sup> |  |  | 3.48 % <sup>(g)</sup> | 3.59% | 3.51 % <sup>(g)</sup> |
| Portfolio turnover rate <sup>(d)</sup> |  |  |  | 36 % <sup>(f)</sup> | 57% | 88 % <sup>(f)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(e)</sup>* *Represents the period from the commencement of operations (November 30, 2022) through October 31, 2023.*

*<sup>(f)</sup>* *Not annualized.*

*<sup>(g)</sup>* *Annualized.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Multi-Asset Income Fund <sup>(1)(2)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Westwood Multi-Asset Income Fund -**<br>**Institutional Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31, 2024** |<br>**Year Ended**<br>**October 31, 2023** |<br>**Year Ended**<br>**October 31, 2022** |<br>**Year Ended**<br>**October 31, 2021** |<br>**Year Ended**<br>**October 31, 2020** |
| Net asset value at beginning of period | $9.93 | $8.85 | $8.95 | $10.67 | $9.55 | $9.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.32 | 0.57 | 0.50 | 0.42 | 0.35 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.37) | 1.08 | (0.11) | (1.71) | 1.14 | 0.29 |
| Total from investment operations | (0.05) | 1.65 | 0.39 | (1.29) | 1.49 | 0.64 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.31) | (0.57) | (0.49) | (0.43) | (0.37) | (0.34) |
| Total distributions | (0.31) | (0.57) | (0.49) | (0.43) | (0.37) | (0.34) |
| Net asset value at end of period | $9.57 | $9.93 | $8.85 | $8.95 | $10.67 | $9.55 |
| Total return <sup>(b)</sup> | (0.57 %) <sup>(g)</sup> | 18.97% | 4.27% | (12.38%) | 15.69% | 7.14% |
| Net assets at end of period (in 000s) | $96291 | $88234 | $93810 | $96636 | $94360 | $72914 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.18 % <sup>(f)(h)</sup> | 0.88 % <sup>(e)(f)</sup> | 0.71% | 0.80% | 0.80% | 0.27% |
| Ratio of gross expenses to average net assets | 0.29 % <sup>(h)</sup> | 0.97 % <sup>(e)</sup> | 0.78% | 0.87% | 0.96% | 0.59% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 6.56 % <sup>(f)(h)</sup> | 5.90 % <sup>(f)</sup> | 5.42% | 4.31% | 3.37% | 3.78% |
| Portfolio turnover rate <sup>(d)</sup> | 30 % <sup>(g)</sup> | 65% | 52% | 62% | 67% | 130% |
|  | **Six Months Ended** |  |  |  |  |  |
| **Westwood Multi-Asset Income Fund - A** | **April 30, 2025** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **Class Shares** | **(Unaudited)** | **October 31, 2024** | **October 31, 2023** | **October 31, 2022** | **October 31, 2021** | **October 31, 2020** |
| Net asset value at beginning of period | $9.98 | $8.89 | $9.00 | $10.72 | $9.60 | $9.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.31 | 0.55 | 0.47 | 0.39 | 0.33 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.37) | 1.09 | (0.11) | (1.71) | 1.13 | 0.29 |
| Total from investment operations | (0.06) | 1.64 | 0.36 | (1.32) | 1.46 | 0.63 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.55) | (0.47) | (0.40) | (0.34) | (0.32) |
| Total distributions | (0.29) | (0.55) | (0.47) | (0.40) | (0.34) | (0.32) |
| Net asset value at end of period | $9.63 | $9.98 | $8.89 | $9.00 | $10.72 | $9.60 |
| Total return <sup>(b)</sup> | (0.62 %) <sup>(g)</sup> | 18.73% | 3.91% | (12.54%) | 15.34% | 7.01% |
| Net assets at end of period (in 000s) | $8919 | $8248 | $7095 | $2321 | $1623 | $320 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.41 % <sup>(f)(h)</sup> | 1.12 %(e)(f) | 0.94% | 1.15% | 1.05% | 0.48% |
| Ratio of gross expenses to average net assets | 0.52 % <sup>(h)</sup> | 1.21 %(e) | 1.01% | 1.22% | 1.21% | 0.82% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 6.34 % <sup>(f)(h)</sup> | 5.66 %(f) | 5.07% | 3.95% | 3.05% | 3.61% |
| Portfolio turnover rate <sup>(d)</sup> | 30 % <sup>(g)</sup> | 65% | 52% | 62% | 67% | 130% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(e)</sup>* *Includes 0.01% of borrowing costs (Note 2).*

*<sup>(f)</sup>* *Includes 0.00% of affiliated management fee waived by Adviser (Note 4).*

*<sup>(g)</sup>* *Not annualized.*

*<sup>(h)</sup>* *Annualized.*

*<sup>(1)</sup>* *Effective November 1, 2019, Westwood Short Duration Multi-Asset Yield Fund was renamed as Westwood High Income Fund.*

*<sup>(2)</sup>* *Effective March 31, 2024, Westwood High Income Fund was renamed as Westwood Multi-Asset Income Fund.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Alternative Income Fund <sup>(1)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Westwood Alternative Income Fund -**<br>**Institutional Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31, 2024** |<br>**Year Ended**<br>**October 31, 2023** |<br>**Year Ended**<br>**October 31, 2022** |<br>**Year Ended**<br>**October 31, 2021** |<br>**Year Ended**<br>**October 31, 2020** |
| Net asset value at beginning of period | $9.66 | $9.13 | $10.39 | $11.02 | $10.47 | $10.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.08 | 0.20 | 0.29 | 0.20 | 0.16 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.23 | 0.65 | 0.13 | (0.51) | 0.49 | 0.46 |
| Total from investment operations | 0.31 | 0.85 | 0.42 | (0.31) | 0.65 | 0.64 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.07) | (1.59) | (0.17) | (0.10) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.15) |  | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (0.25) | (0.09) |  |  |  |
| Total distributions | (0.12) | (0.32) | (1.68) | (0.32) | (0.10) | (0.42) |
| Net asset value at end of period | $9.85 | $9.66 | $9.13 | $10.39 | $11.02 | $10.47 |
| Total return <sup>(b)</sup> | 3.20 % <sup>(g)</sup> | 9.39% | 4.48% | (2.88%) | 6.19% | 6.44% |
| Net assets at end of period (in 000s) | $107664 | $94691 | $86793 | $67312 | $53734 | $22772 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.50 % <sup>(h)</sup> | 0.99 % <sup>(d)</sup> | 0.34% | 0.30% | 0.96% | 0.90% |
| Ratio of gross expenses to average net assets | 0.71 % <sup>(h)</sup> | 1.22 % <sup>(d)</sup> | 0.60% | 0.44% | 1.21% | 1.40% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 1.70 % <sup>(h)</sup> | 2.12% | 3.08% | 1.91% | 1.45% | 1.79% |
| Portfolio turnover rate <sup>(e)</sup> | 35 % <sup>(g)</sup> | 51% | 92% | 128% | 125% | 137% |
|  | **Six Months Ended** |  |  |  |  |  |
| **Westwood Alternative Income Fund - A** | **April 30, 2025** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Period Ended** |
| **Class Shares** | **(Unaudited)** | **October 31, 2024** | **October 31, 2023** | **October 31, 2022** | **October 31, 2021** | **October 31, 2020<sup>(f)</sup>** |
| Net asset value at beginning of period | $9.65 | $9.12 | $10.39 | $11.00 | $10.46 | $9.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | (0.16) | 0.15 | 0.27 | 0.18 | 0.14 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.45 | 0.69 | 0.13 | (0.49) | 0.48 | 0.62 |
| Total from investment operations | 0.29 | 0.84 | 0.40 | (0.31) | 0.62 | 0.72 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.07) | (1.58) | (0.15) | (0.08) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.15) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (0.24) | (0.09) |  |  |  |
| Total distributions | (0.11) | (0.31) | (1.67) | (0.30) | (0.08) | (0.04) |
| Net asset value at end of period | $9.83 | $9.65 | $9.12 | $10.39 | $11.00 | $10.46 |
| Total return <sup>(b)</sup> | 3.07 % <sup>(g)</sup> | 9.33% | 4.25% | (2.88%) | 5.97% | 7.35 % <sup>(g)</sup> |
| Net assets at end of period (in 000s) | $829 | $463 | $34 | $33 | $68 | $28 |
| Ratio of net expenses to average net assets <sup>(c)</sup> | 0.62 % <sup>(h)</sup> | 1.09 % <sup>(d)</sup> | 0.46% | 0.45% | 1.11% | 1.15 % <sup>(h)</sup> |
| Ratio of gross expenses to average net assets | 0.83 % <sup>(h)</sup> | 1.32 % <sup>(d)</sup> | 0.72% | 0.59% | 1.38% | 1.67 % <sup>(h)</sup> |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 1.53 % <sup>(h)</sup> | 1.61% | 2.90% | 1.69% | 1.32% | 1.61 % <sup>(h)</sup> |
| Portfolio turnover rate <sup>(e)</sup> | 35 % <sup>(g)</sup> | 51% | 92% | 128% | 125% | 137 % <sup>(g)</sup> |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Includes 0.01% of borrowing costs (Note 2).*

*<sup>(e)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(f)</sup>* *Represents the period from the commencement of operations (March 31, 2020) through October 31, 2020.*

*<sup>(g)</sup>* *Not annualized.*

*<sup>(h)</sup>* *Annualized.*

*<sup>(1)</sup>* *Effective November 1, 2019, Westwood Market Neutral Income Fund was renamed as Westwood Alternative Income Fund.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Alternative Income Fund <sup>(1)</sup> (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Westwood Alternative Income Fund -**<br>**Ultra Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31, 2024** |<br>**Year Ended**<br>**October 31, 2023** |<br>**Year Ended**<br>**October 31, 2022** |<br>**Year Ended**<br>**October 31, 2021** |<br>**Year Ended**<br>**October 31, 2020** |
| Net asset value at beginning of period | $9.66 | $9.13 | $10.40 | $11.02 | $10.47 | $10.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.08 | 0.22 | 0.29 | 0.20 | 0.17 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.24 | 0.64 | 0.14 | (0.49) | 0.48 | 0.46 |
| Total from investment operations | 0.32 | 0.86 | 0.43 | (0.29) | 0.65 | 0.65 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.07) | (1.61) | (0.18) | (0.10) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.15) |  | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (0.26) | (0.09) |  |  |  |
| Total distributions | (0.13) | (0.33) | (1.70) | (0.33) | (0.10) | (0.43) |
| Net asset value at end of period | $9.85 | $9.66 | $9.13 | $10.40 | $11.02 | $10.47 |
| Total return <sup>(b)</sup> | 3.29 % <sup>(c)</sup> | 9.52% | 4.50% | (2.69%) | 6.26% | 6.54% |
| Net assets at end of period (in 000s) | $42057 | $27792 | $54200 | $88734 | $128329 | $86386 |
| Ratio of net expenses to average net assets <sup>(d)</sup> | 0.37 % <sup>(f)</sup> | 0.85 % <sup>(e)</sup> | 0.21% | 0.20% | 0.85% | 0.87% |
| Ratio of gross expenses to average net assets | 0.58 % <sup>(f)</sup> | 1.08 % <sup>(e)</sup> | 0.47% | 0.34% | 1.12% | 1.40% |
| Ratio of net investment income to average net assets <sup>(d)</sup> | 1.80 % <sup>(f)</sup> | 2.35% | 3.10% | 1.95% | 1.53% | 1.86% |
| Portfolio turnover rate <sup>(g)</sup> | 35 % <sup>(c)</sup> | 51% | 92% | 128% | 125% | 137% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Not annualized.*

*<sup>(d)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(e)</sup>* *Includes 0.01% of borrowing costs (Note 2).*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(1)</sup>* *Effective November 1, 2019, Westwood Market Neutral Income Fund was renamed as Westwood Alternative Income Fund.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Salient MLP & Energy Infrastructure Fund <sup>(1)</sup>** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Westwood Salient MLP &**<br>**Energy Infrastructure Fund -**<br>**Institutional Shares <sup>(2)</sup>** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Ten Months Ended**<br>**October 31, 2024<sup>(3)</sup>** |<br>**Year Ended**<br>**December 31, 2023<sup>(4)</sup>** |<br>**Year Ended**<br>**December 31, 2022** |<br>**Year Ended**<br>**December 31, 2021** |<br>**Year Ended**<br>**December 31, 2020** |<br>**Year Ended**<br>**December 31, 2019** |
| Net asset value at beginning of period | $9.80 | $7.83 | $7.30 | $6.50 | $5.50 | $7.05 | $6.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.25 | 0.11 | 0.10 | 0.04 | (0.02) | 0.08 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.17 | 2.21 | 0.88 | 1.08 | 1.34 | (1.31) | 0.99 |
| Total from investment operations | 0.42 | 2.32 | 0.98 | 1.12 | 1.32 | (1.23) | 1.03 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.35) | (0.28) |  |  |  | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.17) | (0.32) | (0.32) | (0.32) | (0.14) |
| Total distributions | (0.23) | (0.35) | (0.45) | (0.32) | (0.32) | (0.32) | (0.32) |
| Tax expense reimbursements by Adviser (Note 2) |  |  | —<sup>(5)</sup> |  |  |  |  |
| Net asset value at end of period | $9.99 | $9.80 | $7.83 | $7.30 | $6.50 | $5.50 | $7.05 |
| Total return <sup>(b)</sup> | 4.18 % <sup>(c)</sup> | 30.24 % <sup>(c)</sup> | 13.97% | 17.22% | 24.11% | (17.32%) | 16.33% |
| Net assets at end of period (in 000s) | $1042568 | $972519 | $739542 | $779843 | $566980 | $393743 | $617790 |
| Ratio of net expenses to average net assets (including tax expense/benefit) <sup>(d)</sup> | 1.05 % <sup>(e)(h)</sup> | 1.07 % <sup>(e)(h)</sup> | 1.11% | 1.35 % <sup>(f)</sup> | 1.29% | 1.30% | 1.26% |
| Ratio of net expenses to average net assets (excluding tax expense/benefit) <sup>(d)</sup> | 1.04 % <sup>(e)(h)</sup> | 1.07 % <sup>(e)(h)</sup> | 1.11% | 1.35 % <sup>(f)</sup> | 1.29% | 1.30% | 1.24% |
| Ratio of gross expenses to average net assets (including tax expense/benefit) | 1.09 % <sup>(e)</sup> | 1.10 % <sup>(e)</sup> | 1.15% | 1.35% | 1.27% | 1.33% | 1.24% |
| Ratio of net investment income (loss) to average net assets <sup>(d)</sup> | 4.75 % <sup>(e)(h)</sup> | 1.46 % <sup>(e)(h)</sup> | 1.36% | 0.52% | (27.00%) | 1.55% | 0.50% |
| Portfolio turnover rate <sup>(g)</sup> | 35 % <sup>(c)</sup> | 74 % <sup>(c)</sup> | 91% | 86% | 248% | 260% | 66% |
| **Westwood Salient MLP &** | **Six Months Ended** |  |  |  |  |  |  |
| **Energy Infrastructure Fund -** | **April 30, 2025** | **Ten Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **A Class Shares** | **(Unaudited)** | **October 31, 2024<sup>(3)</sup>** | **December 31, 2023<sup>(4)</sup>** | **December 31, 2022** | **December 31, 2021** | **December 31, 2020** | **December 31, 2019** |
| Net asset value at beginning of period | $9.85 | $7.88 | $7.34 | $6.53 | $5.53 | $7.07 | $6.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.23 | 0.09 | 0.08 | 0.02 | (0.03) | 0.07 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.19 | 2.21 | 0.89 | 1.09 | 1.34 | (1.31) | 1.00 |
| Total from investment operations | 0.42 | 2.30 | 0.97 | 1.11 | 1.31 | (1.24) | 1.02 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.33) | (0.27) |  |  |  | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.16) | (0.30) | (0.31) | (0.30) | (0.14) |
| Total distributions | (0.22) | (0.33) | (0.43) | (0.30) | (0.31) | (0.30) | (0.31) |
| Tax expense reimbursements by Adviser (Note 2) |  |  | —<sup>(5)</sup> |  |  |  |  |
| Net asset value at end of period | $10.05 | $9.85 | $7.88 | $7.34 | $6.53 | $5.53 | $7.07 |
| Total return <sup>(b)</sup> | 4.13 % <sup>(c)</sup> | 29.79 % <sup>(c)</sup> | 13.75% | 17.00% | 23.74% | (17.43%) | 16.03% |
| Net assets at end of period (in 000s) | $154843 | $154629 | $134627 | $151353 | $92027 | $63681 | $110549 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Salient MLP & Energy Infrastructure Fund <sup>(1)</sup> (Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Westwood Salient MLP &**<br>**Energy Infrastructure Fund -**<br>**A Class Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Ten Months Ended**<br>**October 31, 2024<sup>(3)</sup>** |<br>**Year Ended**<br>**December 31, 2023<sup>(4)</sup>** |<br>**Year Ended**<br>**December 31, 2022** |<br>**Year Ended**<br>**December 31, 2021** |<br>**Year Ended**<br>**December 31, 2020** |<br>**Year Ended**<br>**December 31, 2019** |
| Ratio of net expenses to average net assets (including tax expense/benefit) <sup>(d)</sup> | 1.31 % <sup>(e)(h)</sup> | 1.35 % <sup>(e)(h)</sup> | 1.36% | 1.61 % <sup>(f)</sup> | 1.50% | 1.55% | 1.47% |
| Ratio of net expenses to average net assets (excluding tax expense/benefit) <sup>(d)</sup> | 1.30 % <sup>(e)(h)</sup> | 1.35 % <sup>(e)(h)</sup> | 1.36% | 1.61 % <sup>(f)</sup> | 1.50% | 1.55% | 1.49% |
| Ratio of gross expenses to average net assets (including tax expense/benefit) | 1.35 % <sup>(e)</sup> | 1.38 % <sup>(e)</sup> | 1.40% | 1.61% | 1.50% | 1.56% | 1.47% |
| Ratio of net investment income (loss) to average net assets <sup>(d)</sup> | 4.49 % <sup>(e)(h)</sup> | 1.21 % <sup>(e)(h)</sup> | 1.12% | 0.23% | (0.42%) | 1.29% | 0.24% |
| Portfolio turnover rate <sup>(g)</sup> | 35 % <sup>(c)</sup> | 74 % <sup>(c)</sup> | 91% | 86% | 248% | 260% | 66% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Not annualized.*

*<sup>(d)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(e)</sup>* *Annualized.*

*<sup>(f)</sup>* *Net expense ratio exceeded the expense limitation during the year ended December 31, 2022 due to reorganization expenses (Note 8).*

*<sup>(g)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(h)</sup>* *Includes 0.04% and 0.03% of affiliated management fee waived by Adviser for the six months ended April 30, 2025 and ten months ended October 31, 2024, respectively (Note 4).*

*<sup>(1)</sup>* *Prior to November 18, 2022, Westwood Salient MLP & Energy Infrastructure Fund was known as Salient MLP & Energy Infrastructure Fund.*

*<sup>(2)</sup>* *Prior to November 18, 2022, Institutional Shares were I Share Class.*

*<sup>(3)</sup>* *Fund changed fiscal year to October 31.*

*<sup>(4)</sup>* *Includes adjustments in accordance with accounting principals generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.*

*<sup>(5)</sup>* *The Adviser reimbursed the Fund $332,497 for losses incurred from tax expenses for the year ended December 31, 2023 the net impact to the Fund was less than $0.005 per share.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Salient MLP & Energy Infrastructure Fund <sup>(1)</sup> (Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Westwood Salient MLP &**<br>**Energy Infrastructure Fund -**<br>**C Class Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Ten Months Ended**<br>**October 31, 2024<sup>(3)</sup>** |<br>**Year Ended**<br>**December 31, 2023<sup>(4)</sup>** |<br>**Year Ended**<br>**December 31, 2022** |<br>**Year Ended**<br>**December 31, 2021** |<br>**Year Ended**<br>**December 31, 2020** |<br>**Year Ended**<br>**December 31, 2019** |
| Net asset value at beginning of period | $9.80 | $7.85 | $7.30 | $6.50 | $5.50 | $7.02 | $6.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.19 | 0.03 | 0.03 | (0.03) | (0.08) | 0.03 | (0.03)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.18 | 2.20 | 0.90 | 1.07 | 1.34 | (1.31) | 0.98 (i) |
| Total from investment operations | 0.37 | 2.23 | 0.93 | 1.04 | 1.26 | (1.28) | 0.95 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.28) | (0.24) |  |  |  | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.14) | (0.24) | (0.26) | (0.24) | (0.11) |
| Total distributions | (0.18) | (0.28) | (0.38) | (0.24) | (0.26) | (0.24) | (0.25) |
| Tax expense reimbursements by Adviser (Note 2) |  |  | —<sup>(5)</sup> |  |  |  |  |
| Net asset value at end of period | $9.99 | $9.80 | $7.85 | $7.30 | $6.50 | $5.50 | $7.02 |
| Total return <sup>(b)</sup> | 3.68 % <sup>(c)</sup> | 28.91 % <sup>(c)</sup> | 13.12% | 15.98% | 22.91% | (18.16%) | 15.15% |
| Net assets at end of period (in 000s) | $16754 | $15499 | $13741 | $15694 | $17726 | $20468 | $37346 |
| Ratio of net expenses to average net assets (including tax expense/benefit) <sup>(d)</sup> | 2.06 % <sup>(e)(h)</sup> | 2.10 % <sup>(e)(h)</sup> | 2.09% | 2.34 %(f) | 2.29% | 2.30% | 2.22% |
| Ratio of net expenses to average net assets (excluding tax expense/benefit) <sup>(d)</sup> | 2.05 % <sup>(e)(h)</sup> | 2.10 % <sup>(e)(h)</sup> | 2.09% | 2.34 %(f) | 2.29% | 2.30% | 2.24% |
| Ratio of gross expenses to average net assets (including tax expense/benefit) | 2.10 % <sup>(e)</sup> | 2.13 % <sup>(e)</sup> | 2.13% | 2.34% | 2.26% | 2.32% | 2.22% |
| Ratio of net investment income (loss) to average net assets <sup>(d)</sup> | 3.74 % <sup>(e)(h)</sup> | 0.47 % <sup>(e)(h)</sup> | 0.37% | (0.47 %) | (1.26%) | 0.57% | (0.48 %) |
| Portfolio turnover rate <sup>(g)</sup> | 35 % <sup>(c)</sup> | 74 % <sup>(c)</sup> | 91% | 86% | 248% | 260% | 66% |
| **Westwood Salient MLP &** | **Six Months Ended** |  |  |  |  |  |  |
| **Energy Infrastructure Fund -** | **April 30, 2025** | **Ten Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **Ultra Shares <sup>(3)</sup>** | **(Unaudited)** | **October 31, 2024<sup>(3)</sup>** | **December 31, 2023<sup>(4)</sup>** | **December 31, 2022** | **December 31, 2021** | **December 31, 2020** | **December 31, 2019** |
| Net asset value at beginning of period | $9.80 | $7.84 | $7.30 | $6.51 | $5.50 | $7.05 | $6.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.25 | 0.11 | 0.11 | 0.04 | (0.01) | 0.08 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.17 | 2.20 | 0.89 | 1.08 | 1.35 | (1.31) | 0.99 |
| Total from investment operations | 0.42 | 2.31 | 1.00 | 1.12 | 1.34 | (1.23) | 1.03 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.35) | (0.29) |  |  |  | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.17) | (0.33) | (0.33) | (0.32) | (0.14) |
| Total distributions | (0.23) | (0.35) | (0.46) | (0.33) | (0.33) | (0.32) | (0.32) |
| Tax expense reimbursements by Adviser (Note 2) |  |  | —<sup>(5)</sup> |  |  |  |  |
| Net asset value at end of period | $9.99 | $9.80 | $7.84 | $7.30 | $6.51 | $5.50 | $7.05 |
| Total return <sup>(c)</sup> | 4.22 % <sup>(c)</sup> | 30.15 % <sup>(c)</sup> | 14.22% | 17.12% | 24.41% | (17.27%) | 16.42% |
| Net assets at end of period (in 000s) | $5505 | $5410 | $4328 | $30710 | $29645 | $32949 | $23879 |

---

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Salient MLP & Energy Infrastructure Fund <sup>(1)</sup> (Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Westwood Salient MLP &**<br>**Energy Infrastructure Fund -**<br>**Ultra Shares <sup>(3)</sup>** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Ten Months Ended**<br>**October 31, 2024<sup>(3)</sup>** |<br>**Year Ended**<br>**December 31, 2023<sup>(4)</sup>** |<br>**Year Ended**<br>**December 31, 2022** |<br>**Year Ended**<br>**December 31, 2021** |<br>**Year Ended**<br>**December 31, 2020** |<br>**Year Ended**<br>**December 31, 2019** |
| Ratio of net expenses to average net assets (including tax expense/benefit) <sup>(d)</sup> | 0.96 % <sup>(e)(h)</sup> | 1.00 % <sup>(e)(h)</sup> | 1.03% | 1.27 % <sup>(f)</sup> | 1.20% | 1.26% | 1.16% |
| Ratio of net expenses to average net assets (excluding tax expense/benefit) <sup>(d)</sup> | 0.95 % <sup>(e)(h)</sup> | 1.00 % <sup>(e)(h)</sup> | 10.20% | 1.27 % <sup>(f)</sup> | 1.20% | 1.26% | 1.18% |
| Ratio of gross expenses to average net assets (including tax expense/benefit) | 1.00 % <sup>(e)</sup> | 1.03 % <sup>(e)</sup> | 1.06% | 1.27% | 1.20% | 1.26% | 1.16% |
| Ratio of net investment income (loss) to average net assets <sup>(d)</sup> | 4.85 % <sup>(e)(h)</sup> | 1.54 % <sup>(e)(h)</sup> | 1.42% | 0.59% | (0.19%) | 1.62% | 0.59% |
| Portfolio turnover rate <sup>(g)</sup> | 35 % <sup>(c)</sup> | 74 % <sup>(c)</sup> | 91% | 86% | 248% | 260% | 66% |

---

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Not annualized.*

*<sup>(d)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(e)</sup>* *Annualized.*

*<sup>(f)</sup>* *Net expense ratio exceeded the expense limitation during the year ended December 31, 2022 due to reorganization expenses (Note 8).*

*<sup>(g)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(h)</sup>* *Includes 0.04% and 0.03% of affiliated management fee waived by Adviser for the six months ended April 30, 2025 and ten months ended October 31, 2024, respectively (Note 4).*

*<sup>(i)</sup>* *The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund.*

*<sup>(1)</sup>* *Prior to November 18, 2022, Westwood Salient MLP & Energy Infrastructure Fund was known as Salient MLP & Energy Infrastructure Fund.*

*<sup>(2)</sup>* *Prior to November 18, 2022, Ultra Shares were R6 Share Class.*

*<sup>(3)</sup>* *Fund changed fiscal year to October 31.*

*<sup>(4)</sup>* *Includes adjustments in accordance with accounting principals generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.*

*<sup>(5)</sup>* *The Adviser reimbursed the Fund $332,497 for losses incurred from tax expenses for the year ended December 31, 2023 the net impact to the Fund was less than $0.005 per share.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Real Estate Income Fund <sup>(1)(2)</sup>** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Westwood Real Estate**<br>**Income Fund - Institutional**<br>**Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31, 2024** |<br>**Ten Months Ended**<br>**October 31, 2023<sup>(3)</sup>** |<br>**Year Ended**<br>**December 31, 2022** |<br>**Year Ended**<br>**December 31, 2021** |<br>**Year Ended**<br>**December 31, 2020** |<br>**Year Ended**<br>**December 31, 2019** |
| Net asset value at beginning of period | $19.53 | $16.64 | $17.39 | $21.56 | $19.68 | $21.42 | $19.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.74 | 0.47 | 0.75 | 0.70 | 0.46 | 0.49 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (2.05) | 3.73 | (0.59) | (3.71) | 3.19 | (1.24) | 2.95 |
| Total from investment operations | (1.31) | 4.20 | 0.16 | (3.01) | 3.65 | (0.75) | 3.52 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.70) | (1.31) | (0.87) | (0.71) | (1.11) | (0.46) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.04) | (0.45) | (0.66) | (0.53) | (0.66) |
| Total distributions | (0.70) | (1.31) | (0.91) | (1.16) | (1.77) | (0.99) | (1.17) |
| Net asset value at end of period | $17.52 | $19.53 | $16.64 | $17.39 | $21.56 | $19.68 | $21.42 |
| Total return <sup>(b)</sup> | (6.78 %) <sup>(c)</sup> | 25.88% | 0.81 % <sup>(c)</sup> | (14.10%) | 15.44% | (2.75%) | 18.64% |
| Net assets at end of period (in 000s) | $167801 | $177945 | $139523 | $108853 | $143721 | $160526 | $232707 |
| Ratio of net expenses to average net assets (excluding interest and dividends on short sale expense) <sup>(d)</sup> | 0.82 % <sup>(e)</sup> | 0.93% | 1.09 % <sup>(e)</sup> | 1.03% | 1.10% | 1.10% | 1.06% |
| Ratio of gross expenses to average net assets (excluding interest and dividends on short sale expense) | 0.82 % <sup>(e)</sup> | 0.90% | 0.98 % <sup>(e)</sup> | 1.42% | 1.37% | 1.37% | 1.31% |
| Ratio of net investment income to average net assets <sup>(d)</sup> | 8.08 % <sup>(e)</sup> | 2.56% | 5.09 % <sup>(e)</sup> | 3.67% | 2.26% | 2.73% | 2.76% |
| Ratio of net expenses to average net assets (including interest and dividends on short sale expense) <sup>(d)</sup> | 0.82 % <sup>(e)</sup> | 0.93% | 1.09 % <sup>(e)</sup> | 1.12% | 1.15% | 1.15% | 1.10% |
| Ratio of gross expenses to average net assets (including interest and dividends on short sale expense) | 0.82 % <sup>(e)</sup> | 0.90% | 0.98 % <sup>(e)</sup> | 1.51% | 1.42% | 1.42% | 1.35% |
| Ratio of net investment income to average net assets <sup>(d)</sup> | 8.08 % <sup>(e)</sup> | 2.56% | 5.09 % <sup>(e)</sup> | 3.58% | 2.21% | 2.68% | 2.72% |
| Portfolio turnover rate <sup>(f)</sup> | 30 % <sup>(c)</sup> | 94% | 76 % <sup>(c)</sup> | 72% | 82% | 55% | 49% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Not annualized.*

*<sup>(d)</sup>* *Ratio was determined after investment management fee recoupment, reductions and/or reimbursed expenses (Note 4).*

*<sup>(e)</sup>* *Annualized.*

*<sup>(f)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(1)</sup>* *Prior to November 18, 2022, Westwood Salient Select Income Fund was known as Salient Select Income Fund.*

*<sup>(2)</sup>* *Effective March 31, 2024, Westwood Salient Select Income Fund was renamed as Westwood Real Estate Income Fund.*

*<sup>(3)</sup>* *Fund changed fiscal year to October 31.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Real Estate Income Fund <sup>(1)(2)</sup> (Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Westwood Real Estate**<br>**Income Fund - A Class**<br>**Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31, 2024** |<br>**Ten Months Ended**<br>**October 31, 2023<sup>(3)</sup>** |<br>**Year Ended**<br>**December 31, 2022** |<br>**Year Ended**<br>**December 31, 2021** |<br>**Year Ended**<br>**December 31, 2020** |<br>**Year Ended**<br>**December 31, 2019** |
| Net asset value at beginning of period | $19.61 | $16.71 | $17.45 | $21.63 | $19.74 | $21.48 | $19.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | (0.36) | 0.40 | 0.70 | 0.71 | 0.38 | 0.43 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.98) | 3.76 | (0.57) | (3.80) | 3.14 | (1.26) | 2.94 |
| Total from investment operations | (1.34) | 4.16 | 0.13 | (3.09) | 3.52 | (0.83) | 3.43 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.67) | (1.26) | (0.83) | (0.67) | (1.02) | (0.43) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.04) | (0.42) | (0.61) | (0.48) | (0.61) |
| Total distributions | (0.67) | (1.26) | (0.87) | (1.09) | (1.63) | (0.91) | (1.08) |
| Net asset value at end of period | $17.60 | $19.61 | $16.71 | $17.45 | $21.63 | $19.74 | $21.48 |
| Total return <sup>(b)</sup> | (6.90 %) <sup>(c)</sup> | 25.47% | 0.66 % <sup>(c)</sup> | (14.45%) | 14.98% | (3.17%) | 18.12% |
| Net assets at end of period (in 000s) | $84913 | $94816 | $95619 | $103950 | $126620 | $125194 | $160277 |
| Ratio of net expenses to average net assets (excluding interest and dividends on short sale expense) <sup>(d)</sup> | 1.12 % <sup>(e)</sup> | 1.23% | 1.33 % <sup>(e)</sup> | 1.53% | 1.50% | 1.50% | 1.46% |
| Ratio of gross expenses to average net assets (excluding interest and dividends on short sale expense) | 1.12 % <sup>(e)</sup> | 1.20% | 1.22 % <sup>(e)</sup> | 1.95% | 1.77% | 1.77% | 1.71% |
| Ratio of net investment income to average net assets <sup>(d)</sup> | 7.76 % <sup>(e)</sup> | 2.20% | 4.75 % <sup>(e)</sup> | 3.73% | 1.87% | 2.38% | 2.37% |
| Ratio of net expenses to average net assets (including interest and dividends on short sale expense) <sup>(d)</sup> | 1.12 % <sup>(e)</sup> | 1.23% | 1.33 % <sup>(e)</sup> | 1.62% | 1.55% | 1.55% | 1.50% |
| Ratio of gross expenses to average net assets (including interest and dividends on short sale expense) | 1.12 % <sup>(e)</sup> | 1.20% | 1.22 % <sup>(e)</sup> | 2.04% | 1.82% | 1.82% | 1.75% |
| Ratio of net investment income to average net assets <sup>(d)</sup> | 7.76 % <sup>(e)</sup> | 2.20% | 4.75 % <sup>(e)</sup> | 3.64% | 1.82% | 2.33% | 2.33% |
| Portfolio turnover rate <sup>(f)</sup> | 30 % <sup>(c)</sup> | 94% | 76 % <sup>(c)</sup> | 72% | 82% | 55% | 49% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Not annualized.*

*<sup>(d)</sup>* *Ratio was determined after investment management fee recoupment, reductions and/or reimbursed expenses (Note 4).*

*<sup>(e)</sup>* *Annualized.*

*<sup>(f)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(1)</sup>* *Prior to November 18, 2022, Westwood Salient Select Income Fund was known as Salient Select Income Fund.*

*<sup>(2)</sup>* *Effective March 31, 2024, Westwood Salient Select Income Fund was renamed as Westwood Real Estate Income Fund.*

*<sup>(3)</sup>* *Fund changed fiscal year to October 31.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Broadmark Tactical Growth Fund <sup>(1)</sup>** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Westwood Broadmark**<br>**Tactical Growth Fund -**<br>**Institutional Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31, 2024** |<br>**Ten Months Ended**<br>**October 31, 2023<sup>(2)</sup>** |<br>**Year Ended**<br>**December 31, 2022** |<br>**Year Ended**<br>**December 31, 2021** |<br>**Year Ended**<br>**December 31, 2020** |<br>**Year Ended**<br>**December 31, 2019** |
| Net asset value at beginning of period | $27.04 | $26.40 | $26.07 | $29.14 | $27.96 | $26.81 | $25.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | 0.23 | 0.62 | 0.57 | (0.06) | (0.24) | (0.16) | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.14) | 1.02 | (0.24) | (2.24) | 2.48 | 2.40 | 2.53 |
| Total from investment operations | 0.09 | 1.64 | 0.33 | (2.30) | 2.24 | 2.24 | 2.69 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.83) | (0.53) |  |  |  | (0.03) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (0.47) |  | (0.77) | (1.06) | (1.06) | (1.17) |
| Total distributions | (0.83) | (1.00) |  | (0.77) | (1.06) | (1.09) | (1.31) |
| Net asset value at end of period | $26.30 | $27.04 | $26.40 | $26.07 | $29.14 | $27.96 | $26.81 |
| Total return <sup>(b)</sup> | 0.29 % <sup>(c)</sup> | 6.44% | 1.27 % <sup>(c)</sup> | (7.90%) | 8.02% | 8.40% | 10.69% |
| Net assets at end of period (in 000s) | $143781 | $144258 | $215512 | $236181 | $301241 | $255095 | $250153 |
| Ratio of net expenses to average net assets | 1.24 % <sup>(d)</sup> | 1.30% | 1.26 % <sup>(d)</sup> | 1.51% | 1.46% | 1.47% | 1.43% |
| Ratio of net investment income (loss) to average net assets | 1.76 % <sup>(d)</sup> | 2.35% | 2.60 % <sup>(d)</sup> | (0.21%) | (0.82%) | (0.58%) | 0.62% |
| Portfolio turnover rate <sup>(e)</sup> | 33 % <sup>(c)</sup> | 156% | 565 % <sup>(c)</sup> | 1037% | 201% | 626% | 435% |
| **Westwood Broadmark** | **Six Months Ended** |  |  |  |  |  |  |
| **Tactical Growth Fund - A** | **April 30, 2025** | **Year Ended** | **Ten Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **Class Shares** | **(Unaudited)** | **October 31, 2024** | **October 31, 2023<sup>(2)</sup>** | **December 31, 2022** | **December 31, 2021** | **December 31, 2020** | **December 31, 2019** |
| Net asset value at beginning of period | $25.10 | $24.57 | $24.31 | $27.34 | $26.40 | $25.45 | $24.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | 0.18 | 0.50 | 0.47 | (0.13) | (0.34) | (0.26) | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.13) | 0.95 | (0.21) | (2.13) | 2.34 | 2.27 | 2.39 |
| Total from investment operations | 0.05 | 1.45 | 0.26 | (2.26) | 2.00 | 2.01 | 2.44 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.75) | (0.45) |  |  |  |  | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (0.47) |  | (0.77) | (1.06) | (1.06) | (1.17) |
| Total distributions | (0.75) | (0.92) |  | (0.77) | (1.06) | (1.06) | (1.23) |
| Net asset value at end of period | $24.40 | $25.10 | $24.57 | $24.31 | $27.34 | $26.40 | $25.45 |
| Total return <sup>(b)</sup> | 0.18 % <sup>(c)</sup> | 6.14% | 1.07 % <sup>(c)</sup> | (8.27%) | 7.59% | 7.95% | 10.20% |
| Net assets at end of period (in 000s) | $15925 | $16156 | $20551 | $27117 | $21995 | $17949 | $17273 |
| Ratio of net expenses to average net assets | 1.53 % <sup>(d)</sup> | 1.58% | 1.53 % <sup>(d)</sup> | 1.91% | 1.86% | 1.88% | 1.85% |
| Ratio of net investment income (loss) to average net assets | 1.45 % <sup>(d)</sup> | 2.04% | 2.31 % <sup>(d)</sup> | (0.49%) | (1.21%) | (0.99%) | 0.21% |
| Portfolio turnover rate <sup>(e)</sup> | 33 % <sup>(c)</sup> | 156% | 565 % <sup>(c)</sup> | 1037% | 201% | 626% | 435% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Not annualized.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(1)</sup>* *Prior to November 18, 2022, Westwood Broadmark Tactical Growth Fund was known as Salient Tactical Growth Fund.*

*<sup>(2)</sup>* *Fund changed fiscal year to October 31.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Broadmark Tactical Growth Fund <sup>(1)</sup> (Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Westwood Broadmark**<br>**Tactical Growth Fund - C**<br>**Class Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31, 2024** |<br>**Ten Months Ended**<br>**October 31, 2023<sup>(2)</sup>** |<br>**Year Ended**<br>**December 31, 2022** |<br>**Year Ended**<br>**December 31, 2021** |<br>**Year Ended**<br>**December 31, 2020** |<br>**Year Ended**<br>**December 31, 2019** |
| Net asset value at beginning of period | $22.95 | $22.50 | $22.40 | $25.39 | $24.72 | $24.03 | $23.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | 0.09 | 0.32 | 0.30 | (0.27) | (0.46) | (0.39) | (0.09) <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.11) | 0.86 | (0.20) | (1.95) | 2.19 | 2.14 | 2.28 |
| Total from investment operations | (0.02) | 1.18 | 0.10 | (2.22) | 1.73 | 1.75 | 2.19 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.57) | (0.26) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (0.47) |  | (0.77) | (1.06) | (1.06) | (1.17) |
| Total distributions | (0.57) | (0.73) |  | (0.77) | (1.06) | (1.06) | (1.17) |
| Net asset value at end of period | $22.36 | $22.95 | $22.50 | $22.40 | $25.39 | $24.72 | $24.03 |
| Total return <sup>(c)</sup> | (0.13 %) <sup>(d)</sup> | 5.41% | 0.45 % <sup>(d)</sup> | (8.75%) | 7.01% | 7.33% | 9.67% |
| Net assets at end of period (in 000s) | $2601 | $3448 | $6252 | $7827 | $9075 | $11830 | $16505 |
| Ratio of net expenses to average net assets | 2.19 % <sup>(e)</sup> | 2.25% | 2.23 % <sup>(e)</sup> | 2.46% | 2.41% | 2.42% | 2.40% |
| Ratio of net investment income (loss) to average net assets | 0.75 % <sup>(e)</sup> | 1.41% | 1.62 % <sup>(e)</sup> | (1.14%) | (1.80%) | (1.60%) | (0.36)% |
| Portfolio turnover rate <sup>(f)</sup> | 33 % <sup>(d)</sup> | 156% | 565 % <sup>(d)</sup> | 1037% | 201% | 626% | 435% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund.*

*<sup>(c)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Not annualized.*

*<sup>(e)</sup>* *Annualized.*

*<sup>(f)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(1)</sup>* *Prior to November 18, 2022, Westwood Broadmark Tactical Growth Fund was known as Salient Tactical Growth Fund.*

*<sup>(2)</sup>* *Fund changed fiscal year to October 31.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD**

**Westwood Broadmark Tactical Plus Fund <sup>(1)</sup>** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Westwood Broadmark**<br>**Tactical Plus Fund -**<br>**Institutional Shares<sup>(2)</sup>** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31, 2024** |<br>**Ten Months Ended**<br>**October 31, 2023<sup>(3)</sup>** |<br>**Year Ended**<br>**December 31, 2022** |<br>**Year Ended**<br>**December 31, 2021** |<br>**Year Ended**<br>**December 31, 2020** |<br>**Year Ended**<br>**December 31, 2019** |
| Net asset value at beginning of period | $11.39 | $11.82 | $11.29 | $12.37 | $11.65 | $11.55 | $11.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | 0.14 | 0.40 | 0.33 | 0.04 | (0.08) | (0.09) | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.59) | (0.36) | 0.20 | (0.28) | 0.80 | 0.91 | 0.76 |
| Total from investment operations | (0.45) | 0.04 | 0.53 | (0.24) | 0.72 | 0.82 | 0.83 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.40) | (0.42) |  |  |  |  | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (0.05) |  | (0.84) |  | (0.72) | (0.57) |
| Total distributions | (0.40) | (0.47) |  | (0.84) |  | (0.72) | (0.69) |
| Net asset value at end of period | $10.54 | $11.39 | $11.82 | $11.29 | $12.37 | $11.65 | $11.55 |
| Total return <sup>(b)</sup> | (4.14 %) <sup>(c)</sup> | 0.41% | 4.69 % <sup>(c)</sup> | (1.95%) | 6.18% | 7.15% | 7.24% |
| Net assets at end of period (in 000s) | $33293 | $35172 | $36169 | $34427 | $30855 | $30308 | $24882 |
| Ratio of net expenses to average net assets <sup>(d)</sup> | 1.35 % <sup>(e)</sup> | 1.35% | 1.36 % <sup>(e)</sup> | 1.39% | 1.40% | 1.40% | 1.40% |
| Ratio of gross expenses to average net assets | 1.88 % <sup>(e)</sup> | 1.76% | 1.74 % <sup>(e)</sup> | 1.93% | 1.94% | 1.99% | 1.94% |
| Ratio of net investment income (loss) to average net assets <sup>(d)</sup> | 2.58 % <sup>(e)</sup> | 3.49% | 3.45 % <sup>(e)</sup> | 0.31% | (0.68%) | (0.77%) | 0.61% |
| Portfolio turnover rate <sup>(f)</sup> | 260 % <sup>(c)</sup> | 1280% | 0 % <sup>(c)</sup> | 827% | 62% | 5029% | 9813% |
| **Westwood Broadmark** | **Six Months Ended** |  |  |  |  |  |  |
| **Tactical Plus Fund -** | **April 30, 2025** | **Year Ended** | **Ten Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **A Class Shares** | **(Unaudited)** | **October 31, 2024** | **October 31, 2023<sup>(3)</sup>** | **December 31, 2022** | **December 31, 2021** | **December 31, 2020** | **December 31, 2019** |
| Net asset value at beginning of period | $11.14 | $11.58 | $11.08 | $12.18 | $11.51 | $11.44 | $11.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | (0.56) | 0.36 | 0.30 |  | (0.11) | (0.12) | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.10 | (0.35) | 0.20 | (0.26) | 0.78 | 0.91 | 0.75 |
| Total from investment operations | (0.46) | 0.01 | 0.50 | (0.26) | 0.67 | 0.79 | 0.79 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.40) |  |  |  |  | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (0.05) |  | (0.84) |  | (0.72) | (0.57) |
| Total distributions | (0.36) | (0.45) |  | (0.84) |  | (0.72) | (0.66) |
| Net asset value at end of period | $10.32 | $11.14 | $11.58 | $11.08 | $12.18 | $11.51 | $11.44 |
| Total return <sup>(b)</sup> | (4.25 %) <sup>(c)</sup> | 0.11% | 4.51 % <sup>(c)</sup> | (2.18%) | 5.82% | 6.95% | 6.96% |
| Net assets at end of period (in 000s) | $643 | $504 | $617 | $584 | $579 | $668 | $743 |
| Ratio of net expenses to average net assets <sup>(d)</sup> | 1.60 % <sup>(e)</sup> | 1.60% | 1.57 % <sup>(e)</sup> | 1.64% | 1.65% | 1.65% | 1.65% |
| Ratio of gross expenses to average net assets | 2.13 % <sup>(e)</sup> | 2.01% | 1.95 % <sup>(e)</sup> | 2.16% | 2.19% | 2.23% | 2.17% |
| Ratio of net investment income (loss) to average net assets <sup>(d)</sup> | 2.35 % <sup>(e)</sup> | 3.26% | 3.23 % <sup>(e)</sup> | 0.02% | (0.95%) | (1.04%) | 0.33% |
| Portfolio turnover rate <sup>(f)</sup> | 260 % <sup>(c)</sup> | 1280% | 0 % <sup>(c)</sup> | 827% | 62% | 5029% | 9813% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(c)</sup>* *Not annualized.*

*<sup>(d)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(e)</sup>* *Annualized.*

*<sup>(f)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(1)</sup>* *Prior to November 18, 2022, Westwood Broadmark Tactical Plus Fund was known as Salient Tactical Plus Fund.*

*<sup>(2)</sup>* *Prior to November 18, 2022, Institutional Shares were I Share Class.*

 

*<sup>(3)</sup>* *Fund changed fiscal year to October 31.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**FINANCIAL HIGHLIGHTS**

**SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR OR PERIOD** 

**Westwood Broadmark Tactical Plus Fund <sup>(1)</sup> (Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Westwood Broadmark**<br>**Tactical Plus Fund - F Class**<br>**Shares** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31, 2024** |<br>**Ten Months Ended**<br>**October 31, 2023<sup>(2)</sup>** |<br>**Year Ended**<br>**October 31, 2022** |<br>**Year Ended**<br>**October 31, 2021** |<br>**Year Ended**<br>**October 31, 2020** |<br>**Year Ended**<br>**October 31, 2019** |
| Net asset value at beginning of period | $11.69 | $12.12 | $11.55 | $12.65 | $11.88 | $11.73 | $11.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | 0.16 | 0.45 | 0.37 | 0.07 | (0.05) | (0.05) | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.61) | (0.37) | 0.20 | (0.27) | 0.82 | 0.92 | 0.77 |
| Total from investment operations | (0.45) | 0.08 | 0.57 | (0.20) | 0.77 | 0.87 | 0.88 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (0.46) |  | (0.06) |  |  | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (0.05) |  | (0.84) |  | (0.72) | (0.57) |
| Total distributions | (0.43) | (0.51) |  | (0.90) |  | (0.72) | (0.73) |
| Net asset value at end of period | $10.81 | $11.69 | $12.12 | $11.55 | $12.65 | $11.88 | $11.73 |
| Total return <sup>(c)</sup> | (4.00 %) <sup>(d)</sup> | 0.73% | 4.94 % <sup>(d)</sup> | (1.65%) | 6.48% | 7.46% | 7.54% |
| Net assets at end of period (in 000s) | $35267 | $35637 | $40199 | $37040 | $39430 | $38158 | $34334 |
| Ratio of net expenses to average net assets <sup>(e)</sup> | 1.04 % <sup>(f)</sup> | 1.04% | 1.05 % <sup>(f)</sup> | 1.08% | 1.09% | 1.09% | 1.09% |
| Ratio of gross expenses to average net assets | 1.88 % <sup>(f)</sup> | 1.76% | 1.74 % <sup>(f)</sup> | 1.93% | 1.94% | 1.99% | 1.95% |
| Ratio of net investment income (loss) to average net assets <sup>(e)</sup> | 2.90 % <sup>(f)</sup> | 3.81% | 3.76 % <sup>(f)</sup> | 0.59% | (0.37%) | (0.46%) | 0.93% |
| Portfolio turnover rate <sup>(g)</sup> | 260 % <sup>(d)</sup> | 1280% | 0 % <sup>(d)</sup> | 827% | 62% | 5029% | 9813% |

---

*Amounts designated as "—" are either $0.00 or have been rounded to $0.00.* 

*<sup>(a)</sup>* *Per share net income has been determined on the basis of average number of shares outstanding during the period.*

*<sup>(b)</sup>* *The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and redemptions of Fund shares in relation to income earned, class specific expenses and/or fluctuating market value of the investments of the Fund.*

*<sup>(c)</sup>* *Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced investment management fees and/or reimbursed expenses (Note 4).*

*<sup>(d)</sup>* *Not annualized.*

*<sup>(e)</sup>* *Ratio was determined after investment management fee reductions and/or reimbursed expenses (Note 4).*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.*

*<sup>(1)</sup>* *Prior to November 18, 2022, Westwood Broadmark Tactical Plus Fund was known as Salient Tactical Plus Fund.*

*<sup>(2)</sup>* *Fund changed fiscal year to October 31.*

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**NOTES TO FINANCIAL STATEMENTS** *(Unaudited)*

**1. Organization**

Westwood Quality Value Fund ("Value Fund"), Westwood Quality MidCap Fund ("MidCap Fund"), Westwood Quality SMidCap Fund ("SMidCap Fund"), Westwood Quality SmallCap Fund ("SmallCap Fund"), Westwood Quality AllCap Fund ("AllCap Fund"), Westwood Income Opportunity Fund ("Income Opportunity Fund"), Westwood Multi-Asset Income Fund ("Multi-Asset Income Fund"), Westwood Alternative Income Fund ("Alternative Income Fund"), Westwood Salient MLP & Energy Infrastructure Fund ("MLP & Energy Infrastructure Fund"), Westwood Real Estate Income Fund, ("Real Estate Income Fund"), Westwood Broadmark Tactical Growth Fund ("Tactical Growth Fund") and Westwood Broadmark Tactical Plus Fund ("Tactical Plus Fund"), (individually, a "Fund" and collectively, the "Funds") are each a series of Ultimus Managers Trust (the "Trust"), an open-end investment company established as an Ohio business trust under a Declaration of Trust dated February 28, 2012. The Trust is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"). Other series of the Trust are not included in this report.

The Value, SMidCap, SmallCap, Income Opportunity, Multi-Asset Income and Alternative Income Funds ("Predecessor Funds") were formerly part of The Advisors' Inner Circle Fund and were acquired by, and reorganized into, the Trust on November 1, 2021, pursuant to an Agreement and Plan of Reorganization dated August 9, 2021. The AllCap Fund commenced operations on September 30, 2021 and MidCap Fund commenced operations on November 30, 2021. Each Fund is classified as an open-end diversified fund.

Tactical Plus Fund ("Predecessor Salient MF Trust"), formerly part of Salient MF Trust, and another series of the Trust, were the sole remaining series of Salient MF Trust and were reorganized into the Trust on November 18, 2022 pursuant to an Agreement and Plan of Reorganization dated June 27, 2022.

The Real Estate Income Fund, and Tactical Growth Fund ("Predecessor Forward Funds"), formerly part of Forward Funds, were the sole remaining series of Forward Funds and were acquired by and reorganized into the Trust on November 18, 2022 pursuant to an Agreement and Plan of Reorganization dated June 27, 2022.

Real Estate Income Fund, Tactical Growth Fund and Tactical Plus Fund are open-end diversified funds.

The MLP & Energy Infrastructure Fund, formerly Salient Midstream & MLP Fund a series of Salient MF Trust ("Predecessor Salient MF Trust"), was reorganized into the Trust on November 18, 2022 pursuant to an Agreement and Plan of Reorganization dated June 27, 2022.

The MLP & Energy Infrastructure Fund is an open-end, non-diversified fund that seeks to maximize total return (capital appreciation and income).

The investment objective of the Value, MidCap, SMidCap, SmallCap and AllCap Funds is to seek long-term capital appreciation.

The investment objective of Income Opportunity Fund is to seek to provide current income with a secondary investment objective to provide the opportunity for long-term capital appreciation.

The investment objective of Multi-Asset Income Fund is to seek to maximize total return through a high level of current income and capital appreciation.

The investment objective of Alternative Income Fund is to seek to provide absolute returns through a combination of current income and capital appreciation with low correlation to equity and fixed income markets.

**WESTWOOD FUNDS**

The investment objective of Real Estate Income Fund is to seek to provide high current income and potential for modest long-term growth of capital.

The investment objective of Tactical Growth Fund is to seek to produce above-average, risk-adjusted returns, in any market environment, while exhibiting less downside volatility than the S&P 500 Index.

The Tactical Plus Fund seeks to produce in any market environment above-average risk-adjusted returns and less downside volatility than the S&P 500 Index.

As of April 30, 2025, all Funds offer Institutional Shares. All Funds except MidCap, SMidCap and AllCap Funds offer A Class Shares. All Funds except Value, MidCap, SMidCap, AllCap, Multi-Asset Income, Alternative Income, Real Estate Income and Tactical Plus Funds offer C Class Shares. Value Fund, SMidCap, SmallCap Fund, AllCap, Income Opportunity, Alternative Income and MLP & Energy Infrastructure Funds have a fourth class, Ultra Shares. Tactical Plus Fund has a fourth class, F Class Shares. Effective February 7, 2025, C Class Shares were converted to A Class Shares for the Value, Multi-Asset Income, Alternative Income, Real Estate Income and Tactical Plus Funds.

Institutional Shares are sold without any sales loads, but subject to an administrative services plan fee of up to 0.20% of the average daily net assets attributable to Institutional Shares (for MidCap, SMidCap, SmallCap, AllCap, and Multi-Asset Income Funds), up to 0.15% for Alternative Income Fund, up to 0.10% (for Value, Income Opportunity, MLP & Energy Infrastructure and Tactical Plus Funds), and up to 0.05% (for Real Estate Income, and Tactical Growth Funds), requiring a $100,000 minimum investment (except for Alternative Income Fund, which has a $1,000,000 minimum investment) and offered exclusively to certain retirement plans established for the benefit of employees of the Westwood Management Corporation (the "Adviser" or "Westwood") or its affiliates; defined benefit retirement plans, endowments or foundations; banks and trust companies or law firms acting as trustee or manager for trust accounts; investors who purchase through asset-based fee programs available through financial intermediaries; and insurance companies.

The Value, SmallCap, Income Opportunity, Multi-Asset Income, Alternative Income, MLP & Energy Infrastructure, Real Estate Income, Tactical Growth, and Tactical Plus Funds offer A Class Shares (sold with a maximum sales charge of 3.00% (except for SmallCap, MLP & Energy Infrastructure and Tactical Growth Funds, which have a maximum sales charge of 4.00%) and a 12b-1 services plan fee up to 0.25% of the average daily net assets attributable to A Class Shares), require a $1,000 minimum investment. A Class Shares are also subject to an administrative services plan fee of up to 0.10% in MLP & Energy Infrastructure and Tactical Plus Funds; and up to 0.20% of the average daily net assets attributable to A Class Shares in the Real Estate Income, and Tactical Growth Funds. A Class Shares purchases of $250,000 or more may be subject to a contingent deferred sales charge ("CDSC") of 1.00% if redeemed within 18 months of purchase (except for SmallCap Fund, in which purchases of $1,000,000 or more may be subject to a 1.00% CDSC fee if redeemed within 18 months of purchase).

The SmallCap, Income Opportunity, MLP & Energy Infrastructure and Tactical Growth Funds offer C Class Shares, which are sold without any sales loads, but subject to a 12b-1 services plan fee (up to 1.00% of the average daily net assets attributable to C Class Shares, and up to 0.75% of the average daily net assets of the Real Estate Income, and Tactical Growth Funds), all require a $1,000 minimum investment. The Real Estate Income and Tactical Growth Funds offer C Class Shares, sold without any sales loads, but subject to an administrative services plan fee of up to 0.25% of the average daily net assets attributable to C Class Shares; and up to 0.10% in MLP & Energy Infrastructure Fund. C Class Shares may be subject to a CDSC fee of 1.00% if redeemed within 12 months of purchase. C Class Shares automatically convert to A Class Shares after being held for 10 years.

The Value, SMidCap, SmallCap, AllCap, Income Opportunity, Alternative Income and MLP & Energy Infrastructure Funds offer Ultra Shares (sold without any sales loads and distribution and/or administrative services fees), require a $1,000,000 initial investment and offered exclusively to employer retirement plans; health savings accounts under Section 223 of the Internal Revenue Code of 1986, as amended, if such accounts are maintained by the Fund at an omnibus level; endowments and foundations and local, city and state agencies; unaffiliated registered investment

**WESTWOOD FUNDS**

companies; collective investment trusts; banks and trust companies or law firms acting as trustee or manager for trust accounts; and insurance companies).

F Class Shares are held only by those Fund shareholders who acquired such shares as a result of the reorganization. Only shareholders who acquired Class F shares pursuant to the reorganization may purchase additional F Class shares. There is no subsequent investment minimum for F Class Shares.

Each share class of a Fund represents an ownership interest in the same investment portfolio of the Fund.

The Adviser serves as investment adviser to Value, MidCap, SMidCap, SmallCap, AllCap, Income Opportunity, Multi-Asset Income, Alternative Income, MLP & Energy Infrastructure, Real Estate Income, and Tactical Growth Funds. Salient Advisors, L.P. ("Salient Advisors"), together with Westwood, serve as investment adviser to the Tactical Plus Fund. Salient Advisors is a wholly owned subsidiary of Westwood Holdings. Broadmark Asset Management LLC ("Sub-Adviser" or "Broadmark") is the Sub-Adviser to Tactical Growth Fund and Tactical Plus Fund. Westwood Holdings is a majority owner of Broadmark. Broadmark is paid by the Adviser for their services, not the Funds.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect each Fund's financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the Adviser and Salient Advisors of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

The following is a summary of the Funds' significant accounting policies. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Funds follow accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services – Investment Companies."

**Securities valuation** – Each Fund values its portfolio securities at market value as of the close of regular trading on the New York Stock Exchange (the "NYSE") (normally 4:00 p.m. Eastern time) on each business day the NYSE is open for business. The Funds value their listed securities on the basis of the security's last sale price on the security's primary exchange, if available, otherwise at the exchange's most recently quoted mean price. NASDAQ-listed securities are valued at the NASDAQ Official Closing Price. Investments representing shares of other open-end investment companies, other than exchange-traded funds ("ETFs"), if any, but including money market funds, are valued at their net asset value ("NAV") as reported by such companies. Option contracts are valued at the closing price on the exchange on which they are primarily traded; if no closing price is available at the time of valuation, the option will be valued at the mean of the closing bid and ask prices for that day. Future contracts are valued at the final settlement price, or, if a settled price is not available, at the last sale price as of the close of regular trading on the primary exchange on which they are traded. When using a quoted price and when the market is considered active, these securities will be classified as Level 1 within the fair value hierarchy (see below). Fixed income securities are generally valued using prices provided by an independent pricing service approved by the Board of Trustees of the Trust (the "Board"). The independent pricing service uses information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities, and various relationships between securities in determining these prices. Total return swaps are valued as the change in the value of the underlying

**WESTWOOD FUNDS**

security plus/minus the accrued income payment based on Secured Overnight Financing Rate ("SOFR") or some other form of indices on the notional amount. In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Funds value their securities and other assets at fair value as determined by the Adviser and Salient Advisors, as the Funds' valuation designees, in accordance with procedures adopted by the Board pursuant to Rule 2a-5 under the 1940 Act. Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Unavailable or unreliable market quotes may be due to the following factors: a substantial bid-ask spread; infrequent sales resulting in stale prices; insufficient trading volume; small trade sizes; a temporary lapse in any reliable pricing source; and actions of the securities or futures markets, such as the suspension or limitation of trading. As a result, the prices of securities used to calculate each Fund's NAV may differ from quoted or published prices for the same securities. Securities traded on foreign exchanges, if any, are fair valued by an independent pricing service and translated from the local currency into U.S. dollars using currency exchange rates supplied by an independent pricing service.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements.

Various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;♦ Level 1 – quoted prices in
 active markets for identical securities

&nbsp;&nbsp;&nbsp;&nbsp;♦ Level 2 – other significant
 observable inputs

&nbsp;&nbsp;&nbsp;&nbsp;♦ Level 3 – significant unobservable
 inputs

Fixed income securities held by the Funds are classified as Level 2 since values are based on prices provided by an independent pricing service that utilizes various "other significant observable inputs" including bid and ask quotations, prices of similar securities, and interest rates, among other factors.

For most securities, both the latest transaction prices and adjustments are furnished by independent pricing services. The Adviser and Salient Advisors as the Funds' valuation designee is responsible for carrying out pricing and valuation duties in accordance with the Adviser's Valuation Procedures (the "Procedures"). The Funds value all other securities and assets for which market quotations are unavailable or unreliable at their fair value determined in good faith.

The inputs or methods used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The following is a summary of each Fund's investments and the inputs used to value the investments as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Value Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $173253582 | $— | $— | $173253582 |
| Money Market Funds | 6091953 |  |  | 6091953 |
| Total Investment Securities | $179345535 | $— | $— | $179345535 |

---

**WESTWOOD FUNDS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MidCap Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $1569121 | $— | $— | $1569121 |
| Money Market Funds | 32542 |  |  | 32542 |
| Total Investment Securities | $1601663 | $— | $— | $1601663 |
| **SMidCap Fund** |  |  |  |  |
| Common Stocks | $86548594 | $— | $— | $86548594 |
| Money Market Funds | 1010599 |  |  | 1010599 |
| Total Investment Securities | $87559193 | $— | $— | $87559193 |
| **SmallCap Fund** |  |  |  |  |
| Common Stocks | $892706380 | $— | $— | $892706380 |
| Money Market Funds | 8852482 |  |  | 8852482 |
| Total Investment Securities | $901558862 | $— | $— | $901558862 |
| **AllCap Fund** |  |  |  |  |
| Common Stocks | $19646269 | $— | $— | $19646269 |
| Money Market Funds | 471251 |  |  | 471251 |
| Total Investment Securities | $20117520 | $— | $— | $20117520 |
| **Income Opportunity Fund** |  |  |  |  |
| Investments in Securities U.S. Government & Agencies | $— | $73550461 | $— | $73550461 |
| Collaterized Mortgage Obligations |  | 12748980 |  | 12748980 |
| Convertible Bonds |  | 24879598 |  | 24879598 |
| Corporate Bonds |  | 164402769 |  | 164402769 |
| Foreign Governments |  | 3938970 |  | 3938970 |
| Common Stocks | 192795851 |  |  | 192795851 |
| Exchange-Traded Funds | 18385321 |  |  | 18385321 |
| Preferred Stocks | 8184623 |  |  | 8184623 |
| Money Market Funds | 5073552 |  |  | 5073552 |
| Total Investment Securities | $224439347 | $279520778 | $— | $503960125 |
| **Other Financial Instruments\*** |  |  |  |  |
| Written Option Contracts | $(471390) | $— | $— | $(471390) |
| Futures Contracts | 674854 |  |  | 674854 |
| Total Investments | $224642811 | $279520778 | $— | $504163589 |

---

**WESTWOOD FUNDS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Multi-Asset Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Government & Agencies | $— | $9843956 | $— | $9843956 |
| Collaterized Mortgage Obligations |  | 1850378 |  | 1850378 |
| Convertible Bonds |  | 2985872 |  | 2985872 |
| Corporate Bonds |  | 62162752 |  | 62162752 |
| Foreign Governments |  | 1398223 |  | 1398223 |
| Common Stocks | 19631786 |  |  | 19631786 |
| Exchange-Traded Funds | 1900127 |  |  | 1900127 |
| Preferred Stocks | 1414293 |  | 500000 | 1914293 |
| Warrants |  |  | 87419 | 87419 |
| Money Market Funds | 1803549 |  |  | 1803549 |
| Total Investment Securities | $24749755 | $78241181 | $587419 | $103578355 |
| **Other Financial Instruments\*** |  |  |  |  |
| Written Option Contracts | $(28005) | $— | $— | $(28005) |
| Futures Contracts | 91595 |  |  | 91595 |
| Total Investments | $24813345 | $78241181 | $587419 | $103641945 |
| **Alternative Income Fund** |  |  |  |  |
| Convertible Bonds | $— | $132229189 | $— | $132229189 |
| Corporate Bonds |  | 16661790 |  | 16661790 |
| Money Market Funds | 3991107 |  |  | 3991107 |
| Total Investment Securities | $3991107 | $148890979 | $— | $152882086 |
| **Other Financial Instruments\*** |  |  |  |  |
| Total Return Swaps at value (assets) | $— | $551131 | $— | $551131 |
| Total Return Swaps at value (liabilities) |  | (2937973) |  | (2937973) |
| Futures Contracts | 2829 |  |  | 2829 |
| Total Investments | $3993936 | $146504137 | $— | $150498073 |

---

**WESTWOOD FUNDS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MLP & Energy**<br>**Infrastructure Fund** | **Practical**<br>**Expedient<sup>(a)</sup>** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Affiliated Exchange-Traded Funds | $— | $49959233 | $— | $— | $49959233 |
| Master Limited Partnerships |  | 276914775 |  |  | 276914775 |
| MLP Related Companies | 13010520 | 874214876 |  |  | 887225396 |
| Money Market Funds |  | 2104018 |  |  | 2104018 |
| Total Investment Securities | $13010520 | $1203192902 | $— | $— | $1216203422 |
| **Other Financial Instruments\*** |  |  |  |  |  |
| Written Option Contracts | $— | $(176916) | $(15998) | $— | $(192914) |
| Total Investments | $13010520 | $1203015986 | $(15998) | $— | $1216010508 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Real Estate Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $66842673 | $— | $— | $66842673 |
| Preferred Stocks | 168429164 |  | 9250000 | 177679164 |
| Money Market Funds | 7991417 |  |  | 7991417 |
| Total Investment Securities | $243263254 | $— | $9250000 | $252513254 |
| **Tactical Growth Fund** |  |  |  |  |
| Exchange-Traded Funds | $18099560 | $— | $— | $18099560 |
| Money Market Funds | 143706259 |  |  | 143706259 |
| Total Investment Securities | $161805819 | $— | $— | $161805819 |
| **Tactical Plus Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Money Market Funds | $69382344 | $— | $— | $69382344 |
| Total Investment Securities | $69382344 | $— | $— | $69382344 |
| **Other Financial Instruments\*** |  |  |  |  |
| Futures Contracts Sold Short | $(470913) | $— | $— | $(470913) |
| Total Investments | $68911431 | $— | $— | $68911431 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

(a) In accordance with Subtopic 820-10,
 certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not
 been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the
 fair value hierarchy to the amounts presented in the Schedule of Investments.

\* Other financial instruments are derivative instruments not reflected in the total investments at value on the Schedule of Investments but as separate schedule such as total return swap contracts, written option contracts, and futures contracts. These instruments are valued at the unrealized appreciation (depreciation) on the instrument.

**WESTWOOD FUNDS**

The following is a reconciliation of Level 3 instruments held in the Fund for which significant unobservable inputs were used to determine fair value for the six months ended April 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** |
| **Asset Type** | **Balance as of<br> October 31, 2024** | **Net<br> Purchases/<br> Acquisitions** | **Net Sales** | **Realized<br> Losses** | **Changes in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Transfer<br> Into<br> Level 3** | **Transfer<br> Out of<br> Level 3** | **Balance<br> as of<br> April 30,<br> 2025** |
| Preferred Stocks | $500000 | $— | $— | $— | $— | $— | $— | $500000 |
| Warrants | 103109 |  |  |  | (15690) |  |  | 87419 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **MLP & Energy Infrastructure Fund** | **MLP & Energy Infrastructure Fund** | **MLP & Energy Infrastructure Fund** | **MLP & Energy Infrastructure Fund** | **MLP & Energy Infrastructure Fund** | **MLP & Energy Infrastructure Fund** | **MLP & Energy Infrastructure Fund** | **MLP & Energy Infrastructure Fund** | **MLP & Energy Infrastructure Fund** |
| **Asset Type** | **Balance<br> as of<br> October 31,<br> 2024** | **Net<br> Purchases/<br> Acquisitions** | **Net Sales** | **Realized<br> Losses** | **Changes in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Transfer<br> Into<br> Level 3** | **Transfer<br> Out of<br> Level 3** | **Balance<br> as of<br> April 30,<br> 2025** |
| Special Purpose Acquisition Companies | $315 | $— | $(315) | $— | $— | $— | $— | $— |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Real Estate Income Fund** | **Real Estate Income Fund** | **Real Estate Income Fund** | **Real Estate Income Fund** | **Real Estate Income Fund** | **Real Estate Income Fund** | **Real Estate Income Fund** | **Real Estate Income Fund** | **Real Estate Income Fund** |
| **Asset Type** | **Balance<br> as of<br> October 31,<br> 2024** | **Net<br> Purchases/<br> Acquisitions** | **Net Sales** | **Realized<br> Losses** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Transfer<br> Into<br> Level 3** | **Transfer<br> Out of<br> Level 3** | **Balance<br> as of<br> April 30,<br> 2025** |
| Preferred Stocks | $9250000 | $— | $— | $— | $— | $— | $— | $9250000 |

---

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 Fair Value Measurements for investments held as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** |
| | **Fair Value as of<br> April 30, 2025** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Input Value/<br> Range** | **Impact to<br> Valuation from<br> an Increase in<br> Input** |
| Preferred Stocks | $500000 | Broker Quote | Broker Quote | $25.00 | Increase |
| Warrants | 87419 | Broker Quote | Broker Quote | $19.50 | Increase |

---

**WESTWOOD FUNDS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Real Estate Income Fund** | **Real Estate Income Fund** | **Real Estate Income Fund** | **Real Estate Income Fund** | **Real Estate Income Fund** | **Real Estate Income Fund** |
| | **Fair Value as of<br> April 30, 2025** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Input Value/<br> Range** | **Impact to<br> Valuation from<br> an Increase in<br> Input** |
| Preferred Stocks | $9250000 | Broker Quote | Broker Quote | $25.00/$950.00 | Increase |

---

The restricted securities held by the MLP & Energy Infrastructure Fund at April 30, 2025 are identified below and are also present in the MLP & Energy Infrastructure Fund's Schedule of Investments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **% of Net Assets** | **Acquistion<br> Date** | **Shares/Units** | **Cost** | **Fair Value** |
| EMG Utica Executed Purchase Agreement | 1.07% | 2/22/2013\* | 16000000 | $16000000 | $13010520 |

---

\* Original purchase date by acquired fund prior to merger.

**Share valuation** – The NAV per share of each class of each Fund is calculated daily by dividing the total value of the assets attributable to that class, less liabilities attributable to that class, by the number of shares outstanding of that class. The offering price and redemption price per share of each class of each Fund is equal to the NAV per share of such class except for A Class Shares. A Class Shares have a front-end sales charge, which is deducted from your purchase price when you buy your shares.

**Investment income** – Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the security received. Interest income is accrued as earned. Withholding taxes on foreign dividends, if any, have been recorded in accordance with the Funds' understanding of the applicable country's tax rules and rates. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REIT's taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. Distributions received for each Fund's investments in Master Limited Partnerships ("MLPs") may be comprised of both income and return of capital. Each Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded. Discounts and premiums on fixed income securities, if any, are amortized using the effective interest method.

**Investment transactions** – Investment transactions are accounted for on the trade date. Realized gains and losses on investments sold are determined on a specific identification basis.

**Allocation among Classes** – Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation are allocated daily to each Class of a Fund based upon its proportionate share of total net assets of that Fund. Class-specific expenses are charged directly to the Class incurring the expense. Common expenses which are not attributable to a specific Class are allocated daily to each Class of shares of a Fund based upon its proportionate share of total net assets of that Fund. Distribution fees are class specific expenses.

**WESTWOOD FUNDS**

**Common expenses** – Common expenses of the Trust are allocated among the Funds and the other series of the Trust based on the relative net assets of each series, the number of series in the Trust, or the nature of the services performed and the relative applicability to each series.

**Futures contracts** – A Fund may use futures contracts for tactical hedging purposes as well as to enhance a Fund's returns. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. When a Fund purchases or sells a futures contract, no price is paid to or received by a Fund. Instead, a Fund is required to deposit in a segregated asset account an amount of cash or qualifying securities. This is called the "initial margin deposit." Subsequent payments, known as "variation margin," are made or received by a Fund each day, depending on the daily fluctuations in the fair value of the underlying asset. A Fund recognizes an unrealized gain or loss equal to the daily valuation margin. If market conditions move unexpectedly, a Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The margin deposits for futures contracts and the variation receivable/payable are reported on the Statements of Assets and Liabilities.

**Options written/purchased** – The Funds may utilize longer maturity options for stock replacement when and as price and volatility relationships become more favorable for options versus underlying stocks or for tax and liquidity management purposes. The Funds are authorized to write (sell) and purchase put and call options. The risk in writing a call option is that the Funds give up the opportunity to profit if the market price of the security increases. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

**Swap contracts** – The Funds are authorized to enter into swap contracts for the purposes of managing the Funds' interest rate duration, yield curve exposure and yield spread sensitivity. Swaps are a two-party contract in which the seller (buyer) will pay to the buyer (seller) the difference between the current value of a security and its value at the time the contract was entered. Interest rate swaps involve the exchange by a Fund with another party of their respective commitment to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Swap contracts are privately negotiated in the over-the-counter market ("OTC Swaps") or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("Centrally Cleared Swaps").

Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swaps. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on SOFR or some other form of indices on the notional amount. Payments received or made are recorded as realized gains or loss. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the Statements of Assets and Liabilities. Interest rate and Total Return swap contracts outstanding at period end, if any, are listed after a Fund's portfolio. In connection with swap agreements, securities may be set aside as collateral by a Fund's custodian.

Periodic payments made or received are recorded as realized gains or losses. The Statements of Assets and Liabilities reflect, if any, unrealized appreciation or depreciation and accrued periodic payments for swap contracts the Funds may have open.

Entering into swap contracts involve, to varying degrees, elements of credit, interest rate and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will

**WESTWOOD FUNDS**

be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions or fluctuations in interest rates. Swaps outstanding at year end, if any, are listed on the Schedules of Investments. Refer to each Fund's Schedule of Investments for details regarding open swap contracts, if applicable.

There is the risk that the counterparty refuses to continue to enter into swap agreements with the Funds in the future, or requires increased fees, which could impair the Funds' ability to achieve their investment objective. A counterparty may also increase its collateral requirements, which may limit the Fund's ability to use leverage and reduce investment returns. In addition, if the Funds cannot locate a counterparty willing to enter into transactions with the Funds, they will not be able to implement their investment strategy.

**Foreign currency translation** – Securities and other assets and liabilities denominated in or expected to settle in foreign currencies are translated into U.S. dollars based on exchange rates on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;A. The fair values of investment securities
 and other assets and liabilities are translated as of the close of the NYSE each day.

&nbsp;&nbsp;&nbsp;&nbsp;B. Purchases and sales of investment
 securities and income and expenses are translated at the rate of exchange prevailing as of 4:00 p.m. Eastern Time on the respective date
 of such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;C. The Funds do not isolate that portion
 of the results of operations caused by changes in foreign exchange rates on investments from those caused by changes in market prices
 of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments.

Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies, 2) currency gains or losses realized between the trade and settlement dates on securities transactions and 3) the difference between the amounts of dividends and foreign withholding taxes recorded on a Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities that result from changes in exchange rates.

The Funds may be subject to foreign taxes related to foreign income received, capital gain on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which a Fund invests.

**Forward foreign currency contracts** – The Funds may enter into forward foreign currency contracts to offset the exposure to foreign currency. All foreign currency contracts are "marked- to-market" daily at the applicable translation rates, resulting in unrealized gains or losses. Realized and unrealized gains or losses from transactions in foreign contracts, if any, will be included on the Funds' Statements of Operations. Risks associated with these contracts include the potential inability of counterparties to meet the terms of their contracts and unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

**Borrowing costs** – From time to time, the Funds may have an overdrawn cash balance at the custodian due to redemptions or market movements. When this occurs, the Funds will incur borrowing costs charged by the custodian. Borrowing costs for each Fund, if any, for the six months ended April 30, 2025 can be found on the Statements of Operations.

**ReFlow transactions** – Certain Funds may participate in ReFlow, a program designed to provide an alternative liquidity source for mutual funds experiencing redemptions of their shares. In order to pay cash to shareholders who redeem their shares on a given day, a mutual fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money, all of which impose certain costs on the fund. ReFlow provides participating mutual funds with another source of cash by standing ready to purchase shares from a fund equal to the amount of the

**WESTWOOD FUNDS**

fund's net redemptions on a given day. ReFlow then generally redeems those shares when the fund experiences net sales. In return for this service, the fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. The costs to a Fund for participating in ReFlow are generally expected to be influenced by and comparable to the cost of other sources of liquidity, such as the Fund's short-term lending arrangements or the costs of selling portfolio securities to meet redemptions. ReFlow is prohibited from acquiring more than 2.95% of the total net assets of any Fund. The Board has adopted certain procedures to govern the Funds' participation in ReFlow. During the six months ended April 30, 2025, no ReFlow fees were incurred.

**Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Redemption fees** – In an effort to discourage short-term trading and defray costs incurred by shareholders as a result of short-term trading, the Alternative Income Fund charges a 1.00% redemption fee on redemptions (including exchanges) of shares that have been held for less than 30 days. The redemption fee is deducted from the Fund's sale proceeds and cannot be paid separately, and any proceeds of the fee are credited to the assets of the Fund from which the redemption was made. The fee does not apply to shares purchased with reinvested dividends or distributions. Redemption fees collected, if any, are shown on the Statements of Changes in Net Assets.

**Distributions to shareholders** – Value, MidCap, SMidCap, SmallCap, and AllCap Funds distribute to shareholders any net investment income dividends and net realized capital gains distributions, if any, at least once each year. Income Opportunity and Alternative Income Funds distribute to shareholders any net investment income dividends quarterly and net realized capital gains distributions, if any, at least once each year. Multi-Asset Income Fund distributes to shareholders any net investment income dividends monthly and net realized capital gains distributions, if any, at least once each year. MLP & Energy Infrastructure and Real Estate Income Funds distribute substantially all of their net income to shareholders on a quarterly basis and their net capital gains to shareholders at least annually in December. Tactical Growth and Tactical Plus Funds distribute to shareholders any net investment income and net realized capital gains annually in December. The amount of such dividends and distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends and distributions to shareholders are recorded on the ex-dividend date.

The character of dividends paid to shareholders of the Funds for federal income tax purposes during the six months ended April 30, 2025, year ended October 31, 2024, ten months ended October 31, 2024 and year December 31, 2023 if applicable, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Period Ended** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** | **Total**<br>**Distributions** |
| **Value Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025 | $2922355 | $12376380 | $— | $15298735 |
| &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2024 | $5072853 | $2494872 | $— | $7567725 |
| **MidCap Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025 | $71196 | $36496 | $— | $107692 |
| &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2024 | $34640 | $6193 | $— | $40833 |
| **SMidCap Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025 | $1331125 | $— | $— | $1331125 |
| &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2024 | $6852780 | $2603038 | $— | $9455818 |

---

**WESTWOOD FUNDS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Period Ended** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** | **Total**<br>**Distributions** |
| **SmallCap Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025 | $32079740 | $34101538 | $— | $66181278 |
| &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2024 | $21471116 | $26245748 | $— | $47716864 |
| **AllCap Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025 | $377921 | $770461 | $— | $1148382 |
| &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2024 | $512184 | $250648 | $— | $762832 |
| **Income Opportunity Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025 | $11192057 | $— | $— | $11192057 |
| &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2024 | $19166079 | $— | $3678192 | $22844271 |
| **Multi-Asset Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025 | $3198450 | $— | $— | $3198450 |
| &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2024 | $5644409 | $— | $— | $5644409 |
| **Alternative Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025 | $1658151 | $— | $— | $1658151 |
| &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2024 | $872446 | $— | $3079172 | $3951618 |
| **MLP & Energy Infrastructure Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025 | $27300089 | $— | $— | $27300089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ten months ended October 31, 2024\* | $39037838 | $— | $— | $39037838 |
| &nbsp;&nbsp;&nbsp;&nbsp;December 31, 2023 | $33587018 | $— | $20006122 | $53593140 |
| **Real Estate Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025 | $9787086 | $— | $— | $9787086 |
| &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2024 | $9616028 | $8971397 | $— | $18587425 |
| **Tactical Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025 | $4905175 | $— | $— | $4905175 |
| &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2024 | $8904758 | $— | $— | $8904758 |
| **Tactical Plus Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025 | $2570728 | $— | $— | $2570728 |
| &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2024 | $2923885 | $189840 | $— | $3113725 |

---

\* Represents the ten months ended October 31, 2024.

**Federal income tax –** Each Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). Qualification generally will relieve the Funds of liability for federal income taxes to the extent 100% of their net investment income and net realized capital gains are distributed in accordance with the Code.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

**WESTWOOD FUNDS**

The following information is provided on a tax basis as of October 31, 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Value**<br>**Fund** | **MidCap**<br>**Fund** | **SMidCap**<br>**Fund** | **SmallCap**<br>**Fund** | **AllCap**<br>**Fund** |
| Federal income tax cost | $154308771 | $1720635 | $93316823 | $948853377 | $19481337 |
| Gross unrealized appreciation | $60903994 | $316002 | $17712160 | $213812727 | $3397757 |
| Gross unrealized depreciation | (2003468) | (44391) | (6340200) | (60348728) | (352531) |
| Net unrealized appreciation | 58900526 | 271611 | 11371960 | 153463999 | 3045226 |
| Undistributed ordinary income | 2372444 | 66419 | 1116987 | 28228574 | 315392 |
| Undistributed long-term capital gains | 12375390 | 36483 |  | 34096580 | 770410 |
| Total distributable earnings | $73648360 | $374513 | $12488947 | $215789153 | $4131028 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Income**<br>**Opportunity**<br>**Fund** | **Multi-Asset**<br>**Income**<br>**Fund** | **Alternative**<br>**Income**<br>**Fund** |<br>**Real Estate**<br>**Income Fund** |
| Federal income tax cost | $452772624 | $92019330 | $113730588 | $249098355 |
| Gross unrealized appreciation | $71688214 | $6840759 | $11836812 | $34263069 |
| Gross unrealized depreciation | (6123468) | (1999013) | (1769545) | (5403624) |
| Net unrealized appreciation | 65564746 | 4841746 | 10067267 | 28859445 |
| Accumulated capital and other losses | (24016104) | (17990179) | (15295815) |  |
| Total distributable earnings (accumulated deficit) | $41548642 | $(13148433) | $(5228548) | $28859445 |

---

---

| | | |
|:---|:---|:---|
| | **Tactical**<br>**Growth Fund** | **Tactical**<br>**Plus Fund** |
| Federal income tax cost | $156180221 | $69913385 |
| Gross unrealized appreciation | $8102372 | $— |
| Gross unrealized depreciation | (343007) |  |
| Net unrealized appreciation | 7759365 |  |
| Undistributed ordinary income | 4470469 | 2133576 |
| Accumulated capital and other losses | (7395470) | (2340044) |
| Total distributable earnings (accumulated deficit) | $4834364 | $(206468) |

---

The difference between the federal income tax cost of investments and the financial statement cost of investments are due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These "book/tax" differences are temporary in nature and are primarily due to the tax deferral of losses on wash sales, constructive dividend income, partnership adjustments, straddle loss deferral, contingent debt adjustment, perpetual bond and options, futures, redemption in kind and swap mark to market adjustments.

**WESTWOOD FUNDS**

The following information is computed on a tax basis for as of November 30, 2024. MLP & Energy Infrastructure Fund has a tax year end of November 30, 2024, which is different than the fiscal year of October 31, 2024.

---

| | |
|:---|:---|
| | **MLP & Energy**<br>**Infrastructure**<br>**Fund** |
| Federal income tax cost | $814971687 |
| Gross unrealized appreciation | $487550821 |
| Gross unrealized depreciation | (7193250) |
| Net unrealized appreciation | 480357571 |
| Net unrealized appreciation on foreign currency translation | 2036 |
| Undistributed ordinary income | 3991636 |
| Accumulated capital and other losses | (889646250) |
| Total accumulated deficit | $(405295007) |

---

As of October 31, 2024, the following Funds had short-term and long-term capital loss carryforwards for federal income tax purposes, which may be carried forward indefinitely. These capital loss carryforwards are available to offset net realized capital gains in future years, thereby reducing future taxable gains distributions, if any.

---

| | | | |
|:---|:---|:---|:---|
| | **Capital Loss Carryovers** | **Capital Loss Carryovers** | **Capital Loss Carryovers** |
| <br>**Fund** | **Short-term** | **Long-term** | **Total** |
| Income Opportunity Fund | $17559356 | $6456748 | $24016104 |
| Mult-Asset Income Fund | 1428086 | 16562093 | 17990179 |
| Alternative Income Fund | 4289096 | 3907602 | 8196698 |
| Global Real Estate Fund | 13677959 | 11238370 | 24916329 |
| Tactical Growth Fund | 2455863 | 4939607 | 7395470 |
| Tactical Plus Fund | 1341581 | 998463 | 2340044 |

---

For the period ended October 31, 2024, the following Funds utilized the following capital loss carry forwards:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-term** | **Long-term** | **Total** |
| Income Opportunity Fund | $2818062 | $11962942 | $14781004 |
| Mult-Asset Income Fund | 637924 |  | 637924 |
| Alternative Income Fund | 1552281 | 715057 | 2267338 |
| Global Real Estate Fund | 293294 |  | 293294 |

---

Qualified late year ordinary losses incurred after December 31, 2023 and within the taxable year are deemed to arise on the first day of the Fund's next taxable year. For the year ended October 31, 2024, Alternative Income Fund deferred $6,798,231 of late year ordinary losses to November 1, 2024 for federal income tax purposes.

As of November 30, 2024, the MLP & Energy Infrastructure Fund had short-term and long-term capital loss carryforwards for federal income tax purposes, which may be carried forward indefinitely. These capital loss

**WESTWOOD FUNDS**

carryforwards are available to offset net realized capital gains in the current and future years, thereby reducing future taxable gains distributions, if any.

---

| | | | |
|:---|:---|:---|:---|
| | **Capital Loss Carryovers** | **Capital Loss Carryovers** | **Capital Loss Carryovers** |
| <br>**Fund** | **Short-term** | **Long-term** | **Total** |
| MLP & Energy Infrastructure Fund | $304785189 | $584861061 | $889646250 |

---

For the MLP & Energy Infrastructure Fund, included in the $964,492,652 is short-term available carry forward losses of $135,535,254 and long-term of $61,267,795 for a total of $196,803,049 from the merged Predecessor Fund with an annual limitation of $4,106,607.

During the tax year end ended November 30, 2024, the MLP & Energy Infrastructure Fund utilized $90,711,898 of capital loss carryforwards against current year gains.

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under current income tax regulations. These permanent differences that are credited or charged to Paid in Capital and distributable earnings/(loss) as of November 30, 2024, 2024 are primarily related to utilization of tax equalization, non-deductible partnership expenses and return of capital distributions. As of November 30, 2024, the MLP & Energy Infrastructure Fund reclassified $(14,893,283) of accumulated deficit against paid-in capital.

The federal tax cost, unrealized appreciation (depreciation) as of April 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Value**<br>**Fund** | **MidCap**<br>**Fund** | **SMidCap**<br>**Fund** | **SmallCap**<br>**Fund** | **AllCap**<br>**Fund** |
| Federal income tax cost | $142285758 | $1519802 | $85377856 | $902105109 | $17773447 |
| Gross unrealized appreciation | $44524014 | $202171 | $12713061 | $127409741 | $3002404 |
| Gross unrealized depreciation | (7464237) | (120310) | (10531724) | (127955988) | (658331) |
| Net unrealized appreciation (depreciation) | $37059777 | $81861 | $2181337 | $(546247) | $2344073 |
|  | **Income** | **Multi-Asset** | **Alternative** | **MLP & Energy** |  |
|  | **Opportunity** | **Income** | **Income** | **Infrastructure** | **Real Estate** |
|  | **Fund** | **Fund** | **Fund** | **Fund** | **Income Fund** |
| Federal income tax cost | $465283436 | $102934601 | $152050072 | $885673106 | $252849711 |
| Gross unrealized appreciation | $50419153 | $4844456 | $6615585 | $365465728 | $11558368 |
| Gross unrealized depreciation | (11742464) | (4200702) | (5783571) | (34935412) | (11894825) |
| Net unrealized appreciation (depreciation) | $38676689 | $643754 | $832014 | $330530316 | $(336457) |

---

**WESTWOOD FUNDS**

---

| | | |
|:---|:---|:---|
| | **Tactical**<br>**Growth Fund** | **Tactical**<br>**Plus Fund** |
| Federal income tax cost | $160839699 | $69382344 |
| Gross unrealized appreciation | $1082665 | $— |
| Gross unrealized depreciation | (116545) |  |
| Net unrealized appreciation | $966120 | $— |

---

The Funds recognize the tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" of being sustained assuming examination by tax authorities. Management has reviewed each Fund's tax positions for the current and all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. The Funds identify their major tax jurisdiction as U.S. Federal.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended April 30, 2025, the Funds did not incur any interest or penalties.

In order to meet the distribution requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and maintain regulated investment company status, the MLP & Energy Infrastructure Fund paid a "deficiency dividend," as such term is defined by Section 860(f) of the Code, to the MLP & Energy Infrastructure Fund's shareholders totaling $5,648,856 from ordinary income on July 12, 2023. The Adviser reimbursed the MLP & Energy Infrastructure Fund in the amount of $32,497 for the amount of excise tax associated with the under-distribution. An estimated amount of $300,000 is accrued in the MLP & Energy Infrastructure Fund to cover any additional interest and penalties that may still be charged. The Adviser has committed to reimbursing the MLP & Energy Infrastructure Fund for this expense once the final amount is known and has $300,000 accrued in the Fund to cover the estimated amount.

**3. Investment Transactions**

The cost of security purchases and proceeds from sales and maturities of securities (excluding short-term debt securities having maturities one year or less and U.S. Government securities) for the six months ended April 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value**<br>**Fund** | **MidCap**<br>**Fund** | **SMidCap**<br>**Fund** | **SmallCap**<br>**Fund** |
| Purchases of investment securities | $67496901 | $581726 | $30603534 | $328243885 |
| Proceeds from sales of investment securities | $99024036 | $826093 | $39078140 | $404602250 |
|  |  | **Income** | **Multi-Asset** | **Alternative** |
|  | **AllCap** | **Opportunity** | **Income** | **Income** |
|  | **Fund** | **Fund** | **Fund** | **Fund** |
| Purchases of investment securities | $8440459 | $134302734 | $29588689 | $76110229 |
| Proceeds from sales and maturities of investment securities | $10539598 | $160027287 | $25673732 | $44573790 |

---

**WESTWOOD FUNDS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MLP & Energy**<br>**Infrastructure**<br>**Fund** |<br>**Real Estate**<br>**Income Fund** | **Broadmark**<br>**Tactical**<br>**Growth Fund** | **Broadmark**<br>**Tactical**<br>**Plus Fund** |
| Purchases of investment securities | $489571583 | $78414523 | $25374533 | $35120311 |
| Proceeds from sales and maturities of investment securities | $434225515 | $79201250 | $116280182 | $33127950 |

---

The cost of security purchases and proceeds from sales and maturities of U.S. Government long-term securities for six months ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Income<br> Opportunity<br> Fund** | **Multi-Asset<br> Income<br> Fund** |
| Purchases of investment securities | $49055086 | $2948825 |
| Proceeds from sales and maturities of investment securities | $46991066 | $3652308 |

---

The Multi-Asset Income and MLP & Energy Infrastructure Funds invest in one or more Westwood Funds ("Underlying Funds"), which are also advised by the Adviser. The Underlying Funds are deemed affiliates of the Multi-Asset Income and MLP & Energy Infrastructure Funds, and the related activities in those investments were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| <br>**Affiliate** |<br>**Fair Value at**<br>**October 31,**<br>**2024** |<br>**Purchase**<br>**Cost** |<br>**Sales**<br>**Proceeds** |<br>**Realized**<br>**Gain/(Loss)** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Multi-Asset Income Fund** |  |  |  |  |  |
| Westwood Salient Enhanced Energy Income ETF | $494588 | $15464 | $(93074) | $(11782) | $(33681) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| <br>**Affiliate** |<br>**Fair Value at**<br>**April 30, 2025** |<br>**Dividend**<br>**Income** | **Long-Term**<br>**Capital Gain**<br>**Distributions** |<br>**Shares at**<br>**April 30, 2025** |
| **Multi-Asset Income Fund** |  |  |  |  |
| Westwood Salient Enhanced Energy Income ETF | $371515 | $— | $— | 18861 |

---

**WESTWOOD FUNDS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| <br>**Affiliate** |<br>**Fair Value at**<br>**October 31,**<br>**2024** |<br>**Purchase**<br>**Cost** |<br>**Sales**<br>**Proceeds** |<br>**Realized**<br>**Gain/(Loss)** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **MLP & Energy Infrastructure Fund** |  |  |  |  |  |
| Westwood Salient Enhanced Energy Income ETF | $10897303 | $— | $— | $— | $(1420540) |
| Westwood Salient Enhanced Midstream Income ETF | 41842512 |  | (1294261) | 116013 | (181794) |
| Total | $52739815 | $— | $(1294261) | $116013 | $(1602334) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** |
| <br>**Affiliate** |<br>**Fair Value at**<br>**April 30, 2025** |<br>**Dividend**<br>**Income** | **Long-Term**<br>**Capital Gain**<br>**Distributions** |<br>**Shares at**<br>**April 30, 2025** |
| **MLP & Energy Infrastructure Fund** |  |  |  |  |
| Westwood Salient Enhanced Energy Income ETF | $9476763 | $649505 | $— | 481115 |
| Westwood Salient Enhanced Midstream Income ETF | 40482470 | 2133653 |  | 1565169 |
| Total | $49959233 | $2783158 | $— | 2046284 |

---

**4. Transactions with Related Parties**

**INVESTMENT MANAGEMENT AGREEMENT**

The Funds' investments are managed by the Adviser pursuant to the terms of an Investment Management Agreement. Each Fund pays the Adviser an investment management fee, based on the average net assets of each Fund, computed and accrued daily and paid monthly, at the annual rate shown in the table below.

Pursuant to an Expense Limitation Agreement ("ELA") between each Fund and the Adviser, the Adviser has contractually agreed, until March 1, 2026, (for Value, MidCap, SMidCap, SmallCap, AllCap, Income Opportunity, Multi-Asset Income, Alternative Income and Real Estate Income Funds) and April 30, 2026 (for MLP & Energy Infrastructure, Tactical Growth and Tactical Plus Funds) to reduce investment management fees and reimburse other expenses to the extent necessary to limit total annual fund operating expenses of each Fund (exclusive of interest; taxes; brokerage commissions; Rule 12b-1 distribution fees (if any), administrative servicing fees (if any); borrowing expenses such as dividend and interest expenses on securities sold short; acquired fund fees and expenses; costs to organize the Funds; other expenditures which are capitalized in accordance with generally accepted accounting

**WESTWOOD FUNDS**

principles; and extraordinary expenses) to an amount not exceeding the following percentages of average daily net assets attributable to each respective class:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Management**<br>**Fee** | **Institutional**<br>**Class Expense**<br>**Limitation** | **A Class**<br>**Expense**<br>**Limitation** | **C Class**<br>**Expense**<br>**Limitation** | **Ultra Class**<br>**Expense**<br>**Limitation** | **F Class**<br>**Expense**<br>**Limitation** |
| Value Fund | 0.50% | 0.55% | 0.55% | n/a | 0.55% | n/a |
| MidCap Fund | 0.58% | 0.58% | n/a | n/a | n/a | n/a |
| SMidCap Fund | 0.75% | 0.68% | n/a | n/a | 0.68% | n/a |
| SmallCap Fund | 0.85% | 0.79% | 0.79% | 0.79% | 0.79% | n/a |
| AllCap Fund | 0.45% | 0.45% | n/a | n/a | 0.45% | n/a |
| Income Opportunity Fund | 0.65% | 0.74% | 0.74% | 0.74% | 0.74% | n/a |
| Multi-Asset Income Fund\* | 0.38% <sup>(a)</sup> | 0.10% | n/a | n/a | n/a | n/a |
| Alternative Income Fund\* | 0.53% <sup>(b)</sup> | 0.00% | n/a | n/a | 0.00% | n/a |
| MLP & Energy Infrastructure Fund | 0.90% | 1.25% | 1.50% | 2.25% | n/a | n/a |
| Real Estate Income Fund^ | 0.70% | 1.10% | 1.50% | n/a | n/a | n/a |
| Broadmark Tactical Growth Fund^ | 1.10% | n/a | n/a | n/a | n/a | n/a |
| Broadmark Tactical Plus Fund^ | 1.40% | 1.35% | 1.60% | n/a | n/a | 1.04% |

---

---

| | |
|:---|:---|
| ^ | The ratios listed are the contractual amounts which include 12b-1 distribution and administrative services fees. |

---

The Funds'Adviser has agreed to waive fees in the pro-rata amount of the management fee charged by the Underlying Funds on each Fund's investment in such other Underlying Funds. This fee waiver is accrued daily and settled monthly. During the six months ended April 30, 2025, the Multi-Asset Income and MLP & Energy Infrastructure Funds reduced investment advisory fees by $135 and $236,536, respectively.

The Adviser has contractually agreed to reduce its fees and reimburse expenses of the Multi-Asset Income Fund, and Alternative Income Fund in order to keep net operating expenses (excluding management fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses") from exceeding the Funds' average daily net assets as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | **Institutional**<br>**Shares Expense**<br>**Limitation** | **A Class**<br>**Expense**<br>**Limitation** | **C Class**<br>**Expense**<br>**Limitation** | **Ultra Class**<br>**Expense**<br>**Limitation** |
| Multi-Asset Income Fund\* | 0.10% | 0.10% | n/a | n/a |
| Alternative Income Fund\* | 0.00% | 0.00% | 0.00% | 0.00% |

---

In addition, the Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.01% of the Alternative Income Fund's average daily net assets.

**WESTWOOD FUNDS**

\* In connection with the Adviser's Sensible Fees™ framework, for its services to each share class of Multi-Asset Income and Alternative Income Funds, the Adviser is entitled to a management fee, which consists of a base fee (the "Base Fee") and a positive or negative performance adjustment (the "Performance Adjustment") based on whether , and to what extent, the investment performance of each share class of each Fund exceeds, or is exceeded by, the performance of an index hurdle (the "Index Hurdle") over the 12-month period from November 1 of each year through October 31 of the following year (the "Performance Period"). For each share class of each Fund, the Base Fee and Performance Adjustment are each calculated and accrued daily based on the average daily net assets of the share class during the Performance Period.

<sup>(a)</sup> The Base Fee is an annual rate of 0.38%. The Index Hurdle is the Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&P 500<sup>®</sup> Index plus 1.00%. The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0032% of the share class's average daily net assets for each 0.01% by which the performance of the share class exceeds or lags the performance of the Index Hurdle over the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annual rate of +/- 0.32% of the share class's average daily net assets during the Performance Period, which would occur when the performance of the share class exceeds, or is exceeded by, the performance of the Index Hurdle by 1.00% over the Performance Period. Accordingly, the management fee will range from a minimum annual rate of 0.06% to a maximum annual rate of 0.70%.

<sup>(b)</sup> The Base Fee is an annual rate of 0.53%. The Index Hurdle is the FTSE 1-Month U.S. Treasury Bill Index plus 2.00%. The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0016% of the share class's average daily net assets for each 0.01% by which the performance of the share class exceeds or lags the performance of the Index Hurdle over the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annual rate of +/- 0.32% of the share class's average daily net assets during the Performance Period, which would occur when the performance of the share class exceeds, or is exceeded by, the performance of the Index Hurdle by 2.00% over the Performance Period. Accordingly, the management fee will range from a minimum annual rate of 0.21% to a maximum annual rate of 0.85%.

Under the terms of the ELA, investment management fee reductions and expense reimbursements by the Adviser are subject to repayment by the Funds for a period of three years after the date on which such fees and expenses were incurred or waived, provided that the repayments do not cause total annual fund operating expenses (exclusive of such reductions and reimbursements) to exceed (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. Fee waivers/expense reimbursements for the Predecessor Funds prior to the Reorganization on November 1, 2021 are not subject to recoupment by the Adviser. The prior 0.25% contractual management fee waiver for Real Estate Income Fund is not subject to recoupment. As of April 30, 2025, the Adviser may seek repayment of investment management fee reductions and expense reimbursements no later than the dates below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value**<br>**Fund** | **MidCap**<br>**Fund** | **SMidCap**<br>**Fund** | **SmallCap**<br>**Fund** |
| October 31, 2025 | $52151 | $42524 | $221359 | $621993 |
| October 31, 2026 | 131653 | 50674 | 434607 | 1421371 |
| October 31, 2027 | 138668 | 49790 | 375911 | 1610873 |
| April 30, 2028 | 77576 | 28650 | 112374 | 724179 |
|  | $400048 | $171638 | $1144251 | $4378416 |

---

**WESTWOOD FUNDS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**AllCap**<br>**Fund** | **Income**<br>**Opportunity**<br>**Fund** | **Multi-Asset**<br>**Income**<br>**Fund\*** | **Alternative**<br>**Income**<br>**Fund\*\*** |
| October 31, 2025 | $59859 | $— | $42518 | $110150 |
| October 31, 2026 | 96664 |  | 76545 | 344139 |
| October 31, 2027 | 98541 |  | 89835 | 263567 |
| April 30, 2028 | 54158 |  | 53437 | 125097 |
|  | $309222 | $— | $262335 | $842953 |
|  | **MLP & Energy** |  | **Broadmark** | **Broadmark** |
|  | **Infrastructure** | **Real Estate** | **Tactical Growth** | **Tactical Plus** |
|  | **Fund\*\*\*** | **Income Fund** | **Fund** | **Fund** |
| December 31, 2025 | $— | $— | $— | $342633 |
| October 31, 2026 |  |  |  | 349534 |
| October 31, 2027 |  |  |  | 412402 |
| April 30, 2028 |  |  |  | 188692 |
|  | $— | $— | $— | $1293261 |

---

\* For the six months ended April 30, 2025, the Fund had $135 management fee waived related to investments in Underlying Funds that is not subject to recoupment.

\*\* For the six months ended April 30, 2025, the Fund had $13,365 management fee waiver that is not subject to recoupment pursuant to the Management Fee Waiver Agreement.

\*\*\* For the six months ended April 30, 2025, the Fund had $236,536 management fee waived related to investments in Underlying Funds that is not subject to recoupment.

**OTHER SERVICE PROVIDERS**

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting, and transfer agency services to the Funds. The Funds pay Ultimus fees in accordance with the agreements for such services. In addition, the Funds pay out-of-pocket expenses including, but not limited to, postage, supplies, and certain costs related to the pricing of the Funds' portfolio securities.

Under the terms of a Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC ("NLCS") provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the agreement, NLCS receives fees from the Funds. NLCS is a wholly-owned subsidiary of Ultimus.

Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the "Distributor") serves as the principal underwriter to the Funds. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser for acting as principal underwriter.

Certain officers of the Trust are also officers of Ultimus and are not paid by the Funds for servicing in such capacities.

**ADMINISTRATIVE SERVICES PLAN**

As of April 30, 2025, all Funds have adopted an administrative services plan (the "Plan") that provides that the applicable class of each Fund may pay financial intermediaries for shareholder services in an amount not to exceed the rate shown below based on the average daily net assets of each Fund's share class. During the six months ended

**WESTWOOD FUNDS**

April 30, 2025 the Institutional Shares of the Funds incurred the following administrative services plan fees under the Plan:

---

| | | |
|:---|:---|:---|
| <br>**Administrative service plan fees** |<br><br>**Maximum Rate** | **Expense**<br>**Incurred For**<br>**the six months**<br>**ended April 30,<br> 2025** |
| *Institutional Shares* |  |  |
| Value Fund | 0.10% | $77805 |
| MidCap Fund | 0.20% | 1013 |
| SMidCap Fund | 0.20% | 51870 |
| SmallCap Fund | 0.20% | 292283 |
| AllCap Fund | 0.20% | 348 |
| Income Opportunity Fund | 0.10% | 143981 |
| Multi-Asset Income Fund | 0.19% | 9817 |
| Alternative Income Fund | 0.15% | 64693 |
| MLP & Energy Infrastructure Fund | 0.10% | 489561 |
| Real Estate Income Fund | 0.05% | 42373 |
| Tactical Growth Fund | 0.05% | 35845 |
| Tactical Plus Fund | 0.10% | 17363 |
| *A Class Shares* |  |  |
| MLP & Energy Infrastructure Fund | 0.10% | 81790 |
| Real Estate Income Fund | 0.20% | 43822 |
| Tactical Growth Fund | 0.20% | 7392 |
| Tactical Plus Fund | 0.10% | 280 |
| *C Class Shares* |  |  |
| MLP & Energy Infrastructure Fund | 0.10% | 8563 |
| Real Estate Income Fund\* | 0.25% | 3124 |
| Tactical Growth Fund | 0.25% | 4027 |
| Tactical Plus Fund\* | 0.10% | 83 |
| *F Class Shares* |  |  |
| Tactical Plus Fund | 0.10% | 17728 |

---

\* C Class Shares converted to A Class Shares on February 7, 2025.

**DISTRIBUTION PLAN**

All Funds except for MidCap, SMidCap, and AllCap Funds have adopted a distribution plan under Rule 12b-1 of the 1940 Act (the "Plan") for A Class Shares and C Class Shares that allows the Funds to pay distribution and/or service fees for the sale and distribution of Fund shares, and for services provided to shareholders in an amount not to

**WESTWOOD FUNDS**

exceed 0.25% based on average daily net assets of each Fund's A Class Shares, up to 0.75% of the average daily net assets of the Real Estate Income and Tactical Growth Funds' C Class Shares and 1.00% based on the average daily net assets of the Value, SmallCap, Income Opportunity, Multi-Asset Income, Alternative Income, MLP & Energy Infrastructure and Tactical Plus Funds' C Class Shares. During the six months ended April 30, 2025, the A Class Shares and C Class Shares of the Funds incurred the following distribution fees under the Plan:

---

| | |
|:---|:---|
| <br>**Distribution fee** | **Expense**<br>**Incurred For**<br>**the six months**<br>**ended April 30,**<br>**2025** |
| Value Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*A Class Shares* | $2584 |
| &nbsp;&nbsp;&nbsp;&nbsp;*C Class Shares\** | 503 |
| SmallCap Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*A Class Shares* | 3867 |
| &nbsp;&nbsp;&nbsp;&nbsp;*C Class Shares* | 18413 |
| Income Opportunity Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*A Class Shares* | 54060 |
| &nbsp;&nbsp;&nbsp;&nbsp;*C Class Shares* | 62929 |
| Multi-Asset Income Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*A Class Shares* | 10668 |
| &nbsp;&nbsp;&nbsp;&nbsp;*C Class Shares\** | 486 |
| Alternative Income Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*A Class Shares* | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;*C Class Shares\** | 1123 |
| MLP & Energy Infrastructure Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*A Class Shares* | 204478 |
| &nbsp;&nbsp;&nbsp;&nbsp;*C Class Shares* | 85630 |
| Real Estate Income Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*A Class Shares* | 109557 |
| &nbsp;&nbsp;&nbsp;&nbsp;*C Class Shares\** | 9371 |
| Tactical Growth Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*A Class Shares* | 20068 |
| &nbsp;&nbsp;&nbsp;&nbsp;*C Class Shares* | 12080 |
| Tactical Plus Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*A Class Shares* | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;*C Class Shares\** | 826 |

---

\* C Class Shares converted to A Class Shares on February 7, 2025.

**WESTWOOD FUNDS**

**TRUSTEE COMPENSATION**

Each member of the Board (a "Trustee") who is not an "interested person" (as defined by the 1940 Act, as amended) of the Trust ("Independent Trustee") receives an annual retainer and meeting fees, plus reimbursement for travel and other meeting-related expenses.

**PRINCIPAL HOLDERS OF FUND SHARES**

As of April 30, 2025, the following shareholders owned of record 25% or more of the outstanding shares of the Funds:

---

| | |
|:---|:---|
| **NAME OF RECORD OWNER** | **% Ownership** |
| **Value Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Band & Co. (for the benefit of its customers) | 47% |
| **MidCap Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Financial Services, Inc. (for the benefit of its customers) | 58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Westwood Management Corp. (for the benefit of its customers) | 36% |
| **SMIDCap Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bart 401(a) Model (for the benefit of its customers) | 49% |
| **SmallCap Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;National Financial Services, LLC (for the benefit of its customers) | 52% |
| **AllCap Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Bank CAPINCO | 97% |
| **Multi-Asset Income Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;National Financial Services, LLC (for the benefit of its customers) | 61% |
| **Alternative Income Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;National Financial Services, LLC (for the benefit of its customers) | 54% |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial (for the benefit of its customers) | 37% |
| **MLP & Energy Infrastructure Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Smith Barney, LLC (for the benefit of its customers) | 49% |
| **Real Estate Income Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab & Co., Inc. (for the benefit of its customers) | 41% |
| **Broadmark Tactical Growth Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Smith Barney, LLC (for the benefit of its customers) | 36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Clearning Services, LLC (for the benefit of its customers) | 26% |
| **Broadmark Tactical Plus Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;National Financial Services, LLC (for the benefit of its customers) | 97% |

---

A beneficial owner of 25% or more of a Fund's outstanding shares may be considered a controlling person of the Fund. That shareholder's vote could have a more significant effect on matters presented at a shareholders' meeting.

**WESTWOOD FUNDS**

**5. Derivative Transactions**

The following is a summary of the fair value of derivative instruments held by the Funds listed below as of April 30, 2025 presented on the Statements of Assets and Liabilities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** |
| <br>**Type of Derivative** | <br>**Futures**<br>**Contracts\*** | **Unrealized**<br>**appreciation**<br>**for swap**<br>**agreements\*** | <br>**Investments,**<br>**at value for**<br>**written options** | <br>**Futures**<br>**Contracts\*** | **Unrealized**<br>**depreciation**<br>**for swap**<br>**agreements\*** |
| **Income Opportunity Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Risk Exposure | $— | $— | $(471390) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk Exposure | 530466 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency Risk Exposure | 144388 |  |  |  |  |
| **Multi-Asset Income Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Risk Exposure | $— | $— | $(28005) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk Exposure | 91595 |  |  |  |  |
| **Alternative Income Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Risk Exposure | $— | $551131 | $— | $— | $(2937973) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk Exposure | 2829 |  |  |  |  |
| **MLP & Energy Infrastructure Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Risk Exposure | $— | $— | $(192914) | $— | $— |
| **Tactical Plus Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Risk Exposure | $— | $— | $— | $(470913) | $— |

---

Amounts designated as "—" are $0 or have been rounded to $0.

\* Total fair value is presented by Primary Risk Exposure. For future contracts, if any, the amounts represents their cumulative appreciation/depreciation, which includes movements of variation margin.

**WESTWOOD FUNDS**

The following summary of the effect of derivatives instruments for the Funds on the Statements of Operations for the six months ended April 30, 2025:

**Income Opportunity Fund - for the six months ended April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Derivative** | **Risk** | **Location** | **Realized Gains** | **Location** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Index call options written | Equity | Net realized gains<br> from written<br> option contracts | $375735 | Net change in<br> unrealized appreciation<br> (depreciation) on<br> written option<br> contracts | $137950 |
| Futures contracts<br> Purchased | Interest Rate | Net realized gains<br> (losses) from long<br> futures contracts | $(197643) | Net change in<br> unrealized appreciation<br> (depreciation) on long<br> futures contracts | $530467 |
|  | Currency<br> Risk | Net realized gains<br> (losses) from long<br> futures contracts | $293 | Net change in<br> unrealized appreciation<br> (depreciation) on long<br> futures contracts | $144387 |

---

**Multi-Asset Income Fund - for the six months ended April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Derivative** | **Risk** | **Location** | **Realized Gains** | **Location** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Index call options written | Equity | Net realized gains<br> from written<br> option contracts | $32006 | Net change in<br> unrealized appreciation<br> (depreciation) on<br> written option<br> contracts | $19360 |
| Futures contracts<br> purchased | Interest Rate | Net realized gains<br> (losses) from long<br> futures contracts | $17605 | Net change in<br> unrealized appreciation<br> (depreciation) on long<br> futures contracts | $91595 |

---

**WESTWOOD FUNDS**

**Alternative Income Fund - for the six months ended April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Derivative** | **Risk** | **Location** | **Realized Gains<br> (Losses)** | **Location** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Index call options written | Equity | Net realized gains<br> (losses) from<br> written option<br> contracts | $(12685) | Net change in<br> unrealized appreciation<br> (depreciation) on<br> written option<br> contracts | $38699 |
| Futures contracts<br> purchased | Interest Rate | Net realized losses<br> from long futures<br> contracts | $(22906) | Net change in<br> unrealized appreciation<br> (depreciation) on long<br> futures contracts | $2829 |
| Swap transactions | Equity | Net realized<br> gains from swap<br> transactions | $917349 | Net change in<br> unrealized appreciation<br> (depreciation) on swap<br> transactions | $(3181971) |

---

**MLP & Energy Infrastructure Fund - for the six months ended April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Derivative** | **Risk** | **Location** | **Realized Gains** | **Location** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Index call options written | Equity | Net realized gains<br> (losses) from<br> written option<br> contracts | $891522 | Net change in<br> unrealized appreciation<br> (depreciation) on<br> written option<br> contracts | $(9026) |

---

**WESTWOOD FUNDS**

**Tactical Plus Fund - for the six months ended April 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Derivative** | **Risk** | **Location** | **Realized Gains<br> (Losses)** | **Location** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Index put options<br> purchased | Equity | Net realized losses<br> from purchased<br> option contracts | $(248525) | Net change in<br> unrealized appreciation<br> (depreciation) on<br> purchased option<br> contracts | $— |
| Index call options<br> purchased | Equity | Net realized losses<br> from purchased<br> option contracts | $(47764) | Net change in<br> unrealized appreciation<br> (depreciation) on<br> purchased option<br> contracts | $— |
| Futures contracts<br> purchased | Equity | Net realized losses<br> from long futures<br> contracts | (936748) | Net change in<br> unrealized appreciation<br> (depreciation) on long<br> futures contracts | 788145 |
| Futures contracts sold short | Equity | Net realized losses<br> from short futures<br> contracts | $(776423) | Net change in<br> unrealized appreciation<br> (depreciation) on short<br> futures contracts | $(470913) |

---

Amounts designated as "—" are $0 or have been rounded to $0.

**Offsetting Assets and Liabilities:**

Alternative Income, MLP & Energy Infrastructure, Real Estate Income, Tactical Growth, and Tactical Plus Funds are required to disclose the impact of offsetting assets and liabilities represented in the Statements of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of setoff criteria: the amounts owed by these Funds to another party are determinable, the Funds have the right to set off the amounts owed with the amounts owed by the other party, the Funds intend to set off, and the Funds' right of setoff is enforceable at law.

A fund is subject to various netting arrangements with select counterparties ("Master Agreements" or "MNAs"). Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement

**WESTWOOD FUNDS**

with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets in the Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability in the Statements of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Customer account agreements and related addendums govern cleared derivatives transactions such as futures, options on futures, and cleared Over The Counter ("OTC") derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency which is segregated at a broker account registered with the Commodities Futures Trading Commission ("CFTC"), or the applicable regulator. In the U.S., counterparty risk is believed to be reduced as creditors of the futures broker do not have claim to fund assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the funds. Variation margin, or changes in market value, are exchanged daily, but generally may not be netted between futures and cleared OTC derivatives.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern OTC financial derivative transactions entered into by a fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian.

As of April 30, 2025, derivative assets and liabilities by type by Fund are as follows:

---

| | | |
|:---|:---|:---|
| **Descriptions** | **Assets** | **Liabilities** |
| **Income Opportunity Fund** |  |  |
| Derivatives Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contract\* | $— | $(471390) |
| Total derivative assets and liabilities on the Statement of Assets and Liabilities |  | (471390) |
| Derivative not subject to a MNA or similar agreement |  | 471390 |
| Total assets and liabilities subject to a MNA | $— | $— |

---

**WESTWOOD FUNDS**

---

| | | |
|:---|:---|:---|
| **Descriptions** | **Assets** | **Liabilities** |
| **Multi-Asset Income Fund** |  |  |
| Derivatives Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contract\* | $— | $(28005) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts^ | 91595 |  |
| Total derivative assets and liabilities on the Statement of Assets and Liabilities | 91595 | (28005) |
| Derivative not subject to a MNA or similar agreement | (91595) | 28005 |
| Total assets and liabilities subject to a MNA | $— | $— |
| **Alternative Income Fund** |  |  |
| Derivatives Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts^ | $2829 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap agreements | 551131 | (2937973) |
| Total derivative assets and liabilities on the Statement of Assets and Liabilities | 553960 | (2937973) |
| Derivative not subject to a MNA or similar agreement | (2829) |  |
| Total assets and liabilities subject to a MNA | $551131 | $(2937973) |
| **MLP & Energy Infrastructure Fund** |  |  |
| Derivatives Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contract\* | $— | $(192914) |
| Total derivative assets and liabilities on the Statement of Assets and Liabilities |  | (192914) |
| Derivative not subject to a MNA or similar agreement |  | 192914 |
| Total assets and liabilities subject to a MNA | $— | $— |
| **Tactical Plus Fund** |  |  |
| Derivatives Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts^ | $— | $(470913) |
| Total derivative assets and liabilities on the Statement of Assets and Liabilities |  | (470913) |
| Derivative not subject to a MNA or similar agreement |  | 470913 |
| Total assets and liabilities subject to a MNA | $— | $— |

---

Amounts designated as "—" are $0 or have been rounded to $0.

\* Includes options contracts purchased at value as reported on the Statements of Assets and Liabilities.

---

| | |
|:---|:---|
| ^ | The amount represents their cumulative appreciation/depreciation which includes movements of variation margin. |

---

**WESTWOOD FUNDS**

The following table represents derivative assets by counterparty, net of amounts available for offset under an MNA and net of the related collateral received by the Fund as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Alternative Income Fund** |<br>**Derivative**<br>**Assets Subject**<br>**to a MNA by**<br>**Counterparty** | **Derivative**<br>**Liabilities**<br>**Subject to**<br>**a MNA by**<br>**Counterparty** |<br>**Net Amount**<br>**of Derivative**<br>**Assets** |<br>**Non-cash**<br>**Collateral**<br>**Received<sup>(a)</sup>** |<br><br>**Net Exposure** |
| BNP Paribas | $551131 | $(2937973) | $(2386842) | $2386842 | $— |

---

<sup>(a)</sup> The actual collateral received or pledged may be in excess of the amounts shown in the tables. The tables only reflect collateral amounts up to the amount of the financial instruments disclosed on the Statements of Assets and Liabilities.

Certain derivative contracts are executed under either standardized netting agreements or, for exchange-traded derivatives, the relevant contracts for a particular exchange that contain enforceable netting provisions. A derivative netting arrangement creates an enforceable right of set-off that becomes effective and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early termination. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract.

**6. Investments in Money Market Funds**

In order to maintain sufficient liquidity to implement investment strategies, or for temporary defensive purposes, the Funds may at times invest a significant portion of their assets in shares of money market funds. As of April 30, 2025, Tactical Growth Fund and Tactical Plus Fund had 33.0% and 97.6%, respectively, of the value of its net assets invested in shares of a money market fund registered under the 1940 Act. The annual report, along with the report of the independent registered public accounting firm is included in the money market fund's N-CSR available at www.sec.gov. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. While investor losses in money market funds have been rare, they are possible. The Funds, as investors in money market funds, indirectly bear the fees and expenses of those funds, which are in addition to the fees and expenses of the respective Fund.

**7. Certain Investments and Risks**

Below are summaries of some, but not all, of the principal risks of investing in one or more of the Funds, each of which could adversely affect a Fund's NAV, yield and total return. Each risk listed below does not necessarily apply to each Fund, and you should read each Fund's prospectus carefully for a description of the principal risks associated with investing in a particular Fund.

**RISKS ASSOCIATED WITH LOWER RATE DEBT SECURITIES**

Multi-Asset Income Fund invests substantially all of its assets in high yield, or "junk," bonds, and such investments represent highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the corporation issuing these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities. In addition, insufficient liquidity in the non-investment grade bond market may make it more difficult to dispose of non-investment grade bonds and may cause the Fund to experience sudden and substantial price declines.

**WESTWOOD FUNDS**

**SECTOR RISK**

If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio would be adversely affected. As of April 30, 2025, Income Opportunity Fund had 25.2% of the value of its net assets invested in securities in the Financials sector, Alternative Income Fund had 32.9% of the value of its net assets invested in securities in the Technology sector, and Real Estate Income Fund had 86.6% of the value of its net assets invested in securities in the Real Estate sector.

**8. Contingencies and Commitments**

The Funds indemnify the Trust's officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**9. In-Kind Transactions**

During the six months ended April 30, 2025, there were no redeemed shares of beneficial interest in exchange for securities.

**10. Subsequent Events**

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted the following:

Effective June 30, 2025, each of the Westwood Income Opportunity Fund and Westwood Alternative Income Fund changed its dividend frequency from quarterly to monthly.

The following Fund paid distributions to shareholders subsequent to April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Record**<br>**Date** | <br>**Ex-Date** | **Income Per**<br>**Share** |
| MLP & Energy Infrastructure Fund - Institutional Shares | 5/15/2025 | 5/16/2025 | $0.1150 |
| MLP & Energy Infrastructure Fund - Class A | 5/15/2025 | 5/16/2025 | 0.1081 |
| MLP & Energy Infrastructure Fund - Class C | 5/15/2025 | 5/16/2025 | 0.0888 |
| MLP & Energy Infrastructure Fund - Ultra Shares | 5/15/2025 | 5/16/2025 | 0.1172 |
| Multi-Asset Income Fund - Institutional Shares | 5/29/2025 | 5/30/2025 | 0.0524 |
| Multi-Asset Income Fund - Class A | 5/29/2025 | 5/30/2025 | 0.0507 |

---

**WESTWOOD FUNDS**

**ADDITIONAL INFORMATION** *(Unaudited)*

**Changes in and/or Disagreements with Accountants**

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Renumeration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

**OTHER FEDERAL TAX INFORMATION** *(Unaudited)*

**Qualified Dividend Income -** For the tax year ended November 30, 2024 the MLP & Energy Infrastructure Fund designates 39.12% of its ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate.

**Dividends Received Deduction -** Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the MLP & Energy Infrastructure Fund's dividend distributions that qualifies under tax law. For the tax year ended November 30, 2024, the Fund had 47.34% ordinary income dividends qualified for the corporate dividends received deduction.

---

| |
|:---|
| **The Westwood Funds** |
| P.O. Box 541150 |
| Omaha, NE 68154 |
| 1-877-FUND-WHG |
| www.westwoodfunds.com |
| **Adviser:** |
| Westwood Management Corp. |
| 200 Crescent Court, Suite 1200 |
| Dallas, TX 75201 |
| **Distributor:** |
| Ultimus Fund Distributors, LLC |
| 225 Pictoria Drive |
| Suite 450 |
| Cincinnati, OH 45246 |
| **Administrator:** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive |
| Suite 450 |
| Cincinnati, OH 45246 |
| **Legal Counsel:** |
| Sullivan & Worcester LLP |
| 1666 K Streeet, NW |
| Suite 700 |
| Washington, D.C. 20006 |
| **Independent Registered Public Accounting Firm:** |
| Cohen & Company, Ltd. |
| 1835 Market Street, Suite 310 |
| Philadelphia, PA 19103 |
| This information must be preceded or accompanied by a current |
| prospectus for the Funds. |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![(LOGO)](we001_v1.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Salient Enhanced Midstream Income ETF** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood Salient Enhanced Energy Income ETF** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westwood LBRTY Global Equity ETF** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semi-Annual Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**and Additional Information** | **April 30, 2025** |

---

---

| |
|:---|
| **Investment Adviser:** |
| **Westwood Management Corp.** |

---

**WESTWOOD FUNDS**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;Westwood Salient Enhanced Midstream Income ETF | 1 |
| &nbsp;&nbsp;&nbsp;Westwood Salient Enhanced Energy Income ETF | 4 |
| &nbsp;&nbsp;&nbsp;Westwood LBRTY Global Equity ETF | 7 |
| Statements of Assets and Liabilities | 10 |
| Statements of Operations | 11 |
| Statements of Changes in Net Assets | 12 |
| Financial Highlights | 13 |
| Notes to Financial Statements | 16 |
| Additional Information | 27 |
| Other Federal Tax Information | 31 |

---

---

| |
|:---|
| **WESTWOOD SALIENT ENHANCED MIDSTREAM INCOME ETF** |
| **APRIL 30, 2025** *(Unaudited)* |

---

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **MASTER LIMITED PARTNERSHIPS — 23.3%<sup>(a)</sup>** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value | Value |
| **Crude & Refined Products — 5.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners, L.P. <sup>(b)</sup> | 6712 | $| 263446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy, L.P. <sup>(b)</sup> | 34492 |  | 473920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX, L.P. <sup>(b)</sup> | 78272 |  | 3986393 |
|  |  |  | 4723759 |
| **Gathering & Processing — 2.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Partners, L.P. <sup>(b)</sup> | 54116 |  | 2034762 |
| **Natural Gas Liquids Infrastructure — 15.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. <sup>(b)</sup> | 428253 |  | 7083304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. <sup>(b)</sup> | 177821 |  | 5316848 |
|  |  |  | 12400152 |
| **Total Master Limited Partnerships** |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $18,233,203) |  | $| 19158673 |
| **MLP RELATED COMPANIES — 77.1%** | **MLP RELATED COMPANIES — 77.1%** | **MLP RELATED COMPANIES — 77.1%** | **MLP RELATED COMPANIES — 77.1%** |
| **Crude & Refined Products — 17.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. <sup>(b)</sup> | 155691 |  | 7269212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains GP Holdings, L.P. - Class A <sup>(b)</sup> | 193248 |  | 3602143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Corporation <sup>(b)</sup> | 124817 |  | 3081732 |
|  |  |  | 13953087 |
| **Gathering & Processing — 22.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corporation <sup>(b)</sup> | 243308 |  | 4026747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. <sup>(b)</sup> | 41553 |  | 4038952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream, L.P. - Class A <sup>(b)</sup> | 97051 |  | 3607386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. <sup>(b)</sup> | 58361 |  | 2412644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation <sup>(b)</sup> | 23567 |  | 4027600 |
|  |  |  | 18113329 |
| **Liquefied Natural Gas — 5.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. <sup>(b)</sup> | 19166 |  | 4429454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextDecade Corporation <sup>(b)(c)</sup> | 54473 |  | 407458 |
|  |  |  | 4836912 |
| **Natural Gas Liquids Infrastructure — 10.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. <sup>(b)</sup> | 61514 |  | 5053990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corporation <sup>(b)</sup> | 87503 |  | 3342615 |
|  |  |  | 8396605 |

---

**MLP RELATED COMPANIES — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Natural Gas Pipelines — 21.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. <sup>(b)</sup> | 238917 | $6283517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corporation <sup>(b)</sup> | 85613 | 4315751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The) <sup>(b)</sup> | 116767 | 6839044 |
|  |  | 17438312 |
| **Water — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. - Class A <sup>(b)</sup> | 22198 | 554062 |
| **Total MLP Related Companies** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $55,938,210) |  | $63292307 |
| **Investments at Value — 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $74,171,413) |  | $82450980 |
| **Liabilities in Excess of Other Assets — (0.4%)** |  | (329742) |
| **Net Assets — 100.0%** |  | $82121238 |

---

<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 April 30, 2025 was $80,785,238.

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

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD SALIENT ENHANCED MIDSTREAM INCOME ETF** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Strike Price | <br>Contracts | <br>Notional Value | Value of<br>Options |
| **Call Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corporation, 05/16/25 | $18.00 | 18 | $29790 | $90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corporation, 05/16/25 | 19.00 | 19 | 31445 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corporation, 06/20/25 | 18.00 | 2376 | 3932280 | 47519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. - Class A, 05/16/25 | 30.00 | 2 | 4992 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. - Class A, 05/16/25 | 35.00 | 4 | 9984 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. - Class A, 06/20/25 | 30.00 | 211 | 526656 | 18463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc., 05/16/25 | 250.00 | 148 | 3420428 | 21460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc., 06/20/25 | 260.00 | 39 | 901329 | 7722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners, L.P., 05/16/25 | 40.00 | 1 | 3925 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners, L.P., 05/16/25 | 45.00 | 1 | 3925 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners, L.P., 06/20/25 | 40.00 | 63 | 247275 | 9135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc., 05/16/25 | 100.00 | 344 | 3343680 | 86859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc., 05/16/25 | 105.00 | 47 | 456840 | 11280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc., 06/20/25 | 100.00 | 21 | 204120 | 5723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc., 05/16/25 | 47.50 | 179 | 835751 | 7697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc., 06/20/25 | 47.50 | 1295 | 6046355 | 110074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc., 06/20/25 | 50.00 | 51 | 238119 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P., 05/16/25 | 20.00 | 32 | 52928 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P., 06/20/25 | 18.00 | 33 | 54582 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P., 06/20/25 | 19.00 | 4131 | 6832674 | 37179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P., 05/16/25 | 32.00 | 110 | 328900 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P., 05/16/25 | 33.00 | 14 | 41860 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P., 05/16/25 | 36.00 | 1552 | 4640480 | 5432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P., 06/20/25 | 33.00 | 66 | 197340 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy, L.P., 05/16/25 | 15.00 | 2 | 2748 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy, L.P., 05/16/25 | 17.50 | 315 | 432810 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy, L.P., 06/20/25 | 15.00 | 21 | 28854 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream, L.P. - Class A, 05/16/25 | 40.00 | 7 | 26019 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream, L.P. - Class A, 05/16/25 | 45.00 | 885 | 3289545 | 2213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream, L.P. - Class A, 06/20/25 | 40.00 | 51 | 189567 | 2550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream, L.P. - Class A, 06/20/25 | 41.00 | 8 | 29736 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 05/16/25 | 29.00 | 50 | 131500 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 06/20/25 | 29.00 | 2198 | 5780740 | 52751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 06/20/25 | 30.00 | 93 | 244590 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc., 05/16/25 | 50.00 | 5 | 20670 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc., 06/20/25 | 50.00 | 562 | 2323308 | 33720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX, L.P., 05/16/25 | 55.00 | 38 | 193534 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX, L.P., 05/16/25 | 60.00 | 382 | 1945526 | 4775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX, L.P., 06/20/25 | 55.00 | 347 | 1767271 | 7634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextDecade Corporation, 05/16/25 | 9.00 | 8 | 5984 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextDecade Corporation, 05/16/25 | 10.00 | 8 | 5984 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextDecade Corporation, 06/20/25 | 9.00 | 24 | 17952 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextDecade Corporation, 07/18/25 | 9.00 | 493 | 368764 | 18488 |

---

 

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD SALIENT ENHANCED MIDSTREAM INCOME ETF** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Strike Price | <br>Contracts | <br>Notional Value | Value of<br>Options |
| **Call Option Contracts — continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 05/16/25 | $105.00 | 4 | $32864 | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 05/16/25 | 110.00 | 255 | 2095080 | 8925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 06/20/25 | 95.00 | 343 | 2818088 | 13720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corporation, 05/16/25 | 40.00 | 118 | 450760 | 2360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corporation, 06/20/25 | 40.00 | 732 | 2796240 | 38430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains GP Holdings, L.P. - Class A, 05/16/25 | 21.00 | 15 | 27960 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains GP Holdings, L.P. - Class A, 05/16/25 | 23.00 | 84 | 156576 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains GP Holdings, L.P. - Class A, 06/20/25 | 20.00 | 72 | 134208 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains GP Holdings, L.P. - Class A, 07/18/25 | 21.00 | 1722 | 3209808 | 17220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Corporation, 05/16/25 | 25.00 | 9 | 22221 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Corporation, 05/16/25 | 30.00 | 757 | 1869033 | 3785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Corporation, 06/20/25 | 30.00 | 457 | 1128333 | 5713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation, 05/16/25 | 190.00 | 11 | 187990 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation, 05/16/25 | 220.00 | 193 | 3298370 | 4825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation, 06/20/25 | 190.00 | 7 | 119630 | 2450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation, 06/20/25 | 195.00 | 19 | 324710 | 3933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corporation, 05/16/25 | 50.00 | 778 | 3921898 | 100361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corporation, 05/16/25 | 52.50 | 6 | 30246 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corporation, 06/20/25 | 52.50 | 55 | 277255 | 4675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Partners, L.P., 05/16/25 | 42.00 | 4 | 15040 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Partners, L.P., 05/16/25 | 44.00 | 441 | 1658160 | 3308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Partners, L.P., 06/20/25 | 41.00 | 85 | 319600 | 2210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The), 05/16/25 | 65.00 | 582 | 3408774 | 5820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The), 06/20/25 | 65.00 | 562 | 3291634 | 28100 |
| **Total Written Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Premiums $1,077,491) |  |  | $80785238 | $747294 |

---

The average monthly notional value of written option contracts during the six months ended April 30, 2025 was $73,979,144.

 

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD SALIENT ENHANCED ENERGY INCOME ETF** |
| **APRIL 30, 2025** *(Unaudited)* |

---

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **MLP RELATED COMPANIES — 100.6%** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Exploration & Production — 64.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corporation <sup>(a)</sup> | 6209 | $96488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation <sup>(a)</sup> | 15983 | 2174647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips <sup>(a)</sup> | 11106 | 989767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. <sup>(a)</sup> | 9701 | 238256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation <sup>(a)</sup> | 7652 | 232697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. <sup>(a)</sup> | 3533 | 466391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. <sup>(a)</sup> | 6142 | 677647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corporation <sup>(a)</sup> | 7834 | 387313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation <sup>(a)</sup> | 31822 | 3361358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Corporation <sup>(a)</sup> | 3979 | 513490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation <sup>(a)</sup> | 10570 | 416564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corporation <sup>(a)</sup> | 256 | 329951 |
|  |  | 9884569 |
| **Gathering & Processing — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation <sup>(a)</sup> | 2736 | 467582 |
| **Natural Gas Liquids Infrastructure — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. <sup>(a)</sup> | 7586 | 623266 |
| **Natural Gas Pipelines — 10.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. <sup>(a)</sup> | 24873 | 654160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The) <sup>(a)</sup> | 15418 | 903032 |
|  |  | 1557192 |
| **Oilfield Services & Equipment — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company <sup>(a)</sup> | 12558 | 444553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Company <sup>(a)</sup> | 11441 | 226761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. <sup>(a)</sup> | 17441 | 579913 |
|  |  | 1251227 |

---

**MLP RELATED COMPANIES — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Refining — 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corporation <sup>(a)</sup> | 4047 | $556098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 <sup>(a)</sup> | 5349 | 556617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation <sup>(a)</sup> | 4059 | 471210 |
|  |  | 1583925 |
| **Investments at Value — 100.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $16,977,621) |  | $15367761 |
| **Liabilities in Excess of Other Assets — (0.6%)** |  | (96023) |
| **Net Assets — 100.0%** |  | $15271738 |

---

<sup>(a)</sup> All or a portion of the security covers a written call option. The total value of securities as of April 30, 2025 was $15,081,729.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD SALIENT ENHANCED ENERGY INCOME ETF** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Strike Price | <br>Contracts | <br>Notional Value | Value of<br>Options |
| **Call Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corporation, 05/16/25 | $17.50 | 57 | $88578 | $1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corporation, 06/20/25 | 17.50 | 5 | 7770 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company, 05/16/25 | 47.00 | 4 | 14160 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company, 06/20/25 | 43.00 | 119 | 421260 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation, 05/16/25 | 170.00 | 128 | 1741568 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation, 06/20/25 | 150.00 | 31 | 421786 | 3193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips, 05/16/25 | 105.00 | 3 | 26736 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips, 06/20/25 | 100.00 | 108 | 962496 | 11340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc., 05/16/25 | 28.00 | 86 | 211216 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc., 06/20/25 | 29.00 | 9 | 22104 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation, 05/16/25 | 40.00 | 2 | 6082 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation, 06/20/25 | 32.50 | 73 | 221993 | 7519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., 05/16/25 | 170.00 | 1 | 13201 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., 06/20/25 | 150.31 | 32 | 422432 | 5760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc., 05/16/25 | 135.00 | 2 | 22066 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc., 06/20/25 | 125.00 | 59 | 650947 | 4720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corporation, 05/16/25 | 60.00 | 71 | 351024 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corporation, 06/20/25 | 60.00 | 5 | 24720 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation, 05/16/25 | 115.00 | 302 | 3190026 | 7550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation, 06/20/25 | 115.00 | 16 | 169008 | 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Company, 05/16/25 | 25.00 | 105 | 208110 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Company, 06/20/25 | 24.00 | 9 | 17838 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Corporation, 05/16/25 | 150.00 | 36 | 464580 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Corporation, 06/20/25 | 145.00 | 3 | 38715 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 05/16/25 | 30.00 | 221 | 581230 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 06/20/25 | 30.00 | 14 | 36820 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corporation, 05/16/25 | 150.00 | 37 | 508417 | 2775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corporation, 05/16/25 | 165.00 | 1 | 13741 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corporation, 06/20/25 | 140.00 | 2 | 27482 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation, 05/16/25 | 47.50 | 97 | 382277 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation, 05/16/25 | 52.50 | 3 | 11823 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation, 06/20/25 | 42.50 | 5 | 19705 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 05/16/25 | 100.00 | 69 | 566904 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 05/16/25 | 105.00 | 3 | 24648 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 06/20/25 | 95.00 | 3 | 24648 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66, 05/16/25 | 120.00 | 47 | 489082 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66, 06/20/25 | 110.00 | 4 | 41624 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd., 05/16/25 | 45.00 | 5 | 16625 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd., 06/20/25 | 40.00 | 169 | 561925 | 3211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation, 05/16/25 | 190.00 | 25 | 427250 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation, 06/20/25 | 190.00 | 2 | 34180 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corporation, 06/20/25 | 1400.00 | 2 | 257774 | 11480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation, 05/16/25 | 145.00 | 1 | 11609 | 3 |

---

 

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD SALIENT ENHANCED ENERGY INCOME ETF** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS — continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Strike Price | <br>Contracts | <br>Notional Value | Value of<br>Options |
| **Call Option Contracts — continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation, 06/20/25 | $125.00 | 38 | $441142 | $10336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The), 05/16/25 | 65.00 | 81 | 474417 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The), 06/20/25 | 65.00 | 70 | 409990 | 3500 |
| **Total Written Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Premiums $187,072) |  |  | $15081729 | $88338 |

---

The average monthly notional value of written option contracts during the six months ended April 30, 2025 was $14,672,665.

 

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD LBRTY GLOBAL EQUITY ETF** |
| **APRIL 30, 2025** *(Unaudited)* |

---

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCKS — 99.8%** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Australia — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coles Group Ltd. | 65 | $884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woolworths Group Ltd. | 100 | 2022 |
|  |  | 2906 |
| **Austria — 0.0% <sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verbund AG | 10 | 768 |
| **Brazil — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Embraer S.A. - ADR <sup>(b)</sup> | 50 | 2297 |
| **Canada — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 100 | 11755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia (The) | 165 | 8257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian National Railway Company | 320 | 30994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CGI, Inc. | 110 | 11665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc. | 10 | 36043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | 85 | 10489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 10 | 15614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortis, Inc. | 480 | 23773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydro One Ltd. | 220 | 8465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metro, Inc. | 125 | 9634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien Ltd. | 190 | 10848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | 55 | 5543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Life Financial, Inc. | 140 | 8344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson Reuters Corporation | 85 | 15819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Connections, Inc. | 20 | 3950 |
|  |  | 211193 |
| **Cayman Islands — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NU Holdings Ltd. - Class A <sup>(b)</sup> | 510 | 6339 |
| **Denmark — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S - Class B | 105 | 6934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orsted A/S <sup>(b)</sup> | 95 | 3774 |
|  |  | 10708 |
| **Finland — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank Abp | 565 | 7799 |
| **France — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Liquide S.A. | 310 | 63462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A. | 125 | 10529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danone S.A. | 345 | 29712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dassault Aviation S.A. | 10 | 3594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legrand S.A. | 175 | 19107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric SE | 15 | 3473 |
|  |  | 129877 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Germany — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 480 | $17197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hannover Rueck SE | 10 | 3202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTU Aero Engines AG <sup>(b)</sup> | 50 | 17228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symrise AG | 35 | 4030 |
|  |  | 41657 |
| **Ireland — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegion plc | 40 | 5568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde plc | 5 | 2266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity plc | 15 | 2196 |
|  |  | 10030 |
| **Japan — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aeon Company Ltd. | 500 | 14789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daiichi Sankyo Company Ltd. | 500 | 12748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kikkoman Corporation | 500 | 4882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 500 | 6309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obayashi Corporation | 500 | 7754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. | 500 | 16251 |
|  |  | 62733 |
| **Jersey — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian plc | 335 | 16587 |
| **Netherlands — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | 10 | 6604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari N.V. | 30 | 13660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. - Class A | 95 | 5530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NN Group N.V. | 60 | 3667 |
|  |  | 29461 |
| **New Zealand — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xero Ltd. <sup>(b)</sup> | 65 | 6836 |
| **Norway — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinor ASA | 370 | 8461 |
| **Portugal — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDP S.A. | 875 | 3448 |
| **Spain — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A. | 225 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iberdrola S.A. | 1195 | 21536 |
|  |  | 23113 |
| **Sweden — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evolution AB <sup>(b)</sup> | 75 | 5232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor AB - B Shares | 215 | 6347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skanska AB - B Shares | 55 | 1274 |
|  |  | 12853 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD LBRTY GLOBAL EQUITY ETF** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Switzerland — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holcim AG | 90 | $9989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nestle S.A. | 240 | 25515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sika AG | 10 | 2494 |
|  |  | 37998 |
| **Taiwan Province Of China — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 65 | 10835 |
| **United Kingdom — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3i Group plc | 385 | 21727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashtead Group plc | 110 | 5850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviva plc | 855 | 6382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays plc | 1930 | 7635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP plc | 5590 | 26098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | 135 | 12250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Group plc | 160 | 5370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSK plc | 770 | 15225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haleon plc | 1290 | 6471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melrose Industries plc | 365 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc | 10 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Group plc (The) | 710 | 11710 |
|  |  | 121472 |
| **United States — 75.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 215 | 41947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(b)</sup> | 20 | 7500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(b)</sup> | 305 | 29692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Inc. - Class A <sup>(b)</sup> | 10 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 340 | 53992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 310 | 49876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(b)</sup> | 610 | 112496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Company | 140 | 37298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | 205 | 16712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 25 | 11775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | 50 | 8479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corporation - Class A | 415 | 31934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 570 | 121125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 110 | 16578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. <sup>(b)</sup> | 60 | 16455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 65 | 13649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. <sup>(b)</sup> | 10 | 6133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | 1360 | 54236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corporation (The) | 435 | 34978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems, Inc. - Class B | 155 | 6663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Buy Company, Inc. | 25 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc. <sup>(b)</sup> | 130 | 8280 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **United States - continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corporation <sup>(b)</sup> | 275 | $28289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 230 | 44268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. <sup>(b)</sup> | 55 | 16376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust | 15 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corporation | 20 | 3605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Group, Inc. (The) | 75 | 2898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | 15 | 4390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. <sup>(b)</sup> | 165 | 8336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corporation | 5 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 540 | 31174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 265 | 9776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corporation | 35 | 2578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Company (The) | 65 | 4716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Company | 165 | 15211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 100 | 11275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corporation | 10 | 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc. <sup>(b)</sup> | 265 | 16173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | 15 | 14917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 385 | 9456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 150 | 15863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 30 | 6019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corporation <sup>(b)</sup> | 35 | 3879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 10 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc. <sup>(b)</sup> | 135 | 11039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc. - Class A <sup>(b)</sup> | 5 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dover Corporation | 135 | 23038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow, Inc. | 485 | 14836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 100 | 6599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc. <sup>(b)</sup> | 160 | 7515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 45 | 3850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corporation <sup>(b)</sup> | 225 | 16985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 5 | 2103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company | 65 | 58431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 15 | 6011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | 10 | 8608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 305 | 15082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corporation | 15 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 40 | 5861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corporation <sup>(b)</sup> | 5 | 9948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 205 | 7368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc. - Class A <sup>(b)</sup> | 75 | 5358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc. <sup>(b)</sup> | 85 | 8820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Company | 60 | 12092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 55 | 30115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 25 | 2040 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD LBRTY GLOBAL EQUITY ETF** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **United States - continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corporation | 5 | $1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corporation - Class A | 10 | 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey Company (The) | 30 | 5016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 60 | 21629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 620 | 9009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 115 | 27590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illumina, Inc. <sup>(b)</sup> | 110 | 8536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 110 | 18477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | 45 | 10882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(b)</sup> | 10 | 5158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 270 | 42203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 120 | 29354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. <sup>(b)</sup> | 70 | 10178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation | 100 | 13178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Company, Inc. | 30 | 3428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corporation | 15 | 10540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennox International, Inc. | 5 | 2734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 45 | 10060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 115 | 63135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 70 | 5387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 360 | 142293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 45 | 5194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp, Inc. | 165 | 14809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(b)</sup> | 40 | 45269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource, Inc. | 30 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordson Corporation | 10 | 1896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | 1225 | 133427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation | 75 | 2956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens Corning | 25 | 3635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 235 | 31861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 165 | 17962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Company (The) | 310 | 50397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 120 | 12325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC, Inc. <sup>(b)</sup> | 75 | 11623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | 30 | 9013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc. - Class A <sup>(b)</sup> | 155 | 7031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 30 | 8780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corporation | 175 | 10126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corporation | 65 | 6879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 5 | 2994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Class A <sup>(b)</sup> | 135 | 6630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 30 | 4170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corporation - Class A | 75 | 18254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 155 | 9963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap, Inc. - Class A <sup>(b)</sup> | 685 | 5453 |

---

**COMMON STOCKS — continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **United States - continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 30 | $1801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corporation | 55 | 20566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>(b)</sup> | 50 | 11666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. <sup>(b)</sup> | 125 | 35270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 35 | 5602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 210 | 27024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc. <sup>(b)</sup> | 25 | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc. | 25 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 55 | 22629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation | 145 | 16833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 145 | 50098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | 175 | 12427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Corporation | 35 | 3235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The) | 230 | 13471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zillow Group, Inc. - Class C <sup>(b)</sup> | 75 | 5050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoom Communications, Inc. <sup>(b)</sup> | 165 | 12794 |
|  |  | 2300506 |
| **Investments at Value — 99.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,954,878) |  | $3057877 |
| **Other Assets in Excess of Liabilities — 0.2%** |  | 6794 |
| **Net Assets — 100.0%** |  | $3064671 |

---

---

| |
|:---|
| A/S - Aktieselskab |
| AB - Aktiebolag |
| Abp - Julkinen Osakeyhtiö |
| ADR - American Depositary Receipt |
| AG - Aktiengesellschaft |
| ASA - Allmennaksjeselskap |
| N.V. - Naamloze Vennootschap |
| plc - Public Limited Company |
| S.A. - Societe Anonyme |
| SE - Societe Europaea |

---

<sup>(a)</sup> Amount rounds to less than 0.1%.

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

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **APRIL 30, 2025** *(Unaudited)* |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Westwood**<br>**Salient**<br>**Enhanced**<br>**Midstream**<br>**Income ETF** | **Westwood**<br>**Salient**<br>**Enhanced**<br>**Energy**<br>**Income ETF** | <br>**Westwood**<br>**LBRTY**<br>**Global**<br>**Equity ETF** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $74171413 | $16977621 | $2954878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $82450980 | $15367761 | $3057877 |
| &nbsp;&nbsp;&nbsp;Cash | 792547 | 166433 | 7367 |
| &nbsp;&nbsp;&nbsp;Cash denominated in foreign currency (Cost $—, $—, $4) |  |  | 4 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 332722 | 11564 | 1913 |
| &nbsp;&nbsp;&nbsp;Reclaims receivable | 61413 |  | 198 |
| Total assets | 83637662 | 15545758 | 3067359 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Written call options, at value (Notes 2 & 5) (premiums received $1,077,491, $187,072, $—) | 747294 | 88338 |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 714375 | 174374 |  |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 4) | 54755 | 11308 | 2688 |
| Total liabilities | 1516424 | 274020 | 2688 |
| **NET ASSETS** | $82121238 | $15271738 | $3064671 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in capital | $80344572 | $17518220 | $2959144 |
| Accumulated earnings (deficit) | 1776666 | (2246482) | 105527 |
| **NET ASSETS** | $82121238 | $15271738 | $3064671 |
| **Shares of beneficial interest outstanding** (unlimited number of shares authorized, no par value) | 3175000 | 775000 | 125000 |
| **Net asset value, offering price and redemption price per share (Note 1)** | $25.86 | $19.71 | $24.52 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **FOR THE PERIODS ENDED APRIL 30, 2025** *(Unaudited)* |

---

**STATEMENTS OF OPERATIONS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Westwood**<br>**Salient**<br>**Enhanced**<br>**Midstream**<br>**Income ETF** | **Westwood**<br>**Salient**<br>**Enhanced**<br>**Energy**<br>**Income ETF** | <br>**Westwood**<br>**LBRTY**<br>**Global**<br>**Equity ETF<sup>(a)</sup>** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from master limited partnerships | $642729 | $— | $— |
| &nbsp;&nbsp;&nbsp;Dividends from master limited partnership related companies | 1263029 | 233667 |  |
| &nbsp;&nbsp;&nbsp;Dividend income |  |  | 3636 |
| &nbsp;&nbsp;&nbsp;Tax reclaims received | 41417 |  | 199 |
| &nbsp;&nbsp;&nbsp;Foreign witholding taxes on dividends | (104266) | (972) | (390) |
| Total investment income | 1842909 | 232695 | 3445 |
| **EXPENSES** |  |  |  |
| Investment management fees (Note 4) | 299264 | 62688 | 929 |
| **NET INVESTMENT INCOME** | 1543645 | 170007 | 2516 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCIES, AND WRITTEN OPTIONS** |  |  |  |
| Net realized gains (losses) from investment transactions | 872281 | (67628) |  |
| Net realized gains (losses) from foreign currency transactions | 740 | (12) | (1) |
| Net realized gains (losses) from written option contracts (Note 5) | (2191731) | 87913 |  |
| Net change in unrealized appreciation (depreciation) on investment transactions | 1728642 | (1448869) | 102999 |
| Net change in unrealized appreciation (depreciation) on currency translations | 547 | 20 | 13 |
| Net change in unrealized appreciation (depreciation) on written option contracts (Note 5) | 613479 | 54054 |  |
| **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCIES, AND WRITTEN OPTIONS** | 1023958 | (1374522) | 103011 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $2567603 | $(1204515) | $105527 |

---

<sup>(a)</sup> Represents the period from the commencement of operations (March 26, 2025) through April 30, 2025.

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD FUNDS** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Westwood Salient** | **Westwood Salient** | **Westwood Salient** | **Westwood Salient** | |
|  | **Enhanced Midstream** | **Enhanced Midstream** | **Enhanced Energy** | **Enhanced Energy** | |
|  | **Income ETF** | **Income ETF** | **Income ETF** | **Income ETF** | **Westwood**<br>**LBRTY Global**<br>**Equity ETF** |
|  | **Six Months** |  | **Six Months** |  | **Period** |
|  | **Ended** | **Period** | **Ended** | **Period** | **Ended** |
|  | **April 30,** | **Ended** | **April 30,** | **Ended** | **April 30,** |
|  | **2025** | **October 31,** | **2025** | **October 31,** | **2025<sup>(c)</sup>** |
|  | **(Unaudited)** | **2024<sup>(a)</sup>** | **(Unaudited)** | **2024<sup>(b)</sup>** | **(Unaudited)** |
| **FROM OPERATIONS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1543645 | $256462 | $170007 | $91565 | $2516 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments, in-kind transactions, written options, and foreign currency transactions | (1318710) | (1787319) | 20273 | 98533 | (1) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, written options, and foreign currency translations | 2342668 | 6267334 | (1394795) | (116331) | 103012 |
| Net increase (decrease) in net assets resulting from operations | 2567603 | 4736477 | (1204515) | 73767 | 105527 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2)** | (3870000) | (2733750) | (928125) | (691875) |  |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | 26488490 | 61133515 | 3273547 | 14748939 | 2959144 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  | (6201097) |  |  |  |
| Net increase in net assets from capital share transactions | 26488490 | 54932418 | 3273547 | 14748939 | 2959144 |
| **TOTAL INCREASE IN NET ASSETS** | 25186093 | 56935145 | 1140907 | 14130831 | 3064671 |
| **NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 56935145 |  | 14130831 |  |  |
| &nbsp;&nbsp;&nbsp;End of period | $82121238 | $56935145 | $15271738 | $14130831 | $3064671 |
| **CAPITAL SHARES ACTIVITY** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 975000 | 2450000 | 150000 | 625000 | 125000 |
| &nbsp;&nbsp;&nbsp;Redeemed |  | (250000) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 975000 | 2200000 | 150000 | 625000 | 125000 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | 2200000 |  | 625000 |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 3175000 | 2200000 | 775000 | 625000 | 125000 |

---

<sup>(a)</sup> Represents the period from the commencement of operations (April 8, 2024) through October 31, 2024.

<sup>(b)</sup> Represents the period from the commencement of operations (April 30, 2024) through October 31, 2024.

<sup>(c)</sup> Represents the period from the commencement of operations (March 26, 2025) through April 30, 2025.

 

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD SALIENT ENHANCED MIDSTREAM INCOME ETF** |
| **FINANCIAL HIGHLIGHTS** |

---

**SELECTED PER SHARE DATA & RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period Ended**<br>**October 31, 2024<sup>(a)</sup>** |
| Net asset value at beginning of period | $25.88 | $25.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.55 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains on investments | 0.78 | 2.27 |
| Total from investment operations | 1.33 | 2.43 |
| Variable transaction fees (Note 6) <sup>(b)</sup> |  | 0.01 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (1.35) | (1.58) |
| Net asset value at end of period | $25.86 | $25.88 |
| Market price at end of period | $25.86 | $25.97 |
| Total return <sup>(c)</sup> | 4.97 % <sup>(d)</sup> | 10.05 % <sup>(d)</sup> |
| Total return at market <sup>(e)</sup> | 4.59 % <sup>(d)</sup> | 10.42 % <sup>(d)</sup> |
| Net assets at end of period (000's) | $82121 | $56935 |
| Ratio of total expenses to average net assets | 0.80 % <sup>(f)</sup> | 0.80 % <sup>(f)</sup> |
| Ratio of net investment income to average net assets | 4.12 % <sup>(f)</sup> | 1.08 % <sup>(f)</sup> |
| Portfolio turnover rate <sup>(g)</sup> | 14 % <sup>(d)</sup> | 47 % <sup>(d)</sup> |

---

 

*Amounts designated as "–" are either $0.00 or have been rounded to $0.00.* 

 

*<sup>(a)</sup>* *Represents the period from the commencement of operations (April 8, 2024) through October 31, 2024.*

 

*<sup>(b)</sup>* *Per share net investment income and variable transaction fees have been determined on the basis of average number of shares outstanding during the period.*

 

*<sup>(c)</sup>* *Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.*

 

*<sup>(d)</sup>* *Not annualized.*

 

*<sup>(e)</sup>* *Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., NYSE) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund's closing price on the listing market.*

 

*<sup>(f)</sup>* *Annualized.*

 

*<sup>(g)</sup>* *Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions, if any (Note 3).*

 

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD SALIENT ENHANCED ENERGY INCOME ETF** |
| **FINANCIAL HIGHLIGHTS** |

---

**SELECTED PER SHARE DATA & RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD** 

---

| | | |
|:---|:---|:---|
| | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period Ended**<br>**October 31, 2024<sup>(a)</sup>** |
| Net asset value at beginning of period | $22.61 | $24.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.25 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized losses on investments | (1.80) | (0.65) |
| Total from investment operations | (1.55) | (0.46) |
| Variable transaction fees (Note 6) <sup>(b)</sup> |  | 0.01 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (1.35) | (1.35) |
| Net asset value at end of period | $19.71 | $22.61 |
| Market price at end of period | $19.70 | $22.65 |
| Total return <sup>(c)</sup> | (7.36 %) <sup>(d)</sup> | (1.87 %) <sup>(d)</sup> |
| Total return at market <sup>(e)</sup> | (7.58 %) <sup>(d)</sup> | (1.70 %) <sup>(d)</sup> |
| Net assets at end of period (000's) | $15272 | $14131 |
| Ratio of total expenses to average net assets | 0.85 % <sup>(f)</sup> | 0.85 % <sup>(f)</sup> |
| Ratio of net investment income to average net assets | 2.30 % <sup>(f)</sup> | 1.61 % <sup>(f)</sup> |
| Portfolio turnover rate <sup>(g)</sup> | 7 % <sup>(d)</sup> | 14 % <sup>(d)</sup> |

---

 

*Amounts designated as "–" are either $0.00 or have been rounded to $0.00.* 

 

*<sup>(a)</sup>* *Represents the period from the commencement of operations (April 30, 2024) through October 31, 2024.*

 

*<sup>(b)</sup>* *Per share net investment income and variable transaction fees have been determined on the basis of average number of shares outstanding during the period.*

 

*<sup>(c)</sup>* *Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.*

 

*<sup>(d)</sup>* *Not annualized.*

 

*(e)* *Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., Nasdaq) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund's closing price on the listing market.* 

 

*<sup>(f)</sup>* *Annualized.*

 

*<sup>(g)</sup>* *Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions, if any (Note 3).*

 

*The accompanying notes are an integral part of the financial statements.*

---

| |
|:---|
| **WESTWOOD LBRTY GLOBAL EQUITY ETF** |
| **FINANCIAL HIGHLIGHTS** |

---

**SELECTED PER SHARE DATA & RATIOS FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD** 

---

| | |
|:---|:---|
| | **Period Ended**<br>**April 30, 2025<sup>(a)</sup>**<br>**(Unaudited)** |
| Net asset value at beginning of period | $24.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized losses on investments | (0.27) |
| Total from investment operations | (0.24) |
| Variable transaction fees (Note 6) <sup>(b)</sup> | 0.02 |
| Net asset value at end of period | $24.52 |
| Market price at end of period | $24.56 |
| Total return <sup>(c)</sup> | (0.89 %) <sup>(d)</sup> |
| Total return at market <sup>(e)</sup> | (0.73 %) <sup>(d)</sup> |
| Net assets at end of period (000's) | $3065 |
| Ratio of total expenses to average net assets | 0.50 % <sup>(f)</sup> |
| Ratio of net investment income to average net assets | 1.31 % <sup>(f)</sup> |
| Portfolio turnover rate <sup>(g)</sup> | 0 % <sup>(d)</sup> |

---

 

*<sup>(a)</sup>* *Represents the period from the commencement of operations (March 26, 2025) through April 30, 2025.*

 

*<sup>(b)</sup>* *Per share net investment income and variable transaction fees have been determined on the basis of average number of shares outstanding during the period.*

 

*<sup>(c)</sup>* *Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.*

 

*<sup>(d)</sup>* *Not annualized.*

*<sup>(e)</sup>* *Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., NYSE Arca) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund's closing price on the listing market.*

 

*<sup>(f)</sup>* *Annualized.*

 

*<sup>(g)</sup>* *Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions, if any (Note 3).*

 

*The accompanying notes are an integral part of the financial statements.*

**WESTWOOD FUNDS**

**NOTES TO FINANCIAL STATEMENTS** *(Unaudited)*

**1. Organization**

Westwood Salient Enhanced Midstream Income ETF ("Midstream Income ETF"), Westwood Salient Enhanced Energy Income ETF ("Energy Income ETF") and Westwood LBRTY Global Equity ETF ("Global Equity ETF") (individually, a "Fund" and collectively, the"Funds") are each a series of Ultimus Managers Trust (the"Trust"), an open-end investment company established as an Ohio business trust under a Declaration of Trust dated February 28, 2012. The Trust is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"). Other series of the Trust are not included in this report. The Midstream Income ETF commenced operations on April 8, 2024, the Energy Income ETF commenced operations on April 30, 2024 and the Global Equity ETF commenced operations on March 26, 2025.

The Midstream Income ETF and Energy Income ETF are non-diversified, exchange-traded funds ("ETF") that seek to provide current income and capital appreciation. The Global Equity ETF seeks to track the performance, before fees and expenses, of the TOBAM LBRTY® All World Equity Index. The Fund is classified as diversified, however, the Fund may operate as a non-diversified fund to the approximate extent the TOBAM LBRTY® All World Equity Index is non-diversified.

Shares of the Midstream Income ETF are listed and traded on the New York Stock Exchange ("NYSE"). Shares of the Energy Income ETF is listed and traded on the Nasdaq Stock Market ("Nasdaq"). Shares of the Global Equity ETF are listed and traded on the New York Stock Exchange Arca ("NYSE Arca"). Market prices for the Shares may be different from their net asset value ("NAV".) The Funds issue and redeem shares solely to certain financial institutions such as registered broker-dealers and banks that have entered into agreements with the Funds' distributor ("Authorized Participants" or "APs") on a continuous basis at the NAV per share in aggregations of a specified number of shares called"Creation Units." Creation Units generally are issued in exchange for a basket of securities ("Deposit Securities"), together with the deposit of a specified cash payment ("Balancing Amount"). Shares are not individually redeemable, but are redeemable only in Creation Unit aggregations, and generally in exchange for portfolio securities and a specified cash payment. A Creation Unit of the Funds consists of a block of shares.

Westwood Management Corporation (the "Adviser" or "Westwood") serves as investment advisor to the Funds. Westwood is wholly owned subsidiary of Westwood Holdings Group, Inc., an institutional asset management company.

The Adviser has retained Vident Asset Management (the "Sub-Adviser") to serve as the trading sub-adviser for the Funds. The Sub-Adviser is responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions, subject to supervision of the Adviser and the Board of Trustees of the Trust (the "Board").

Other series of the Trust, that are also managed by the Adviser, invest in the Funds, therefore making the Funds affiliates of the other series.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect each Fund's financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the Adviser of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**WESTWOOD FUNDS**

**2. Significant Accounting Policies**

The following is a summary of the Funds' significant accounting policies. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Funds follow accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services – Investment Companies."

**Securities valuation** – Each Fund values its portfolio securities at market value as of the close of regular trading on the New York Stock Exchange (the"NYSE") (normally 4:00 p.m. Eastern time) on each business day the NYSE is open for business. The Funds value their listed securities on the basis of the security's last sale price on the security's primary exchange, if available, otherwise at the exchange's most recently quoted mean price. NASDAQ-listed securities are valued at the NASDAQ Official Closing Price. Investments representing shares of other open-end investment companies, other than exchange-traded funds ("ETFs"), if any, but including money market funds, are valued at their NAV as reported by such companies. Option contracts are valued at the closing price on the exchange on which they are primarily traded; if no closing price is available at the time of valuation, the option will be valued at the mean of the closing bid and ask prices for that day. When using a quoted price and when the market is considered active, these securities will be classified as Level 1 within the fair value hierarchy (see below). Fixed income securities, if any, are generally valued using prices provided by an independent pricing service approved by the Board. The independent pricing service uses information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities, and various relationships between securities in determining these prices. In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Funds value its securities and other assets at fair value as determined by the Adviser, as the Funds' valuation designee, in accordance with procedures adopted by the Board pursuant to Rule 2a-5 under the 1940 Act. Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Unavailable or unreliable market quotes may be due to the following factors: a substantial bid-ask spread; infrequent sales resulting in stale prices; insufficient trading volume; small trade sizes; a temporary lapse in any reliable pricing source; and actions of the securities or futures markets, such as the suspension or limitation of trading. As a result, the prices of securities used to calculate the Funds' NAV may differ from quoted or published prices for the same securities. Securities traded on foreign exchanges, if any, are fair valued by an independent pricing service and translated from the local currency into U.S. dollars using currency exchange rates supplied by an independent pricing service.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – quoted prices in active markets for identical securities

● Level 2 – other significant observable inputs

● Level 3 – significant unobservable inputs

The inputs or methods used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

**WESTWOOD FUNDS**

The following is a summary of each Fund's investments and the inputs used to value the investments as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Midstream Income ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Master Limited Partnerships | $19158673 | $— | $— | 19158673 |
| MLP Related Companies | 63292307 |  |  | 63292307 |
| Total Investment Securities | $82450980 | $— | $— | $82450980 |
| **Other Financial Instruments** |  |  |  |  |
| Written Option Contracts | $(476530) | $(270764) | $— | $(747294) |
| Total | $81974450 | $(270764) | $— | $81703686 |
| **Energy Income ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| MLP Related Companies | $15367761 | $— | $— | 15367761 |
| Total Investment Securities | $15367761 | $— | $— | $15367761 |
| **Other Financial Instruments** |  |  |  |  |
| Written Option Contracts | $(72481) | $(15857) | $— | $(88338) |
| Total | $15295280 | $(15857) | $— | $15279423 |
| **Global Equity ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $3057877 | $— | $— | 3057877 |
| Total Investment Securities | $3057877 | $— | $— | $3057877 |

---

Refer to the Funds' Schedules of Investments for a listing of securities by sector and industry type. The Funds did not hold any derivative instruments or any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the period ended April 30, 2025.

**Cash** – The Funds'cash, if any, is held in a bank account with balances which may exceed the Federal Deposit Insurance Corporation (FDIC) limit of $250,000. The cash balances reflected on the Statements of Assets and Liabilities for the Funds represent the amount held as of April 30, 2025.

**Share valuation** – The NAV per share of each Fund is calculated daily by dividing the total value of the assets, less the liabilities, by the number of shares outstanding. The offering price and redemption price per share is equal to the NAV per share.

**Investment income** – Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the security received. Interest income is accrued as earned. Withholding taxes on foreign dividends, if any, have been recorded in accordance with the Funds' understanding of the applicable country's tax rules and rates. Distributions received for the Funds' investments in Master Limited Partnerships ("MLPs") may be comprised of both income and return of capital. The Funds record investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded.

**Investment transactions** – Investment transactions are accounted for on the trade date. Realized gains and losses on investments sold are determined on a specific identification basis.

**WESTWOOD FUNDS**

**Common expenses** – Common expenses of the Trust are allocated among the Funds and the other series of the Trust based on the relative net assets of each series, the number of series in the Trust, or the nature of the services performed and the relative applicability to each series.

**Options written/purchased** – The Midstream Income ETF and Energy Income ETF may utilize longer maturity options for stock replacement when and as price and volatility relationships become more favorable for options versus underlying stocks or for tax and liquidity management purposes. The Funds are authorized to write (sell) and purchase put and call options. The risk in writing a call option is that the Funds give up the opportunity to profit if the market price of the security increases. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

**Foreign currency translation** – Securities and other assets and liabilities denominated in or expected to settle in foreign currencies are translated into U.S. dollars based on exchange rates on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The fair values of investment securities and other assets and liabilities are translated as of the close of the NYSE each day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Purchases and sales of investment securities and income and expenses are translated at the rate of exchange prevailing as of 4:00 p.m. Eastern Time on the respective date of such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Funds do not isolate that portion of the results of operations caused by changes in foreign exchange rates on investments from those caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments.

Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies, 2) currency gains or losses realized between the trade and settlement dates on securities transactions and 3) the difference between the amounts of dividends and foreign withholding taxes recorded on a Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities that result from changes in exchange rates.

The Funds may be subject to foreign taxes related to foreign income received, capital gain on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.

**Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Distributions to shareholders** – The Midstream Income ETF and Energy Income ETF each distributes substantially all of its net income to shareholders on a monthly basis and its net capital gains to shareholders at least annually in December. The Global Equity ETF distributes substantially all of its net income to shareholders on a quarterly basis and its net capital gains to shareholders at least annually in December. The amount of such dividends and distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends and distributions to shareholders are recorded on the ex-dividend date.

**WESTWOOD FUNDS**

The character of dividends paid to shareholders of the Funds for federal income tax purposes during the periods ended April 30, 2025 and November 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Period Ended** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** | **Total**<br>**Distributions** |
| **Midstream Income ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025 | $3870000 | $— | $— | $3870000 |
| &nbsp;&nbsp;&nbsp;&nbsp;November 30, 2024 | $1380505 | $— | $1353245 | $2733750 |
| **Energy Income ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025 | $928125 | $— | $— | $928125 |
| &nbsp;&nbsp;&nbsp;&nbsp;November 30, 2024 | $187609 | $— | $504266 | $691875 |
| **Global Equity ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025 | $— | $— | $— | $— |

---

Federal income tax – Each Fund has qualified and intends to continue to qualify as regulated investment companies under the Internal Revenue Code of 1986, as amended (the "Code"). Qualification generally will relieve the Funds of liability for federal income taxes to the extent 100% of their net investment income and net realized capital gains are distributed in accordance with the Code.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The following information is computed on a tax basis for each item as of November 30, 2024. The Midstream Income ETF and Energy Income ETF have a tax year end of November 30, 2024, which is different than the fiscal year end of October 31, 2024.

---

| | | |
|:---|:---|:---|
| | **Midstream**<br>**Income ETF** | **Energy**<br>**Income ETF** |
| Federal income tax cost | $56166107 | $14009823 |
| Gross unrealized appreciation | $14494757 | $1306776 |
| Gross unrealized depreciation | (3612269) | (545005) |
| Net unrealized appreciation | 10882488 | 761771 |
| Net unrealized appreciation on written options | 1207848 |  |
| Net unrealized depreciation on foreign currency translation | (111) | (32) |
| Distributions payable | (534375) | (140625) |
| Accumulated capital and other losses | (4403630) |  |
| Total distributable earnings | $7152220 | $621114 |

---

**WESTWOOD FUNDS**

As of November 30, 2024, the Midstream Income ETF had short-term and long-term capital loss carryforwards for federal income tax purposes, which may be carried forward indefinitely. These capital loss carryforwards are available to offset net realized capital gains in future years, thereby reducing future taxable gains distributions, if any.

---

| | | | |
|:---|:---|:---|:---|
| | **Capital Loss Carryovers** | **Capital Loss Carryovers** | **Capital Loss Carryovers** |
| <br>**Fund** | **Short- term** | **Long- term** | **Total** |
| Midstream Income ETF | $3399502 | $1004128 | $4403630 |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under current income tax regulations. These permanent differences that are credited or charged to Paid in capital and Distributable earnings as of November 30, 2024 are primarily related to adjustments for publicly traded partnerships and return of capital distributions. As of November 30, 2024, the following adjustments were made:

---

| | | |
|:---|:---|:---|
| | **Distributable**<br>**earnings** | **Paid in**<br>**capital** |
| Midstream Income ETF | $1076336 | $(1076336) |
| Energy Income ETF | 504266 | (504266) |

---

The following information is provided on a tax basis as of April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Midstream**<br>**Income ETF** | **Energy**<br>**Income ETF** | **Global**<br>**Equity ETF** |
| Federal income tax cost | $73115347 | $16812335 | $2954878 |
| Gross unrealized appreciation | $10130406 | $638021 | $141717 |
| Gross unrealized depreciation | (1542067) | (2170933) | (38718) |
| Net unrealized appreciation (depreciation) | $8588339 | $(1532912) | $102999 |
| Net unrealized appreciation on foreign currency translation | $238 | $— | $13 |

---

The difference between the federal income tax cost of investments and the financial statement cost of investments are due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These "book/tax" differences are temporary in nature and are primarily due to the tax deferral on losses on wash sales, partnership adjustments, and options mark to market adjustments.

The Funds recognize the tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" of being sustained assuming examination by tax authorities. Management has reviewed the Funds' tax positions for the current and open periods and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. The Funds identify its major tax jurisdiction as U.S. Federal.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the period ended April 30, 2025, the Funds did not incur any interest or penalties.

**WESTWOOD FUNDS**

**3. Investment Transactions**

During the period ended April 30, 2025, cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions and short-term investments were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Midstream**<br>**Income ETF** | **Energy**<br>**Income ETF** | **Global Equity**<br>**ETF** |
| Purchases of investment securities (excluding in-kind transactions) | $15959365 | $1089520 | $— |
| Proceeds from sales of investment securities (excluding in-kind transacations) | $10530384 | $1169143 | $— |

---

Purchases and sales of in-kind transactions for the period ended April 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Midstream**<br>**Income ETF** | **Energy**<br>**Income ETF** | **Global Equity**<br>**ETF** |
| Purchases of in-kind transactions | $16945346 | $2680164 | $2954878 |
| Sales of in-kind transactions | $— | $— | $— |

---

**4. Transactions with Related Parties**

**INVESTMENT MANAGEMENT AGREEMENT**

The Funds' investments are managed by the Adviser pursuant to the terms of an Investment Management Agreement (the"Agreement"). The Midstream Income ETF, Energy Income ETF and Global Equity ETF, pay the Adviser an investment management fee, computed and accrued daily and paid monthly, at the annual rate of 0.80%, 0.85%, and 0.50% of average daily net assets, respectively. Pursuant to its Agreement, the Adviser is required to pay all other expenses of the Funds (other than interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, and litigation expenses, and other non-routine or extraordinary expenses) so that total annual fund operating expenses remain at 0.80%, 0.85%, and 0.50% of the Midstream Income ETF, Energy Income ETF and Global Equity ETF average daily net assets, respectively. During the period ended April 30, 2025, the Adviser earned $299,264, $62,688 and $929 of fees from the Midstream Income ETF, Energy Income ETF, and Global Equity ETF, respectively, under the Investment Advisory Agreement. At April 30, 2025, the Midstream Income ETF, Energy Income ETF, and Global Equity ETF owed the Adviser $54,755, $11,308 and $2,688, respectively, relating to the investment management fee.

For its services, the Sub-Adviser is paid by the Adviser, which fee is calculated daily and paid monthly, at an annual rate based on the average daily net assets of each Fund at the following rate: 0.05% (subject to a minimum of $35,000 per year per Fund).

**OTHER SERVICE PROVIDERS**

Ultimus Fund Solutions, LLC ("Ultimus") provides administration and fund accounting services to the Funds. The Adviser pays Ultimus fees in accordance with the agreements for such services.

Under the terms of a Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC ("NLCS") provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the agreement, NLCS receives fees from the Adviser. NLCS is a wholly-owned subsidiary of Ultimus.

**WESTWOOD FUNDS**

Under the terms of a Distribution Agreement with the Trust, Northern Lights Distributors, LLC (the "Distributor") serves as the principal underwriter to the Funds. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser for acting as principal underwriter.

Certain officers of the Trust are also officers of Ultimus and are not paid by the Funds for servicing in such capacities.

**TRUSTEE COMPENSATION**

Each member of the Board (a "Trustee") who is not an "interested person" (as defined by the 1940 Act, as amended) of the Trust ("Independent Trustee") receives an annual retainer and meeting fees, plus reimbursement for travel and other meeting-related expenses.

**5. Derivative Transactions**

The following is a summary of the fair value of derivative instruments held by the Funds listed below as of April 30, 2025 presented on the Statements of Assets and Liabilities.

---

| | |
|:---|:---|
| | **Liabilities** |
| <br>**Type of Derivative** | **Investments,**<br>**at value**<br>**for written**<br>**options** |
| **Midstream Income ETF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Risk Exposure | $(747294) |
| **Energy Income ETF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Risk Exposure | $(88338) |

---

The following summary of the effect of derivatives instruments for the Funds on the Statements of Operations for the period ended April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Type of Derivative** | <br>**Risk** | <br>**Location** |<br>**Realized**<br>**(Gains) Losses** | <br>**Location** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Midstream Income ETF** |  |  |  |  |  |
| Call options written | Equity | Net realized gains (losses) from written option contracts | $(2191731) | Net change in unrealized appreciation (depreciation) on written option contracts | $613479 |
| **Energy Income ETF** |  |  |  |  |  |
| Call options written | Equity | Net realized gains (losses) from written option contracts | $87913 | Net change in unrealized appreciation (depreciation) on written option contracts | $54054 |

---

**WESTWOOD FUNDS**

**Offsetting Assets and Liabilities:**

The Funds are required to disclose the impact of offsetting assets and liabilities represented on the Statements of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of setoff criteria: the amounts owed by the Funds to another party are determinable, the Funds have the right to set off the amounts owed with the amounts owed by the other party, the Funds intend to set off, and the Funds' right of setoff is enforceable at law.

A fund is subject to various netting arrangements with select counterparties ("Master Agreements" or "MNAs"). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at prearranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

As of April 30, 2025, derivative assets and liabilities by type by Fund are as follows:

---

| | | |
|:---|:---|:---|
| **Descriptions** | **Assets** | **Liabilities** |
| **Midstream Income ETF** |  |  |
| Derivatives Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contract | $— | $(747294) |
| Total derivative assets and liabilities on the Statements of Assets and Liabilities |  | (747294) |
| Derivative not subject to a MNA or similar agreement |  | 747294 |
| Total assets and liabilities subject to a MNA | $— | $— |
| **Energy Income ETF** |  |  |
| Derivatives Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contract | $— | $(88338) |
| Total derivative assets and liabilities on the Statements of Assets and Liabilities |  | (88338) |
| Derivative not subject to a MNA or similar agreement |  | 88338 |
| Total assets and liabilities subject to a MNA | $— | $— |

---

**WESTWOOD FUNDS**

Certain derivative contracts are executed under either standardized netting agreements or, for exchange-traded derivatives, the relevant contracts for a particular exchange that contain enforceable netting provisions. A derivative netting arrangement creates an enforceable right of set-off that becomes effective and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early termination. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract.

**6. Capital Share Transactions**

Only certain financial institutions such as registered broker-dealers and banks that have entered into agreements with the APs may acquire shares directly from the Funds and tender their shares for redemption directly to the Funds. Such purchases and redemptions are made at NAV per share and only in large blocks, or Creation Units, of shares. Purchases and redemptions directly with the Funds must follow the Funds' procedures, which are described in the Funds' Statement of Additional Information ("SAI").

A creation transaction, which is subject to acceptance by the Funds' Distributor and the Funds, generally takes place when an AP deposits into the Funds a designated portfolio of securities ("Deposit Securities") (including any portion of such securities for which cash may be substituted) and a specified amount of cash approximating the holdings of the Funds in exchange for a specified number of Creation Units. The composition of such portfolio generally corresponds pro rata to the holdings of the Funds. However, the Funds may, in certain circumstances, offer Creation Units partially or solely for cash. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) held by the Funds and a specified amount of cash. Except when aggregated in Creation Units, shares are not redeemable. The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is received in an acceptable form under the AP agreement. Realized gains (losses) resulting from in-kind redemption of shares, if any, are reflected separately on the Statements of Operations.

The Funds charge APs standard creation and redemption transaction fees ("Transaction Fees") to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. The standard creation and redemption transaction fees are set forth in the table below. The standard creation transaction fee is charged to the AP on the day such AP creates a Creation Unit, and is the same regardless of the number of Creation Units purchased by the AP on the applicable business day. Similarly, the standard redemption transaction fee is charged to the AP on the day such AP redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by the AP on the applicable business day. Creations and redemptions for cash (when cash creations and redemptions (in whole or in part) are available or specified) are also subject to an additional charge (up to the maximum amounts shown in the table below). This charge is intended to compensate for brokerage, tax, foreign exchange, execution, price movement and other costs and expenses related to cash transactions (which may, in certain instances, be based on a good faith estimate of transaction costs). For the period ended April 30, 2025, the Midstream Income ETF, Energy Income ETF and Global Equity ETF received $13,000, $2,000 and $1,800, respectively, in transaction fees.

The Transaction Fees for the Funds are listed in the table below:

---

| | | |
|:---|:---|:---|
|  | <br>**Fee for In-Kind and**<br>**Cash Purchases** | **Maximum**<br>**Additional Variable**<br>**Charge for Cash**<br>**Purchases \*** |
| Midstream Income ETF | $500 | 2.00% |
| Energy Income ETF | $500 | 2.00% |
| Global Equity ETF | $1800 | 2.00% |

---

\* As a percentage of the amount invested.

**WESTWOOD FUNDS**

**7. Sector Risk**

If the Funds have significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Funds than would be the case if the Funds did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Funds and increase the volatility of the Funds' NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Funds' portfolio would be adversely affected. As of April 30, 2025, the Midstream Income ETF had 25.3% of the value of its net assets invested in securities in the Natural Gas Liquids Infrastructure sector, and the Energy Income ETF had 64.7% of the value of its net assets in securities in the Exploration & Production sector.

**8. Non-Diversification Risk**

The Midstream Income ETF and Energy Income ETF are non-diversified funds. Because each Fund may invest in securities of a smaller number of issuers, each Fund may be more exposed to the risks associated with and developments affecting and individual issuer than a fund that invests more widely, which may, therefore, have a greater impact on each Funds' performance.

**9. Contingencies and Commitments**

The Funds indemnify the Trust's officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**10. Subsequent Events**

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events except for the following:

The following funds paid distributions to shareholders subsequent to April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | <br>**Record Date** | <br>**Ex-Date** | **Income Per**<br>**Share** |
| **Midstream Income ETF** | 5/29/2025 | 5/29/2025 | $0.2250 |
| **Energy Income ETF** | 5/29/2025 | 5/29/2025 | 0.2250 |

---

**WESTWOOD FUNDS**

**ADDITIONAL INFORMATION** *(Unaudited)*

**Changes in and/or Disagreements with Accountants**

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Renumeration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

The Board of Trustees (the "Board"), including the Independent Trustees voting separately, has reviewed and approved the Westwood LBRTY Global Equity ETF's (the "Fund" or the "ETF") Investment Advisory Agreement with Westwood Management Corp. (the "Adviser" or "Westwood") for an initial two-year term (the "Westwood Advisory Agreement") and the Sub-Advisory Agreement between Westwood and Vident Asset Management (the "Sub-Adviser" or "Vident"), on behalf of the Fund, for an initial two-year term (the "Vident Sub-Advisory Agreement"). The Board approved the Advisory Agreement and the Sub-Advisory Agreement at a meeting held on January 27-28, 2025, at which all of the Trustees were present (the "Meeting").

Prior to the Meeting, the Adviser and Sub-Adviser provided a response to a letter sent by the counsel to the Independent Trustees, on their behalf, requesting various information relevant to the Independent Trustees' consideration of the Advisory Agreement and Sub-Advisory Agreement with respect to the Fund. In approving the Advisory Agreement and the Sub-Advisory Agreement, the Independent Trustees considered all information they deemed reasonably necessary to evaluate the terms of the Agreements. The principal areas of review by the Independent Trustees were (1) the nature, extent and quality of the services to be provided by the Adviser and Sub-Adviser, (2) the Adviser's experience and resources in monitoring the performance of other sub-advisers on Westwood-managed funds and the professional experience and the investment capabilities of the individuals at Vident who are expected to serve as portfolio managers of the Fund, (3) the costs of the services to be provided and profits to be realized by the Adviser and Sub-Adviser from the Adviser's and Sub-Adviser's relationship with the Fund, (4) the financial condition of the Adviser and Sub-Adviser, (5) the fall out benefits to be derived by the Adviser and Sub-Adviser and their affiliates from their relationships with the Fund and (6) the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund's shareholders. The Independent Trustees' evaluation of the quality of the Adviser's and Sub-Adviser's services also took into consideration their knowledge gained through presentations and reports from the Adviser and Sub-Adviser over the course of the preceding year for other funds managed by the Adviser and Sub-Adviser. The Independent Trustees' analysis of these factors is set forth below.

**Consideration of Approval of Westwood Advisory Agreement**

***Nature, Extent and Quality of Services***

The Board evaluated the level and depth of knowledge of Westwood, including the professional experience and qualifications of senior personnel. In evaluating the quality of services to be provided by Westwood, the Board took into account its familiarity with Westwood's senior management through Board meetings, discussions and reports during the preceding year. The Board also took into account Westwood's compliance policies and procedures based on discussion with Westwood and the CCO. The quality of administrative and other services, including Westwood's role in coordinating the activities of the Fund's other service providers, was also considered. The Board also

**WESTWOOD FUNDS**

considered Westwood's relationship with its affiliates and the resources available to them, as well as any potential conflicts of interest. The Board discussed the nature and extent of the services to be provided by Westwood including, without limitation, Westwood's provision of a continuous investment program for the Fund. The Board considered the qualifications and experience of Westwood's portfolio managers who would be responsible for the day-to-day management of the Fund's portfolio, as well as the qualifications of other individuals at Westwood anticipated to provide services to the Fund. The Board also considered Westwood's succession planning for the portfolio managers of the Fund.

The Board considered Westwood's process for monitoring the proposed Sub-Adviser, Vident, which would include an examination of both qualitative and quantitative elements of the Sub-Adviser's organization, personnel, procedures, infrastructure and performance. The Board further considered that Westwood would conduct periodic reviews of the Sub-Adviser. The Board concluded that it was satisfied with the nature, extent and quality of services to be provided to the Fund by Westwood under the Westwood Advisory Agreement.

***Advisory Fees and Expenses and Comparative Accounts***

The Board compared the proposed advisory fee and total expense ratio for the Fund with various comparative data. In particular, the Board compared the Fund's proposed advisory fee and overall expense ratio to the median advisory fees and expense ratios for its custom peer group provided by Broadridge. The Board noted Westwood's response in the 15(c) materials that there were no accounts or funds comparable to the Fund that were managed by Westwood. The Board noted that the Fund would be charged a unitary fee under the proposed Westwood Advisory Agreement. The Board further noted that, under the unitary fee arrangement, the Fund would pay Westwood a unitary fee from which Westwood would pay the Fund's other expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and fees, if any, but excluding the fee payment under the Westwood Advisory Agreement and interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board considered that, from the unitary fee for the Fund, Westwood would pay the Sub-Adviser a proposed sub-advisory fee equal to 0.05% of the Fund's average net assets, subject to a $35,000 annual minimum. The Board further considered that, under the proposed amended and restated sub-advisory agreement, Vident has agreed to cap its sub-advisory fees at $500,000 on the Westwood-advised exchange-traded funds for which Vident serves as a sub-adviser, subject to annual escalator defined as the prior year's cumulative percentage increase of the United States Consumer Price Index - All Urban Consumers, U.S. City Average, published by the Bureau of Labor Statistics, United States Department of Labor (or its successor index) during the period beginning on the date of the prior fee adjustment. Because the Fund will pay a unitary fee, the Board determined that expense ratios were the most relevant comparative data point.

In reviewing the comparison in expense ratios between the Fund and comparable funds, the Board also considered the differences in types of funds being compared, the styles of investment management, and the nature of the investment strategies. The Board noted that the proposed expense ratio of 0.50% for the Fund was in the second quartile. The Board further noted that the Fund's expense ratio was above the peer group average and at the peer group median. The Board took into consideration Westwood's assertion that the size of the Fund and unique aspects of the Fund's investment strategy differentiated its fees from those of its peers.

***Fund Performance***

As the Fund had not yet commenced operations, the Board did not consider past performance. The Board noted the Adviser's experience and resources in monitoring the performance of other sub-advisers on Westwood-managed funds.

**WESTWOOD FUNDS**

***Potential Economies of Scale***

The Board also considered the effect of the Fund's potential growth and size on its performance and expenses. The Board took into account management's discussion of the Fund's' advisory fee structure. The Board considered the proposed advisory fee under the Westwood Advisory Agreement and possible economies of scale that might be realized if the assets of the Fund increase. The Board noted that the advisory fee schedule for the Fund currently did not have breakpoints, and considered Westwood's assertion that adding breakpoints was not appropriate at this time. The Board noted that the structure of the advisory fee as a unitary fee would have the effect of limiting certain of the Fund's operating expenses. The Board also considered the fact that, under the Westwood Advisory Agreement, the advisory fee payable to Westwood by the Fund would be reduced by the total sub-advisory fee paid to the Sub-Adviser.

***Financial Condition of the Adviser and Adviser Profitability***

Additionally, the Board took into consideration the financial condition and anticipated profitability of Westwood and its affiliates and the anticipated direct and indirect benefits derived by Westwood and its affiliates from their relationship with the Fund. The information considered by the Board included operating profit margin information for Westwood's business as a whole. The Board reviewed the anticipated profitability of Westwood's relationship with the Fund both before and after tax expenses, and also considered whether Westwood has the financial wherewithal to provide services to the Fund, noting Westwood's ongoing commitment to provide support and resources to the Fund as needed.

***Fall-Out Benefits***

The Board also noted that Westwood would derive benefits to its reputation and other benefits from its association with the Fund. The Board recognized that Westwood should be entitled to earn a reasonable level of profits in exchange for the level of services it would provide to the Fund and the entrepreneurial risk that it assumes as investment adviser. Based upon its review, the Board concluded that Westwood's level of profitability, if any, to be derived from its relationship with the Fund was reasonable and not excessive.

**Consideration of Approval of Vident Sub-Advisory Agreement**

***Nature, Extent and Quality of Services***

The Board considered information provided by Vident regarding the services to be provided by Vident to the Fund. The Board evaluated the level and depth of knowledge of Vident, including the professional experience and qualifications of senior personnel. The Board also took into account Vident's compliance policies and procedures based on discussion with Vident and the CCO. The Board discussed the nature and extent of the services to be provided by Vident including, without limitation, Vident's portfolio management and trading services, daily monitoring of the Fund's positions and variances against the model portfolio provided by Westwood, monitoring to adhere to investment guidelines, cash management, cash and holdings reconciliation, and review of creation and redemption file data. The Board considered the qualifications and experience of Vident's portfolio managers who would be responsible for trading the Fund's portfolio, as well as the qualifications of other individuals at Vident anticipated to provide services to the Fund. The Board also considered Vident's succession planning for the portfolio managers of the Fund. The Board then took into consideration Westwood's due diligence of Vident and Westwood's selection of Vident based on, as Westwood previously noted, Vident's reputation, comprehensive service offering, experience with buy-write strategies in ETF wrappers, and competitive pricing. The Board concluded that it was satisfied with the nature, extent and quality of services to be provided to the Fund by Vident under the Vident Sub-Advisory Agreement.

**WESTWOOD FUNDS**

***Sub-Advisory Fees and Expenses and Comparative Accounts***

The Board considered that the sub-advisory fee would be paid by Westwood and not by the Fund. The Board also considered that the Fund would pay an advisory fee to Westwood and that Westwood would pay a sub-advisory fee to Vident out of the advisory fee it receives from the Fund. The Board also considered Vident's response in its 15(c) materials that it does not believe the other accounts managed by Vident would be considered similar in nature to the Fund to be appropriate for a fee comparison.

***Fund Performance***

As the Fund had not yet commenced operations, the Board did not consider past performance. The Board considered the professional experience and the investment capabilities of the individuals at Vident who are expected to serve as portfolio managers to the Fund.

***Potential Economies of Scale***

The Board also considered the effect of the Fund's potential growth and size on its performance and expenses. The Board took into account the Fund's sub-advisory fee structure and the fact that Westwood would pay the sub-advisory fees out of the advisory fees it receives from the Fund. As a consequence, potential economies of scale was not a material factor in the Board's deliberations concerning the Vident Sub-Advisory Agreement.

***Financial Condition of the Sub-Adviser and Sub-Adviser Profitability***

Additionally, the Board took into consideration the financial condition and anticipated profitability of Vident and its affiliates and the anticipated direct and indirect benefits derived by Vident and its affiliates from their relationship with the Fund. The Board noted that the sub-advisory fee under the Vident Sub-Advisory Agreement would be paid by Westwood out of the advisory fee it would receive under the Westwood Advisory Agreement. As a consequence, the anticipated profitability to Vident of its relationship with the Fund was not a substantial factor in the Board's deliberations.

***Fall-Out Benefits***

The Board also noted that Vident would derive benefits to its reputation and other benefits from its association with the Fund. The Board recognized that Vident should be entitled to earn a reasonable level of profits in exchange for the level of services it would provide to the Fund. Based upon its review, the Board concluded that Vident's level of profitability, if any, to be derived from its relationship with the Fund was reasonable and not excessive.

In considering the approvals of the Westwood Advisory Agreement and the Vident Sub-Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the various factors. The Trustees evaluated all information available to them. The Board concluded the following: (a) Westwood and Vident each demonstrated that they possess the capability and resources to perform the duties required of them under the Westwood Advisory Agreement and Vident Sub-Advisory Agreement, respectively; (b) Westwood and Vident maintain appropriate compliance programs; and (c) the Fund's advisory fees are reasonable in light of the services to be provided and the other factors considered. Based on their conclusions, the Trustees determined with respect to the Fund that approval of the Westwood Advisory Agreement and the Vident Sub-Advisory Agreement is in the best interests of the Fund and its respective shareholders.

**WESTWOOD FUNDS**

**OTHER FEDERAL TAX INFORMATION** *(Unaudited)*

**Qualified Dividend Income** – The following Funds designate the following of its ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%:

---

| | |
|:---|:---|
| <br>**Fund** | **Qualified**<br>**Dividend Income** |
| Midstream Income ETF | 63.80% |
| Energy Income ETF | 100.00% |

---

**Dividends Received Deduction** – Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distributions that qualifies under tax law. For the tax year ended November 30, 2024, the following Funds had the following ordinary income dividends qualified for the corporate dividends received deduction:

---

| | |
|:---|:---|
| <br>**Fund** | **Dividend**<br>**Received Deduction** |
| Midstream Income ETF | 12.75% |
| Energy Income ETF | 100.00% |

---

---

| |
|:---|
| **The Westwood Funds** |
| P.O. Box 541150 |
| Omaha, NE 68154 |
| 1-800-994-0755 |
| www.westwoodetfs.com |
| **Adviser:** |
| Westwood Management Corp. |
| 200 Crescent Court, Suite 1200 |
| Dallas, TX 75201 |
| **Distributor:** |
| Northern Lights Distributors, LLC |
| 4221 North 203rd Street |
| Suite 100 |
| Elkhorn, NE 68022 |
| **Administrator:** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive |
| Suite 450 |
| Cincinnati, OH 45246 |
| **Legal Counsel:** |
| Sullivan & Worcester LLP |
| 1666 K Streeet, NW |
| Suite 700 |
| Washington, D.C. 20006 |
| **Independent Registered Public Accounting Firm:** |
| Cohen & Company, Ltd. |
| 1835 Market Street, Suite 310 |
| Philadelphia, PA 19103 |
| This information must be preceded or accompanied by a current |
| prospectus for the Fund. |

---

(b) Included in (a)

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable to all except for Westwood LBRTY Global Equity ETF which is available under item 7

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

There has been no material changes to the manner in which shareholders may recommend nominees to the Registrant's Board of Trustees or the Nominations & Governance Committee (the "Committee"). The Registrant does not have formal procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees. While the Registrant does not have formal procedure, the Committee shall to the extent required under applicable law, when identifying potential candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder.

**Item 16.** **Controls and Procedures.**

(a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant's principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19.** **Exhibits.**

(a)(1) Not required

(a)(2) Not applicable

(a)(3) A separate certification for each principle executive officer and principle financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CRF 270.30a-2(a)): [Attached hereto](ex99-cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 207.30a-2(b)): [Attached hereto](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| (Registrant) | Ultimus Managers Trust |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Todd E. Heim |
|  |  | Todd E. Heim, President and Principal Executive Officer |
| Date | July 7, 2025 |  |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Todd E. Heim |
|  |  | Todd E. Heim, President and Principal Executive Officer |
| Date | July 7, 2025 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Daniel D. Bauer |
|  |  | Daniel D. Bauer, Treasurer and Principal Financial Officer |
| Date | July 7, 2025 |  |

---

 

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Todd E. Heim, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Ultimus Managers Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: <u>July 7, 2025</u> | &nbsp;&nbsp;<u>/s/ Todd E. Heim</u> |
|  | &nbsp;&nbsp;Todd E. Heim, Principal Executive Officer |

---

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Daniel D. Bauer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Ultimus Managers Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: <u>July 7, 2025</u> | &nbsp;&nbsp;<u>/s/ Daniel D. Bauer</u> |
|  | &nbsp;&nbsp;Daniel D. Bauer, Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

EX-99.IND PUB ACCT

EX-99.906CERT

**<u>CERTIFICATIONS</u>**

Todd E. Heim, Principal Executive Officer, and Daniel D. Bauer, Principal Financial Officer, of Ultimus Managers Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Registrant's periodic report on Form N-CSR for the period ended April 30, 2025 (the
 "Form N-CSR") fully complies with the requirements of section 13(a) or section
 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Form N-CSR fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| PRINCIPAL EXECUTIVE OFFICER | PRINCIPAL FINANCIAL OFFICER |
| Ultimus Managers Trust | Ultimus Managers Trust |
| <u>/s/ Todd E. Heim</u> | <u>/s/ Daniel D. Bauer</u> |
| Todd E. Heim, Principal<br> Executive Officer | Daniel D. Bauer, Treasurer and Principal <br> Financial Officer |
| Date: <u>July 7, 2025</u> | Date: <u>July 7, 2025</u> |

---

***A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Ultimus Managers Trust and will be retained by Ultimus Managers Trust and furnished to the Securities and Exchange Commission or its staff upon request.***

 ****

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.