# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-23-070218
**Filing Date:** 2023-3
**Character Count:** 284756
**Document Hash:** 3821a8715eed0e6d95e09d12020971b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-070218.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001752724-23-070218

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ultimus Managers Trust
- **CENTRAL INDEX KEY:** 0001545440
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 23770329

**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 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           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY VALUE FUND** | **WESTWOOD QUALITY VALUE FUND** | **WESTWOOD QUALITY VALUE FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** |
| **COMMON STOCKS - 97.1%** | **Shares** | **Value** |
| **Communications - 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;56300 | &nbsp;&nbsp;$5564692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;405136 | &nbsp;&nbsp;8252620 |
| **Consumer Discretionary - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;15111 | &nbsp;&nbsp;5334183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;15929 | &nbsp;&nbsp;5163704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | &nbsp;&nbsp;5957 | &nbsp;&nbsp;4720029 |
|  |  | &nbsp;&nbsp;9883733 |
| **Consumer Staples - 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Beverages - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;27701 | &nbsp;&nbsp;4737425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Company, Inc. | &nbsp;&nbsp;69373 | &nbsp;&nbsp;5211300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | &nbsp;&nbsp;64106 | &nbsp;&nbsp;5183611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Companies, Inc. (The) - Class A | &nbsp;&nbsp;9658 | &nbsp;&nbsp;2676039 |
|  |  | &nbsp;&nbsp;7859650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corporation | &nbsp;&nbsp;10515 | &nbsp;&nbsp;2456304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;43869 | &nbsp;&nbsp;6311433 |
|  |  | &nbsp;&nbsp;8767737 |
| **Energy - 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 7.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;35330 | &nbsp;&nbsp;6148126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;42291 | &nbsp;&nbsp;5154004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;38995 | &nbsp;&nbsp;5157089 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY VALUE FUND** | **WESTWOOD QUALITY VALUE FUND** | **WESTWOOD QUALITY VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.1% (Continued)** | **Shares** | **Value** |
| **Energy - 8.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 7.4% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation | &nbsp;&nbsp;17529 | &nbsp;&nbsp;$2454586 |
|  |  | &nbsp;&nbsp;18913805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. | &nbsp;&nbsp;38253 | &nbsp;&nbsp;2179656 |
| **Financials - 16.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 8.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;224748 | &nbsp;&nbsp;7974059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;64996 | &nbsp;&nbsp;9096840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;56736 | &nbsp;&nbsp;4276193 |
|  |  | &nbsp;&nbsp;21347092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;14957 | &nbsp;&nbsp;5471420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 6.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;79217 | &nbsp;&nbsp;5008099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company | &nbsp;&nbsp;33019 | &nbsp;&nbsp;6462478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | &nbsp;&nbsp;16346 | &nbsp;&nbsp;5092106 |
|  |  | &nbsp;&nbsp;16562683 |
| **Health Care - 15.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;73403 | &nbsp;&nbsp;6161448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;50020 | &nbsp;&nbsp;8174268 |
|  |  | &nbsp;&nbsp;14335716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;10285 | &nbsp;&nbsp;2623395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation | &nbsp;&nbsp;6714 | &nbsp;&nbsp;2542457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;13045 | &nbsp;&nbsp;6511934 |
|  |  | &nbsp;&nbsp;11677786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 5.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | &nbsp;&nbsp;27588 | &nbsp;&nbsp;6958246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corporation | &nbsp;&nbsp;28719 | &nbsp;&nbsp;7592729 |
|  |  | &nbsp;&nbsp;14550975 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY VALUE FUND** | **WESTWOOD QUALITY VALUE FUND** | **WESTWOOD QUALITY VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.1% (Continued)** | **Shares** | **Value** |
| **Industrials - 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc | &nbsp;&nbsp;40688 | &nbsp;&nbsp;$6600001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;23586 | &nbsp;&nbsp;4917209 |
|  |  | &nbsp;&nbsp;11517210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortive Corporation | &nbsp;&nbsp;75695 | &nbsp;&nbsp;5149531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corporation | &nbsp;&nbsp;30421 | &nbsp;&nbsp;6211664 |
| **Real Estate - 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;28667 | &nbsp;&nbsp;4607934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;27905 | &nbsp;&nbsp;3607558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;153429 | &nbsp;&nbsp;5244203 |
|  |  | &nbsp;&nbsp;13459695 |
| **Technology - 14.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;8345 | &nbsp;&nbsp;5514710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;84059 | &nbsp;&nbsp;6524659 |
|  |  | &nbsp;&nbsp;12039369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;31333 | &nbsp;&nbsp;7764631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;19452 | &nbsp;&nbsp;4999359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;19478 | &nbsp;&nbsp;6000977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp;23244 | &nbsp;&nbsp;5351001 |
|  |  | &nbsp;&nbsp;11351978 |
| **Utilities - 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 6.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Company | &nbsp;&nbsp;43424 | &nbsp;&nbsp;5053251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;59815 | &nbsp;&nbsp;4463993 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY VALUE FUND** | **WESTWOOD QUALITY VALUE FUND** | **WESTWOOD QUALITY VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.1% (Continued)** | **Shares** | **Value** |
| **Utilities - 6.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 6.2% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;66531 | &nbsp;&nbsp;$6253249 |
|  |  | &nbsp;&nbsp;15770493 |
| **Total Common Stocks** (Cost $199,066,220) | **Total Common Stocks** (Cost $199,066,220) | &nbsp;&nbsp;$248914403 |
| **MONEY MARKET FUNDS - 2.9%** | **Shares** | **Value** |
| SEI Daily Income Trust, Government Fund - Class F, 3.92% <sup>(b)</sup> <br> (Cost $7,375,896) | &nbsp;&nbsp;7375896 | &nbsp;&nbsp;$7375896 |
| **Investments at Value - 100.0%** (Cost $206,442,116) | **Investments at Value - 100.0%** (Cost $206,442,116) | &nbsp;&nbsp;$256290299 |
| **Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup>** | **Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup>** | &nbsp;&nbsp;2152 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$256292451 |

---

N.V. - Naamloze Vennootschap <br> 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 January 31, 2023.

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

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY MIDCAP FUND** | **WESTWOOD QUALITY MIDCAP FUND** | **WESTWOOD QUALITY MIDCAP FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** |
| **COMMON STOCKS - 97.4%** | **Shares** | **Value** |
| **Communications - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;106 | &nbsp;&nbsp;$8116 |
| **Consumer Discretionary - 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home Construction - 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;147 | &nbsp;&nbsp;11379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masonite International Corporation <sup>(a)</sup> | &nbsp;&nbsp;94 | &nbsp;&nbsp;8575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;102 | &nbsp;&nbsp;5803 |
|  |  | &nbsp;&nbsp;25757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;121 | &nbsp;&nbsp;12152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | &nbsp;&nbsp;248 | &nbsp;&nbsp;11410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | &nbsp;&nbsp;14 | &nbsp;&nbsp;11093 |
|  |  | &nbsp;&nbsp;22503 |
| **Consumer Staples - 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hostess Brands, Inc. <sup>(a)</sup> | &nbsp;&nbsp;377 | &nbsp;&nbsp;8720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Company, Inc. | &nbsp;&nbsp;235 | &nbsp;&nbsp;17653 |
|  |  | &nbsp;&nbsp;26373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | &nbsp;&nbsp;66 | &nbsp;&nbsp;5337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;124 | &nbsp;&nbsp;8986 |
| **Energy - 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 8.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corporation | &nbsp;&nbsp;64 | &nbsp;&nbsp;9173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;109 | &nbsp;&nbsp;15927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;107 | &nbsp;&nbsp;14151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation | &nbsp;&nbsp;77 | &nbsp;&nbsp;10782 |
|  |  | &nbsp;&nbsp;50033 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY MIDCAP FUND** | **WESTWOOD QUALITY MIDCAP FUND** | **WESTWOOD QUALITY MIDCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.4% (Continued)** | **Shares** | **Value** |
| **Financials - 15.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 8.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corporation | &nbsp;&nbsp;307 | &nbsp;&nbsp;$11878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;92 | &nbsp;&nbsp;11986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Republic Bank | &nbsp;&nbsp;88 | &nbsp;&nbsp;12397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;134 | &nbsp;&nbsp;10100 |
|  |  | &nbsp;&nbsp;46361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;76 | &nbsp;&nbsp;8174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moelis & Company - Class A | &nbsp;&nbsp;217 | &nbsp;&nbsp;10144 |
|  |  | &nbsp;&nbsp;18318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;183 | &nbsp;&nbsp;11569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company | &nbsp;&nbsp;69 | &nbsp;&nbsp;13505 |
|  |  | &nbsp;&nbsp;25074 |
| **Health Care - 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corporation <sup>(a)</sup> | &nbsp;&nbsp;170 | &nbsp;&nbsp;12961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation | &nbsp;&nbsp;39 | &nbsp;&nbsp;14768 |
|  |  | &nbsp;&nbsp;27729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper Companies, Inc. (The) | &nbsp;&nbsp;37 | &nbsp;&nbsp;12910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICU Medical, Inc. <sup>(a)</sup> | &nbsp;&nbsp;34 | &nbsp;&nbsp;6570 |
|  |  | &nbsp;&nbsp;19480 |
| **Industrials - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortive Corporation | &nbsp;&nbsp;161 | &nbsp;&nbsp;10953 |
| **Materials - 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 6.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. <sup>(a)</sup> | &nbsp;&nbsp;407 | &nbsp;&nbsp;12251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;119 | &nbsp;&nbsp;10079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univar Solutions, Inc. <sup>(a)</sup> | &nbsp;&nbsp;383 | &nbsp;&nbsp;13206 |
|  |  | &nbsp;&nbsp;35536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction Materials - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;66 | &nbsp;&nbsp;9641 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY MIDCAP FUND** | **WESTWOOD QUALITY MIDCAP FUND** | **WESTWOOD QUALITY MIDCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.4% (Continued)** | **Shares** | **Value** |
| **Materials - 11.7% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Containers & Packaging - 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;130 | &nbsp;&nbsp;$11461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestRock Company | &nbsp;&nbsp;291 | &nbsp;&nbsp;11419 |
|  |  | &nbsp;&nbsp;22880 |
| **Real Estate - 12.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 12.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;73 | &nbsp;&nbsp;11734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | &nbsp;&nbsp;379 | &nbsp;&nbsp;11904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | &nbsp;&nbsp;217 | &nbsp;&nbsp;8854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corporation | &nbsp;&nbsp;171 | &nbsp;&nbsp;11599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;313 | &nbsp;&nbsp;16217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;335 | &nbsp;&nbsp;11450 |
|  |  | &nbsp;&nbsp;71758 |
| **Technology - 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 6.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor Corporation <sup>(a)</sup> | &nbsp;&nbsp;118 | &nbsp;&nbsp;8943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;182 | &nbsp;&nbsp;14127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>(a)</sup> | &nbsp;&nbsp;289 | &nbsp;&nbsp;11696 |
|  |  | &nbsp;&nbsp;34766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;27 | &nbsp;&nbsp;8715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;46 | &nbsp;&nbsp;14172 |
| **Utilities - 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 10.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corporation | &nbsp;&nbsp;279 | &nbsp;&nbsp;15074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corporation | &nbsp;&nbsp;225 | &nbsp;&nbsp;14218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Company | &nbsp;&nbsp;126 | &nbsp;&nbsp;14663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;254 | &nbsp;&nbsp;15913 |
|  |  | &nbsp;&nbsp;59868 |
| **Total Common Stocks** (Cost $524,535) | **Total Common Stocks** (Cost $524,535) | &nbsp;&nbsp;$564508 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY MIDCAP FUND** | **WESTWOOD QUALITY MIDCAP FUND** | **WESTWOOD QUALITY MIDCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 2.2%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.24% <sup>(b)</sup> <br> (Cost $12,803) | &nbsp;&nbsp;12803 | &nbsp;&nbsp;$12803 |
| **Investments at Value - 99.6%** (Cost $537,338) | **Investments at Value - 99.6%** (Cost $537,338) | &nbsp;&nbsp;$577311 |
| **Other Assets in Excess of Liabilities - 0.4%** | **Other Assets in Excess of Liabilities - 0.4%** | &nbsp;&nbsp;2037 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$579348 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of January 31, 2023.

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** |
| **COMMON STOCKS - 99.5%** | **Shares** | **Value** |
| **Consumer Discretionary - 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Apparel & Textile Products - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corporation <sup>(a)</sup> | &nbsp;&nbsp;6890 | &nbsp;&nbsp;$2945337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home Construction - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;39210 | &nbsp;&nbsp;3035246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Papa John's International, Inc. | &nbsp;&nbsp;67047 | &nbsp;&nbsp;6013445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;60767 | &nbsp;&nbsp;6102830 |
|  |  | &nbsp;&nbsp;12116275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Products - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corporation <sup>(a)</sup> | &nbsp;&nbsp;145146 | &nbsp;&nbsp;3554626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;53679 | &nbsp;&nbsp;3135927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | &nbsp;&nbsp;33470 | &nbsp;&nbsp;5096812 |
|  |  | &nbsp;&nbsp;8232739 |
| **Consumer Staples - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hostess Brands, Inc. <sup>(a)</sup> | &nbsp;&nbsp;246538 | &nbsp;&nbsp;5702424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J & J Snack Foods Corporation | &nbsp;&nbsp;37216 | &nbsp;&nbsp;5333053 |
|  |  | &nbsp;&nbsp;11035477 |
| **Energy - 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 6.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corporation | &nbsp;&nbsp;30774 | &nbsp;&nbsp;4410837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;39652 | &nbsp;&nbsp;5793950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corporation - Class A | &nbsp;&nbsp;240337 | &nbsp;&nbsp;5674357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDC Energy, Inc. | &nbsp;&nbsp;64753 | &nbsp;&nbsp;4385721 |
|  |  | &nbsp;&nbsp;20264865 |
| **Financials - 18.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 12.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corporation | &nbsp;&nbsp;159994 | &nbsp;&nbsp;6190168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;54436 | &nbsp;&nbsp;7091922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;67210 | &nbsp;&nbsp;5291443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | &nbsp;&nbsp;85704 | &nbsp;&nbsp;2751956 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 99.5% (Continued)** | **Shares** | **Value** |
| **Financials - 18.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 12.3% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc. <sup>(a)</sup> | &nbsp;&nbsp;93716 | &nbsp;&nbsp;$6191816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triumph Financial, Inc. <sup>(a)</sup> | &nbsp;&nbsp;51456 | &nbsp;&nbsp;2867643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corporation | &nbsp;&nbsp;68675 | &nbsp;&nbsp;6281702 |
|  |  | &nbsp;&nbsp;36666650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perella Weinberg Partners | &nbsp;&nbsp;602209 | &nbsp;&nbsp;6172642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRP Group, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;25949 | &nbsp;&nbsp;743439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International General Insurance Holdings Ltd. | &nbsp;&nbsp;374497 | &nbsp;&nbsp;3067131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;29425 | &nbsp;&nbsp;5758178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;46916 | &nbsp;&nbsp;3273329 |
|  |  | &nbsp;&nbsp;12842077 |
| **Health Care - 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | &nbsp;&nbsp;89869 | &nbsp;&nbsp;5909785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalent, Inc. <sup>(a)</sup> | &nbsp;&nbsp;57355 | &nbsp;&nbsp;3071361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier, Inc. - Class A | &nbsp;&nbsp;81095 | &nbsp;&nbsp;2705329 |
|  |  | &nbsp;&nbsp;5776690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 6.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper Companies, Inc. (The) | &nbsp;&nbsp;16804 | &nbsp;&nbsp;5863420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corporation <sup>(a)</sup> | &nbsp;&nbsp;89229 | &nbsp;&nbsp;5872160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corporation <sup>(a)</sup> | &nbsp;&nbsp;57449 | &nbsp;&nbsp;3291828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. <sup>(a)</sup> | &nbsp;&nbsp;42366 | &nbsp;&nbsp;3022814 |
|  |  | &nbsp;&nbsp;18050222 |
| **Industrials - 12.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hexcel Corporation | &nbsp;&nbsp;71926 | &nbsp;&nbsp;5076537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc. - Class A | &nbsp;&nbsp;63314 | &nbsp;&nbsp;6035090 |
|  |  | &nbsp;&nbsp;11111627 |
| *Electrical Equipment - 4.* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | 24339 | &nbsp;&nbsp;5571441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 11941 | &nbsp;&nbsp;3065135 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 99.5% (Continued)** | **Shares** | **Value** |
| **Industrials - 12.4% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 4.4% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veritiv Holdings Company | &nbsp;&nbsp;317645 | &nbsp;&nbsp;$4516912 |
|  |  | &nbsp;&nbsp;13153488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGCO Corporation | &nbsp;&nbsp;24553 | &nbsp;&nbsp;3391506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albany International Corporation - Class A | &nbsp;&nbsp;54703 | &nbsp;&nbsp;6134941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Middleby Corporation (The) <sup>(a)</sup> | &nbsp;&nbsp;20437 | &nbsp;&nbsp;3176932 |
|  |  | &nbsp;&nbsp;12703379 |
| **Materials - 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. <sup>(a)</sup> | &nbsp;&nbsp;213105 | &nbsp;&nbsp;6414460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecovyst, Inc. <sup>(a)</sup> | &nbsp;&nbsp;649942 | &nbsp;&nbsp;6817892 |
|  |  | &nbsp;&nbsp;13232352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction Materials - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;44011 | &nbsp;&nbsp;6429127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Containers & Packaging - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestRock Company | &nbsp;&nbsp;160504 | &nbsp;&nbsp;6298177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encore Wire Corporation | &nbsp;&nbsp;19205 | &nbsp;&nbsp;3100263 |
| **Real Estate - 13.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radius Global Infrastructure, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;469358 | &nbsp;&nbsp;6322252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 11.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | &nbsp;&nbsp;211813 | &nbsp;&nbsp;6028198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | &nbsp;&nbsp;192874 | &nbsp;&nbsp;6058172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Office Properties Trust | &nbsp;&nbsp;216342 | &nbsp;&nbsp;6072720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;119744 | &nbsp;&nbsp;6388342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Retail Properties, Inc. | &nbsp;&nbsp;65265 | &nbsp;&nbsp;3090298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;343501 | &nbsp;&nbsp;5410141 |
|  |  | &nbsp;&nbsp;33047871 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 99.5% (Continued)** | **Shares** | **Value** |
| **Technology - 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | &nbsp;&nbsp;95329 | &nbsp;&nbsp;$2789326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor Corporation <sup>(a)</sup> | &nbsp;&nbsp;58009 | &nbsp;&nbsp;4396502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>(a)</sup> | &nbsp;&nbsp;102540 | &nbsp;&nbsp;4149794 |
|  |  | &nbsp;&nbsp;11335622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;18835 | &nbsp;&nbsp;6079373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viavi Solutions, Inc. <sup>(a)</sup> | &nbsp;&nbsp;396763 | &nbsp;&nbsp;4483422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;19714 | &nbsp;&nbsp;6073686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Science Applications International Corporation | &nbsp;&nbsp;26205 | &nbsp;&nbsp;2719555 |
|  |  | &nbsp;&nbsp;8793241 |
| **Utilities - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corporation | &nbsp;&nbsp;54104 | &nbsp;&nbsp;2923239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;55210 | &nbsp;&nbsp;5841770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NorthWestern Corporation | &nbsp;&nbsp;102438 | &nbsp;&nbsp;5818479 |
|  |  | &nbsp;&nbsp;14583488 |
| **Total Common Stocks** (Cost $264,357,001) | **Total Common Stocks** (Cost $264,357,001) | &nbsp;&nbsp;$297276313 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** | **WESTWOOD QUALITY SMIDCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 0.7%** | **Shares** | **Value** |
| SEI Daily Income Trust, Government Fund - Class F, 3.92% <sup>(b)</sup> <br> (Cost $2,090,029) | &nbsp;&nbsp;2090029 | &nbsp;&nbsp;$2090029 |
| **Investments at Value - 100.2%** (Cost $266,447,030) | **Investments at Value - 100.2%** (Cost $266,447,030) | &nbsp;&nbsp;$299366342 |
| **Liabilities in Excess of Other Assets - (0.2%)** | **Liabilities in Excess of Other Assets - (0.2%)** | &nbsp;&nbsp; (678854) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$298687488 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of January 31, 2023.

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMALLCAP FUND** | **WESTWOOD QUALITY SMALLCAP FUND** | **WESTWOOD QUALITY SMALLCAP FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** |
| **COMMON STOCKS - 98.6%** | **Shares** | **Value** |
| **Consumer Discretionary - 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Automotive - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Methode Electronics, Inc. | &nbsp;&nbsp;266377 | &nbsp;&nbsp;$12716838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home Construction - 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;354905 | &nbsp;&nbsp;21720186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masonite International Corporation <sup>(a)</sup> | &nbsp;&nbsp;249943 | &nbsp;&nbsp;22799800 |
|  |  | &nbsp;&nbsp;44519986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chuy's Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;366822 | &nbsp;&nbsp;12556317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Papa John's International, Inc. | &nbsp;&nbsp;240940 | &nbsp;&nbsp;21609909 |
|  |  | &nbsp;&nbsp;34166226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;295645 | &nbsp;&nbsp;17271581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monro, Inc. | &nbsp;&nbsp;426423 | &nbsp;&nbsp;21704931 |
|  |  | &nbsp;&nbsp;38976512 |
| **Consumer Staples - 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Beverages - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duckhorn Portfolio, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;749080 | &nbsp;&nbsp;12120114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hostess Brands, Inc. <sup>(a)</sup> | &nbsp;&nbsp;967274 | &nbsp;&nbsp;22373048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J & J Snack Foods Corporation | &nbsp;&nbsp;140744 | &nbsp;&nbsp;20168615 |
|  |  | &nbsp;&nbsp;42541663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Garden & Pet Company - Class A <sup>(a)</sup> | &nbsp;&nbsp;283357 | &nbsp;&nbsp;11229438 |
| **Energy - 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 7.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corporation | &nbsp;&nbsp;156258 | &nbsp;&nbsp;22396459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enerplus Corporation | &nbsp;&nbsp;708060 | &nbsp;&nbsp;12568065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Oil and Gas, Inc. | &nbsp;&nbsp;604474 | &nbsp;&nbsp;20261969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sitio Royalties Corporation - Class A | &nbsp;&nbsp;805058 | &nbsp;&nbsp;21390391 |
|  |  | &nbsp;&nbsp;76616884 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMALLCAP FUND** | **WESTWOOD QUALITY SMALLCAP FUND** | **WESTWOOD QUALITY SMALLCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 98.6% (Continued)** | **Shares** | **Value** |
| **Financials - 24.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 18.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corporation | &nbsp;&nbsp;616770 | &nbsp;&nbsp;$23862831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City Holding Company | &nbsp;&nbsp;230920 | &nbsp;&nbsp;21888907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;624718 | &nbsp;&nbsp;19310033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Bancorp | &nbsp;&nbsp;298875 | &nbsp;&nbsp;11910169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank Holdings Corporation - Class A | &nbsp;&nbsp;258140 | &nbsp;&nbsp;10901252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | &nbsp;&nbsp;511769 | &nbsp;&nbsp;12006101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renasant Corporation | &nbsp;&nbsp;574778 | &nbsp;&nbsp;20450601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandy Spring Bancorp, Inc. | &nbsp;&nbsp;613835 | &nbsp;&nbsp;20747623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | &nbsp;&nbsp;657362 | &nbsp;&nbsp;21107894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triumph Financial, Inc. <sup>(a)</sup> | &nbsp;&nbsp;351268 | &nbsp;&nbsp;19576166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | &nbsp;&nbsp;760145 | &nbsp;&nbsp;21398082 |
|  |  | &nbsp;&nbsp;203159659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moelis & Company - Class A | &nbsp;&nbsp;460811 | &nbsp;&nbsp;21542914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | &nbsp;&nbsp;154300 | &nbsp;&nbsp;21926030 |
|  |  | &nbsp;&nbsp;43468944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | &nbsp;&nbsp;281351 | &nbsp;&nbsp;15496813 |
| **Health Care - 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | &nbsp;&nbsp;318874 | &nbsp;&nbsp;20969154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patterson Companies, Inc. | &nbsp;&nbsp;738872 | &nbsp;&nbsp;22306546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avanos Medical, Inc. <sup>(a)</sup> | &nbsp;&nbsp;365418 | &nbsp;&nbsp;11196407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONMED Corporation | &nbsp;&nbsp;221961 | &nbsp;&nbsp;21254985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. <sup>(a)</sup> | &nbsp;&nbsp;158259 | &nbsp;&nbsp;11291780 |
|  |  | &nbsp;&nbsp;43743172 |
| **Industrials - 11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc. - Class A | &nbsp;&nbsp;230782 | &nbsp;&nbsp;21998140 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMALLCAP FUND** | **WESTWOOD QUALITY SMALLCAP FUND** | **WESTWOOD QUALITY SMALLCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 98.6% (Continued)** | **Shares** | **Value** |
| **Industrials - 11.5% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Construction - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;199197 | &nbsp;&nbsp;$24110805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Intermediate Products - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AZZ, Inc. | &nbsp;&nbsp;285875 | &nbsp;&nbsp;12143970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 6.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Group, Inc. | &nbsp;&nbsp;146518 | &nbsp;&nbsp;22925672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albany International Corporation - Class A | &nbsp;&nbsp;210212 | &nbsp;&nbsp;23575276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corporation | &nbsp;&nbsp;399849 | &nbsp;&nbsp;21291959 |
|  |  | &nbsp;&nbsp;67792907 |
| **Materials - 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecovyst, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1437826 | &nbsp;&nbsp;15082795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;102203 | &nbsp;&nbsp;11550983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stepan Company | &nbsp;&nbsp;197756 | &nbsp;&nbsp;21721519 |
|  |  | &nbsp;&nbsp;48355297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Forestry, Paper & Wood Products - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;191900 | &nbsp;&nbsp;17952245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encore Wire Corporation | &nbsp;&nbsp;85347 | &nbsp;&nbsp;13777566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Livent Corporation <sup>(a)</sup> | &nbsp;&nbsp;410806 | &nbsp;&nbsp;10648092 |
|  |  | &nbsp;&nbsp;24425658 |
| **Real Estate - 13.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radius Global Infrastructure, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;1577029 | &nbsp;&nbsp;21242581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 11.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Office Properties Trust | &nbsp;&nbsp;811436 | &nbsp;&nbsp;22777008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. | &nbsp;&nbsp;693115 | &nbsp;&nbsp;11256188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;735235 | &nbsp;&nbsp;21145359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;1062208 | &nbsp;&nbsp;23772215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic Corporation | &nbsp;&nbsp;241209 | &nbsp;&nbsp;11807180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;1125740 | &nbsp;&nbsp;12371883 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY SMALLCAP FUND** | **WESTWOOD QUALITY SMALLCAP FUND** | **WESTWOOD QUALITY SMALLCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 98.6% (Continued)** | **Shares** | **Value** |
| **Real Estate - 13.4% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 11.5% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;1437042 | &nbsp;&nbsp;$22633411 |
|  |  | &nbsp;&nbsp;125763244 |
| **Technology - 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>(a)</sup> | &nbsp;&nbsp;495228 | &nbsp;&nbsp;20041877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc. | &nbsp;&nbsp;549390 | &nbsp;&nbsp;10366989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viavi Solutions, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1893243 | &nbsp;&nbsp;21393646 |
|  |  | &nbsp;&nbsp;31760635 |
| **Utilities - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avista Corporation | &nbsp;&nbsp;517879 | &nbsp;&nbsp;20663372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NorthWestern Corporation | &nbsp;&nbsp;375039 | &nbsp;&nbsp;21302215 |
|  |  | &nbsp;&nbsp;41965587 |
| **Total Common Stocks** (Cost $930,552,256) | **Total Common Stocks** (Cost $930,552,256) | &nbsp;&nbsp;$1079584895 |
| **MONEY MARKET FUNDS - 1.3%** | **Shares** | **Value** |
| SEI Daily Income Trust, Government Fund - Class F, 3.92% <sup>(b)</sup> <br> (Cost $14,174,034) | &nbsp;&nbsp;14174034 | &nbsp;&nbsp;$14174034 |
| **Investments at Value - 99.9%** (Cost $944,726,290) | **Investments at Value - 99.9%** (Cost $944,726,290) | &nbsp;&nbsp;$1093758929 |
| **Other Assets in Excess of Liabilities - 0.1%** | **Other Assets in Excess of Liabilities - 0.1%** | &nbsp;&nbsp;728275 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$1094487204 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of January 31, 2023.

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY ALLCAP FUND** | **WESTWOOD QUALITY ALLCAP FUND** | **WESTWOOD QUALITY ALLCAP FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** |
| **COMMON STOCKS - 97.9%** | **Shares** | **Value** |
| **Communications - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;30541 | &nbsp;&nbsp;$622120 |
| **Consumer Discretionary - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Papa John's International, Inc. | &nbsp;&nbsp;5607 | &nbsp;&nbsp;502892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | &nbsp;&nbsp;575 | &nbsp;&nbsp;455601 |
| **Consumer Staples - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Beverages - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;2559 | &nbsp;&nbsp;437640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Companies, Inc. (The) - Class A | &nbsp;&nbsp;1772 | &nbsp;&nbsp;490986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;3205 | &nbsp;&nbsp;461103 |
| **Energy - 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 9.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;3660 | &nbsp;&nbsp;636913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;3618 | &nbsp;&nbsp;528662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;3657 | &nbsp;&nbsp;483639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pioneer Natural Resources Company | &nbsp;&nbsp;2329 | &nbsp;&nbsp;536485 |
|  |  | &nbsp;&nbsp;2185699 |
| **Financials - 19.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 9.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corporation | &nbsp;&nbsp;12955 | &nbsp;&nbsp;501229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;17699 | &nbsp;&nbsp;627960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;4160 | &nbsp;&nbsp;582234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;5351 | &nbsp;&nbsp;421284 |
|  |  | &nbsp;&nbsp;2132707 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY ALLCAP FUND** | **WESTWOOD QUALITY ALLCAP FUND** | **WESTWOOD QUALITY ALLCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.9% (Continued)** | **Shares** | **Value** |
| **Financials - 19.5% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perella Weinberg Partners | &nbsp;&nbsp;45601 | &nbsp;&nbsp;$467410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 8.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company | &nbsp;&nbsp;2303 | &nbsp;&nbsp;450743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | &nbsp;&nbsp;1642 | &nbsp;&nbsp;511516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;1540 | &nbsp;&nbsp;350335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Re Group Ltd. | &nbsp;&nbsp;1386 | &nbsp;&nbsp;484670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International General Insurance Holdings Ltd. | &nbsp;&nbsp;29246 | &nbsp;&nbsp;239525 |
|  |  | &nbsp;&nbsp;2036789 |
| **Health Care - 14.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;7146 | &nbsp;&nbsp;599835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;3851 | &nbsp;&nbsp;629331 |
|  |  | &nbsp;&nbsp;1229166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation | &nbsp;&nbsp;1214 | &nbsp;&nbsp;459718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;953 | &nbsp;&nbsp;475728 |
|  |  | &nbsp;&nbsp;935446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | &nbsp;&nbsp;1659 | &nbsp;&nbsp;418433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper Companies, Inc. (The) | &nbsp;&nbsp;1336 | &nbsp;&nbsp;466170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corporation | &nbsp;&nbsp;1728 | &nbsp;&nbsp;456849 |
|  |  | &nbsp;&nbsp;1341452 |
| **Industrials - 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hexcel Corporation | &nbsp;&nbsp;3082 | &nbsp;&nbsp;217528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;1834 | &nbsp;&nbsp;393980 |
|  |  | &nbsp;&nbsp;611508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortive Corporation | &nbsp;&nbsp;6546 | &nbsp;&nbsp;445324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veritiv Holdings Company | &nbsp;&nbsp;31980 | &nbsp;&nbsp;454756 |
|  |  | &nbsp;&nbsp;900080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albany International Corporation - Class A | &nbsp;&nbsp;4509 | &nbsp;&nbsp;505684 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY ALLCAP FUND** | **WESTWOOD QUALITY ALLCAP FUND** | **WESTWOOD QUALITY ALLCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.9% (Continued)** | **Shares** | **Value** |
| **Industrials - 9.5% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | &nbsp;&nbsp;989 | &nbsp;&nbsp;$243106 |
| **Materials - 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 7.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. <sup>(a)</sup> | &nbsp;&nbsp;18079 | &nbsp;&nbsp;544178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;2735 | &nbsp;&nbsp;231654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;7397 | &nbsp;&nbsp;476737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecovyst, Inc. <sup>(a)</sup> | &nbsp;&nbsp;48755 | &nbsp;&nbsp;511440 |
|  |  | &nbsp;&nbsp;1764009 |
| **Real Estate - 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radius Global Infrastructure, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;44270 | &nbsp;&nbsp;596317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 6.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;2989 | &nbsp;&nbsp;480452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | &nbsp;&nbsp;15581 | &nbsp;&nbsp;489399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;13739 | &nbsp;&nbsp;469599 |
|  |  | &nbsp;&nbsp;1439450 |
| **Technology - 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;352 | &nbsp;&nbsp;232616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor Corporation <sup>(a)</sup> | &nbsp;&nbsp;4971 | &nbsp;&nbsp;376752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>(a)</sup> | &nbsp;&nbsp;9271 | &nbsp;&nbsp;375197 |
|  |  | &nbsp;&nbsp;984565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;1507 | &nbsp;&nbsp;373450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;745 | &nbsp;&nbsp;240463 |
|  |  | &nbsp;&nbsp;613913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;1790 | &nbsp;&nbsp;460048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;1564 | &nbsp;&nbsp;481853 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD QUALITY ALLCAP FUND** | **WESTWOOD QUALITY ALLCAP FUND** | **WESTWOOD QUALITY ALLCAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.9% (Continued)** | **Shares** | **Value** |
| **Utilities - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 5.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corporation | &nbsp;&nbsp;8686 | &nbsp;&nbsp;$548868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Company | &nbsp;&nbsp;3378 | &nbsp;&nbsp;393098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;4904 | &nbsp;&nbsp;460927 |
|  |  | &nbsp;&nbsp;1402893 |
| **Total Common Stocks** (Cost $21,449,803) | **Total Common Stocks** (Cost $21,449,803) | &nbsp;&nbsp;$23302437 |
| **MONEY MARKET FUNDS - 2.3%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.24% <sup>(b)</sup> <br> (Cost $536,700) | &nbsp;&nbsp;536700 | &nbsp;&nbsp;$536700 |
| **Investments at Value - 100.2%** (Cost $21,986,503) | **Investments at Value - 100.2%** (Cost $21,986,503) | &nbsp;&nbsp;$23839137 |
| **Liabilities in Excess of Other Assets - (0.2%)** | **Liabilities in Excess of Other Assets - (0.2%)** | &nbsp;&nbsp; (38978) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$23800159 |

---

N.V. - Naamloze Vennootschap

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of January 31, 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** |
| **U.S. GOVERNMENT & AGENCIES - 5.1%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **U.S. Treasury Notes - 1.7%** | **U.S. Treasury Notes - 1.7%** | **U.S. Treasury Notes - 1.7%** | **U.S. Treasury Notes - 1.7%** |  |
| U.S. Treasury Notes | 4.125% | 09/30/27 | &nbsp;&nbsp;$2100000 | &nbsp;&nbsp;$2139129 |
| **U.S. Treasury Bonds - 3.4%** | **U.S. Treasury Bonds - 3.4%** | **U.S. Treasury Bonds - 3.4%** | **U.S. Treasury Bonds - 3.4%** |  |
| U.S. Treasury Bonds | 2.250% | 02/15/52 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;372617 |
| U.S. Treasury Bonds | 2.875% | 05/15/52 | &nbsp;&nbsp;2225000 | &nbsp;&nbsp;1902375 |
| U.S. Treasury Bonds | 3.000% | 08/15/52 | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;2107125 |
|  |  |  |  | &nbsp;&nbsp;4382117 |
| **Total U.S. Government & Agencies** (Cost $6,531,808) | **Total U.S. Government & Agencies** (Cost $6,531,808) | **Total U.S. Government & Agencies** (Cost $6,531,808) | **Total U.S. Government & Agencies** (Cost $6,531,808) | &nbsp;&nbsp;$6521246 |
| **CONVERTIBLE BONDS - 4.2%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Consumer Discretionary - 0.5%** | **Consumer Discretionary - 0.5%** | **Consumer Discretionary - 0.5%** |  |  |
| Live Nation Entertainment, Inc., 144A | 3.125% | 01/15/29 | &nbsp;&nbsp;$630000 | &nbsp;&nbsp;$675675 |
| **Health Care - 0.8%** | **Health Care - 0.8%** | **Health Care - 0.8%** |  |  |
| CONMED Corporation | 2.625% | 02/01/24 | &nbsp;&nbsp;810000 | &nbsp;&nbsp;958230 |
| **Real Estate - 1.1%** | **Real Estate - 1.1%** | **Real Estate - 1.1%** |  |  |
| Radius Global Infrastructure, Inc., 144A | 2.500% | 09/15/26 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1381875 |
| **Technology - 1.8%** | **Technology - 1.8%** | **Technology - 1.8%** |  |  |
| Akamai Technologies, Inc. | 0.125% | 05/01/25 | &nbsp;&nbsp;985000 | &nbsp;&nbsp;1055428 |
| Ziff Davis, Inc., 144A | 1.750% | 11/01/26 | &nbsp;&nbsp;1182000 | &nbsp;&nbsp;1248192 |
|  |  |  |  | &nbsp;&nbsp;2303620 |
| **Total Convertible Bonds** (Cost $5,325,985) | **Total Convertible Bonds** (Cost $5,325,985) | **Total Convertible Bonds** (Cost $5,325,985) | **Total Convertible Bonds** (Cost $5,325,985) | &nbsp;&nbsp;$5319400 |
| **CORPORATE BONDS - 34.1%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Communications - 1.4%** | **Communications - 1.4%** | **Communications - 1.4%** |  |  |
| América Móvil S.A.B. de C.V., 144A | 5.375% | 04/04/32 | &nbsp;&nbsp;$465000 | &nbsp;&nbsp;$433613 |
| Magellanes, Inc., 144A | 4.279% | 03/15/32 | &nbsp;&nbsp;742000 | &nbsp;&nbsp;657725 |
| Netflix, Inc. | 6.375% | 05/15/29 | &nbsp;&nbsp;665000 | &nbsp;&nbsp;712561 |
|  |  |  |  | &nbsp;&nbsp;1803899 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 34.1% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Consumer Discretionary - 3.9%** | **Consumer Discretionary - 3.9%** | **Consumer Discretionary - 3.9%** |  |  |
| At Home Group, Inc., 144A | 4.875% | 07/15/28 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$720000 |
| Brunswick Corporation | 2.400% | 08/18/31 | &nbsp;&nbsp;671000 | &nbsp;&nbsp;506792 |
| Cinemark USA, Inc., 144A | 5.875% | 03/15/26 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;673481 |
| Darden Restaurants, Inc. | 4.550% | 02/15/48 | &nbsp;&nbsp;690000 | &nbsp;&nbsp;569976 |
| Ford Motor Credit Company, LLC | 4.271% | 01/09/27 | &nbsp;&nbsp;485000 | &nbsp;&nbsp;456773 |
| General Motors Financial Company, Inc. | 2.350% | 01/08/31 | &nbsp;&nbsp;550000 | &nbsp;&nbsp;438456 |
| Lowe's Companies, Inc. | 5.625% | 04/15/53 | &nbsp;&nbsp;420000 | &nbsp;&nbsp;430943 |
| Royal Caribbean Cruises Ltd., 144A | 9.250% | 01/15/29 | &nbsp;&nbsp;1110000 | &nbsp;&nbsp;1170906 |
|  |  |  |  | &nbsp;&nbsp;4967327 |
| **Consumer Staples - 0.9%** | **Consumer Staples - 0.9%** | **Consumer Staples - 0.9%** |  |  |
| Vector Group Ltd., 144A | 5.750% | 02/01/29 | &nbsp;&nbsp;700000 | &nbsp;&nbsp;603752 |
| Viterra Finance B.V., 144A | 2.000% | 04/21/26 | &nbsp;&nbsp;627000 | &nbsp;&nbsp;551954 |
|  |  |  |  | &nbsp;&nbsp;1155706 |
| **Energy - 3.1%** | **Energy - 3.1%** | **Energy - 3.1%** |  |  |
| Diamondback Energy, Inc. | 4.400% | 03/24/51 | &nbsp;&nbsp;900000 | &nbsp;&nbsp;742183 |
| MPLX, L.P. | 4.950% | 09/01/32 | &nbsp;&nbsp;850000 | &nbsp;&nbsp;834687 |
| NGL Energy Operating, LLC, 144A | 7.500% | 02/01/26 | &nbsp;&nbsp;825000 | &nbsp;&nbsp;779198 |
| Petróleos Mexicanos | 6.700% | 02/16/32 | &nbsp;&nbsp;1345000 | &nbsp;&nbsp;1114442 |
| TransCanada Trust | 5.600% | 03/07/82 | &nbsp;&nbsp;590000 | &nbsp;&nbsp;528050 |
|  |  |  |  | &nbsp;&nbsp;3998560 |
| **Financials - 9.5%** | **Financials - 9.5%** | **Financials - 9.5%** |  |  |
| AerCap Ireland Capital Ltd. | 3.300% | 01/30/32 | &nbsp;&nbsp;691000 | &nbsp;&nbsp;579110 |
| AerCap Ireland Capital Ltd. | 3.850% | 10/29/41 | &nbsp;&nbsp;646000 | &nbsp;&nbsp;501825 |
| Aircastle Ltd., 144A | 5.250% | 08/11/25 | &nbsp;&nbsp;510000 | &nbsp;&nbsp;498195 |
| Apollo Management Holdings, L.P., 144A | 4.872% | 02/15/29 | &nbsp;&nbsp;480000 | &nbsp;&nbsp;461911 |
| Ares Capital Corporation, 144A | 3.875% | 01/15/26 | &nbsp;&nbsp;1625000 | &nbsp;&nbsp;1527135 |
| Avolon Holdings Funding Ltd., 144A | 2.750% | 02/21/28 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1288310 |
| Bank of America Corporation <br> (3MO LIBOR + 131) <sup>(a)</sup> | 4.271% | 07/23/29 | &nbsp;&nbsp;470000 | &nbsp;&nbsp;453477 |
| Barclays plc <sup>(a)</sup> | 7.437% | 11/02/33 | &nbsp;&nbsp;965000 | &nbsp;&nbsp;1084579 |
| Compass Group Diversified Holdings, LLC, 144A | 5.250% | 04/15/29 | &nbsp;&nbsp;1121000 | &nbsp;&nbsp;1008653 |
| Credit Suisse Group AG, 144A (SOFR + 392) <sup>(a)</sup> | 6.537% | 08/12/33 | &nbsp;&nbsp;752000 | &nbsp;&nbsp;718966 |
| Discover Financial Services | 6.700% | 11/29/32 | &nbsp;&nbsp;415000 | &nbsp;&nbsp;441929 |
| Lincoln National Corporation | 9.250% | 12/31/49 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;442000 |
| National Australia Bank Ltd., 144A | 6.429% | 01/12/33 | &nbsp;&nbsp;590000 | &nbsp;&nbsp;611746 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 34.1% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Financials - 9.5% (Continued)** | **Financials - 9.5% (Continued)** | **Financials - 9.5% (Continued)** |  |  |
| NatWest Group plc | 5.516% | 09/30/28 | &nbsp;&nbsp;$900000 | &nbsp;&nbsp;$915481 |
| Protective Life Global Funding | 5.366% | 01/06/26 | &nbsp;&nbsp;760000 | &nbsp;&nbsp;773157 |
| UBS Group AG, 144A (Yield of U.S. T-Note 0.625% 07/26 + 85) <sup>(a)</sup> | 1.494% | 08/10/27 | &nbsp;&nbsp;865000 | &nbsp;&nbsp;760686 |
|  |  |  |  | &nbsp;&nbsp;12067160 |
| **Health Care - 2.8%** | **Health Care - 2.8%** | **Health Care - 2.8%** |  |  |
| Bausch Health Companies, Inc., 144A | 5.500% | 11/01/25 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;847300 |
| Community Health Systems, Inc., 144A | 5.250% | 05/15/30 | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;1129688 |
| Flex Ltd. | 6.000% | 01/15/28 | &nbsp;&nbsp;930000 | &nbsp;&nbsp;964533 |
| Fresenius Medical Care US <br> Finance III, Inc., 144A | 3.000% | 12/01/31 | &nbsp;&nbsp;810000 | &nbsp;&nbsp;634140 |
|  |  |  |  | &nbsp;&nbsp;3575661 |
| **Industrials - 3.2%** | **Industrials - 3.2%** | **Industrials - 3.2%** |  |  |
| American Airlines Pass Through Trust, <br> Series 2021-1B | 3.950% | 07/11/30 | &nbsp;&nbsp;840400 | &nbsp;&nbsp;706757 |
| AP Moller - Maersk A/S, 144A | 4.500% | 06/20/29 | &nbsp;&nbsp;600000 | &nbsp;&nbsp;588892 |
| Deluxe Corporation, 144A | 8.000% | 06/01/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;856472 |
| GEO Group, Inc. (The) | 10.500% | 06/30/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1022912 |
| Triton Container International Ltd., 144A | 0.800% | 08/01/23 | &nbsp;&nbsp;965000 | &nbsp;&nbsp;937572 |
|  |  |  |  | &nbsp;&nbsp;4112605 |
| **Materials - 2.2%** | **Materials - 2.2%** | **Materials - 2.2%** |  |  |
| Livent Corporation | 4.125% | 07/15/25 | &nbsp;&nbsp;460000 | &nbsp;&nbsp;1413120 |
| SSR Mining, Inc. | 2.500% | 04/01/39 | &nbsp;&nbsp;1155000 | &nbsp;&nbsp;1351928 |
|  |  |  |  | &nbsp;&nbsp;2765048 |
| **Real Estate - 1.2%** | **Real Estate - 1.2%** | **Real Estate - 1.2%** |  |  |
| Iron Mountain, Inc., 144A | 5.000% | 07/15/28 | &nbsp;&nbsp;730000 | &nbsp;&nbsp;671224 |
| Kimco Realty Corporation | 4.600% | 02/01/33 | &nbsp;&nbsp;575000 | &nbsp;&nbsp;554303 |
| MPT Operating Partnership, L.P. | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;08/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459000 | &nbsp;&nbsp;356872 |
|  |  |  |  | &nbsp;&nbsp;1582399 |
| **Technology - 4.4%** | **Technology - 4.4%** | **Technology - 4.4%** |  |  |
| Dell International, LLC / EMC Corporation | 5.750% | 02/01/33 | &nbsp;&nbsp;910000 | &nbsp;&nbsp;907538 |
| MongoDB, Inc. | 0.250% | 01/15/26 | &nbsp;&nbsp;550000 | &nbsp;&nbsp;673750 |
| MPH Acquisition Holdings, LLC, 144A | 5.500% | 09/01/28 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;913000 |
| NICE Ltd. | 0.000% | 09/15/25 | &nbsp;&nbsp;1040000 | &nbsp;&nbsp;994760 |
| Oracle Corporation | 6.250% | 11/09/32 | &nbsp;&nbsp;715000 | &nbsp;&nbsp;776965 |
| Oracle Corporation | 6.900% | 11/09/52 | &nbsp;&nbsp;395000 | &nbsp;&nbsp;453959 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 34.1% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Technology - 4.4% (Continued)** | **Technology - 4.4% (Continued)** | **Technology - 4.4% (Continued)** |  |  |
| TIBCO Software, Inc., 144A | 6.500% | 03/31/29 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$877639 |
|  |  |  |  | &nbsp;&nbsp;5597611 |
| **Utilities - 1.5%** | **Utilities - 1.5%** | **Utilities - 1.5%** |  |  |
| Consolidated Edison Company, Inc. | 3.850% | 06/15/46 | &nbsp;&nbsp;1069000 | &nbsp;&nbsp;884054 |
| Piedmont Natural Gas Company, Inc. | 5.050% | 05/15/52 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;961226 |
|  |  |  |  | &nbsp;&nbsp;1845280 |
| **Total Corporate Bonds** (Cost $44,914,888) | **Total Corporate Bonds** (Cost $44,914,888) | **Total Corporate Bonds** (Cost $44,914,888) | **Total Corporate Bonds** (Cost $44,914,888) | &nbsp;&nbsp;$43471256 |
| **FOREIGN GOVERNMENTS - 1.3%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Chile Government International Bond | 3.500% | 01/31/34 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$884631 |
| Republic of South Africa Government | 5.875% | 04/20/32 | &nbsp;&nbsp;885000 | &nbsp;&nbsp;820838 |
| **Total Foreign Governments** (Cost $1,884,366) | **Total Foreign Governments** (Cost $1,884,366) | **Total Foreign Governments** (Cost $1,884,366) | **Total Foreign Governments** (Cost $1,884,366) | &nbsp;&nbsp;$1705469 |
| **COMMON STOCKS - 48.3%** | **COMMON STOCKS - 48.3%** | **COMMON STOCKS - 48.3%** | **Shares** | **Value** |
| **Communications - 2.9%** | **Communications - 2.9%** | **Communications - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 1.4%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 1.4%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;23058 | &nbsp;&nbsp;$1765551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 0.8%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 0.8%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(b)</sup> | &nbsp;&nbsp;2927 | &nbsp;&nbsp;1035748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 0.7%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 0.7%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;47306 | &nbsp;&nbsp;963624 |
| **Consumer Discretionary - 5.2%** | **Consumer Discretionary - 5.2%** | **Consumer Discretionary - 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Automotive - 0.8%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Automotive - 0.8%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Automotive - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | &nbsp;&nbsp;23010 | &nbsp;&nbsp;1059150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 0.5%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 0.5%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(b)</sup> | &nbsp;&nbsp;6257 | &nbsp;&nbsp;645284 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 48.3% (Continued)** | **Shares** | **Value** |
| **Consumer Discretionary - 5.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home Construction - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | &nbsp;&nbsp;18007 | &nbsp;&nbsp;$1071237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | &nbsp;&nbsp;5444 | &nbsp;&nbsp;1455726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Flags Entertainment Corporation <sup>(b)</sup> | &nbsp;&nbsp;35527 | &nbsp;&nbsp;953900 |
|  |  | &nbsp;&nbsp;2409626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;4336 | &nbsp;&nbsp;1405601 |
| **Consumer Staples - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Companies, Inc. (The) - Class A | &nbsp;&nbsp;3569 | &nbsp;&nbsp;988898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | &nbsp;&nbsp;2238 | &nbsp;&nbsp;1143931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;9449 | &nbsp;&nbsp;1359428 |
|  |  | &nbsp;&nbsp;2503359 |
| **Energy - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation | &nbsp;&nbsp;30683 | &nbsp;&nbsp;1940393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;203019 | &nbsp;&nbsp;2696093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;6277 | &nbsp;&nbsp;830133 |
|  |  | &nbsp;&nbsp;5466619 |
| **Financials - 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | &nbsp;&nbsp;16554 | &nbsp;&nbsp;1281611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;18866 | &nbsp;&nbsp;2640486 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 48.3% (Continued)** | **Shares** | **Value** |
| **Financials - 8.5% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 4.4% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc. <sup>(b)</sup> | &nbsp;&nbsp;30288 | &nbsp;&nbsp;$2001128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;20128 | &nbsp;&nbsp;943399 |
|  |  | &nbsp;&nbsp;5585013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moelis & Company - Class A | &nbsp;&nbsp;16728 | &nbsp;&nbsp;782034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;4711 | &nbsp;&nbsp;1071705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation (The) | &nbsp;&nbsp;7282 | &nbsp;&nbsp;992901 |
|  |  | &nbsp;&nbsp;2064606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | &nbsp;&nbsp;49199 | &nbsp;&nbsp;1154700 |
| **Health Care - 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;6515 | &nbsp;&nbsp;1644386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Company | &nbsp;&nbsp;23417 | &nbsp;&nbsp;1701245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;25188 | &nbsp;&nbsp;2114281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;3815 | &nbsp;&nbsp;623447 |
|  |  | &nbsp;&nbsp;6083359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;8138 | &nbsp;&nbsp;681069 |
| **Industrials - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc. - Class A | &nbsp;&nbsp;13248 | &nbsp;&nbsp;1262799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;4902 | &nbsp;&nbsp;1021969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Company | &nbsp;&nbsp;2998 | &nbsp;&nbsp;1267674 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 48.3% (Continued)** | **Shares** | **Value** |
| **Industrials - 3.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corporation | &nbsp;&nbsp;5187 | &nbsp;&nbsp;$1059134 |
| **Materials - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining - 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corporation | &nbsp;&nbsp;49296 | &nbsp;&nbsp;963737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;44473 | &nbsp;&nbsp;1984385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glencore plc - ADR | &nbsp;&nbsp;76176 | &nbsp;&nbsp;1015426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corporation | &nbsp;&nbsp;20004 | &nbsp;&nbsp;1058812 |
|  |  | &nbsp;&nbsp;5022360 |
| **Real Estate - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;12242 | &nbsp;&nbsp;1572607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;23165 | &nbsp;&nbsp;791780 |
|  |  | &nbsp;&nbsp;2364387 |
| **Technology - 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;1958 | &nbsp;&nbsp;1293925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;10883 | &nbsp;&nbsp;2696916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;4346 | &nbsp;&nbsp;788495 |
|  |  | &nbsp;&nbsp;3485411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;29264 | &nbsp;&nbsp;4222502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | &nbsp;&nbsp;6433 | &nbsp;&nbsp;866718 |
| **Utilities - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corporation | &nbsp;&nbsp;9832 | &nbsp;&nbsp;621284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Partners, L.P. | &nbsp;&nbsp;19541 | &nbsp;&nbsp;1432355 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 48.3% (Continued)** | **Shares** | **Value** |
| **Utilities - 2.3% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 2.3% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;8722 | &nbsp;&nbsp;$819781 |
|  |  | &nbsp;&nbsp;2873420 |
| **Total Common Stocks** (Cost $51,125,188) | **Total Common Stocks** (Cost $51,125,188) | &nbsp;&nbsp;$61687388 |
| **EXCHANGE-TRADED FUNDS - 1.0%** | **Shares** | **Value** |
| JPMorgan Nasdaq Equity Premium Income ETF (Cost $1,278,248) | &nbsp;&nbsp;30232 | &nbsp;&nbsp;$1310557 |
| **PREFERRED STOCKS - 4.4%** | **Shares** | **Value** |
| **Communications - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A <sup>(b)</sup> | &nbsp;&nbsp;1425 | &nbsp;&nbsp;$1718749 |
| **Health Care - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corporation, 5.500% - Series A | &nbsp;&nbsp;14200 | &nbsp;&nbsp;1620646 |
| **Utilities - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Corporation (The), 6.875% | &nbsp;&nbsp;12250 | &nbsp;&nbsp;1223040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Company, Inc., 6.125% | &nbsp;&nbsp;21450 | &nbsp;&nbsp;1103603 |
|  |  | &nbsp;&nbsp;2326643 |
| **Total Preferred Stocks** (Cost $5,307,270) | **Total Preferred Stocks** (Cost $5,307,270) | &nbsp;&nbsp;$5666038 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** | **WESTWOOD TOTAL RETURN FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 0.9%** | **Shares** | **Value** |
| SEI Daily Income Trust, Government Fund - Class F, 3.92% <sup>(c)</sup> <br> (Cost $1,154,613) | &nbsp;&nbsp;1154613 | &nbsp;&nbsp;$1154613 |
| **Investments at Value - 99.3%** (Cost $117,522,366) | **Investments at Value - 99.3%** (Cost $117,522,366) | &nbsp;&nbsp;$126835967 |
| **Other Assets in Excess of Liabilities - 0.7%** | **Other Assets in Excess of Liabilities - 0.7%** | &nbsp;&nbsp;887025 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$127722992 |

---

---

| | |
|:---|:---|
| 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 $24,946,649 as of January 31, 2023, representing 19.5% of net assets. |
| A/S | - Aktieselskab |
| ADR | - American Depositary Receipt |
| AG | - Aktiengesellschaft |
| B.V. | - Besloten Vennootschap |
| LIBOR | - London Interbank Offered Rate |
| N.V. | - Naamloze Vennootschap |
| plc | - Public Limited Company |
| SOFR | - Secured Overnight Financing Rate |
| S.A.B. de C.V. | - Societe Anonima Bursatil de Capital Variable |
| T-Note | - U.S. Treasury Note |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of January 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.

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

<sup>(c)</sup> The rate shown is the 7-day effective yield as of January 31, 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** |
| **U.S. GOVERNMENT & AGENCIES - 10.0%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **U.S. Treasury Bills <sup>(a)</sup> - 1.0%** | **U.S. Treasury Bills <sup>(a)</sup> - 1.0%** | **U.S. Treasury Bills <sup>(a)</sup> - 1.0%** | **U.S. Treasury Bills <sup>(a)</sup> - 1.0%** |  |
| U.S. Treasury Bills | 4.620% | 04/27/23 | &nbsp;&nbsp;$6545000 | &nbsp;&nbsp;$6475302 |
| **U.S. Treasury Bonds - 4.6%** | **U.S. Treasury Bonds - 4.6%** | **U.S. Treasury Bonds - 4.6%** | **U.S. Treasury Bonds - 4.6%** |  |
| U.S. Treasury Bonds | 1.875% | 11/15/51 | &nbsp;&nbsp;6753000 | &nbsp;&nbsp;4595469 |
| U.S. Treasury Bonds | 2.250% | 02/15/52 | &nbsp;&nbsp;11108000 | &nbsp;&nbsp;8278064 |
| U.S. Treasury Bonds | 2.875% | 05/15/52 | &nbsp;&nbsp;4055000 | &nbsp;&nbsp;3467025 |
| U.S. Treasury Bonds | 3.000% | 08/15/52 | &nbsp;&nbsp;15433000 | &nbsp;&nbsp;13549692 |
|  |  |  |  | &nbsp;&nbsp;29890250 |
| **U.S. Treasury Notes - 4.4%** | **U.S. Treasury Notes - 4.4%** | **U.S. Treasury Notes - 4.4%** | **U.S. Treasury Notes - 4.4%** |  |
| U.S. Treasury Notes | 2.875% | 06/15/25 | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;6812695 |
| U.S. Treasury Notes | 2.500% | 03/31/27 | &nbsp;&nbsp;9735000 | &nbsp;&nbsp;9273728 |
| U.S. Treasury Notes | 2.625% | 05/31/27 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;4783203 |
| U.S. Treasury Notes | 3.250% | 06/30/27 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;2943984 |
| U.S. Treasury Notes | 4.125% | 09/30/27 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2037266 |
| U.S. Treasury Notes | 1.625% | 08/15/29 | &nbsp;&nbsp;576000 | &nbsp;&nbsp;511943 |
| U.S. Treasury Notes | 4.125% | 11/15/32 | &nbsp;&nbsp;1679000 | &nbsp;&nbsp;1761376 |
|  |  |  |  | &nbsp;&nbsp;28124195 |
| **Total U.S. Government & Agencies** (Cost $66,801,250) | **Total U.S. Government & Agencies** (Cost $66,801,250) | **Total U.S. Government & Agencies** (Cost $66,801,250) | **Total U.S. Government & Agencies** (Cost $66,801,250) | &nbsp;&nbsp;$64489747 |
| **CONVERTIBLE BONDS - 2.6%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Communications - 0.4%** | **Communications - 0.4%** | **Communications - 0.4%** |  |  |
| Snap, Inc. | 0.125% | 03/01/28 | &nbsp;&nbsp;$3439000 | &nbsp;&nbsp;$2477800 |
| **Consumer Discretionary - 0.4%** | **Consumer Discretionary - 0.4%** | **Consumer Discretionary - 0.4%** |  |  |
| Live Nation Entertainment, Inc., 144A | 3.125% | 01/15/29 | &nbsp;&nbsp;2175000 | &nbsp;&nbsp;2332688 |
| **Health Care - 0.9%** | **Health Care - 0.9%** | **Health Care - 0.9%** |  |  |
| Exact Sciences Corporation | 0.375% | 03/15/27 | &nbsp;&nbsp;6523000 | &nbsp;&nbsp;6147927 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CONVERTIBLE BONDS - 2.6% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Technology - 0.9%** | **Technology - 0.9%** | **Technology - 0.9%** |  |  |
| Akamai Technologies, Inc. | 0.125% | 05/01/25 | &nbsp;&nbsp;$5733000 | &nbsp;&nbsp;$6142909 |
| **Total Convertible Bonds** (Cost $18,908,989) | **Total Convertible Bonds** (Cost $18,908,989) | **Total Convertible Bonds** (Cost $18,908,989) | **Total Convertible Bonds** (Cost $18,908,989) | &nbsp;&nbsp;$17101324 |
| **CORPORATE BONDS - 45.9%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Communications - 3.6%** | **Communications - 3.6%** | **Communications - 3.6%** |  |  |
| América Móvil S.A.B. de C.V., 144A | 5.375% | 04/04/32 | &nbsp;&nbsp;$3050000 | &nbsp;&nbsp;$2844125 |
| Charter Communications Operating, LLC | 3.500% | 03/01/42 | &nbsp;&nbsp;6705000 | &nbsp;&nbsp;4627208 |
| Comcast Corporation | 0.250% | 05/20/27 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;2850531 |
| DISH DBS Corporation | 5.875% | 11/15/24 | &nbsp;&nbsp;4300000 | &nbsp;&nbsp;4058125 |
| Magallanes, Inc., 144A | 4.054% | 03/15/29 | &nbsp;&nbsp;2630000 | &nbsp;&nbsp;2408765 |
| Magallanes, Inc., 144A | 4.279% | 03/15/32 | &nbsp;&nbsp;4568000 | &nbsp;&nbsp;4049173 |
| Vodafone Group plc | 4.875% | 06/19/49 | &nbsp;&nbsp;2877000 | &nbsp;&nbsp;2579475 |
|  |  |  |  | &nbsp;&nbsp;23417402 |
| **Consumer Discretionary - 3.6%** | **Consumer Discretionary - 3.6%** | **Consumer Discretionary - 3.6%** |  |  |
| AutoNation, Inc. | 3.850% | 03/01/32 | &nbsp;&nbsp;3280000 | &nbsp;&nbsp;2777053 |
| Brunswick Corporation | 2.400% | 08/18/31 | &nbsp;&nbsp;4145000 | &nbsp;&nbsp;3130631 |
| Lowe's Companies, Inc. | 5.625% | 04/15/53 | &nbsp;&nbsp;2555000 | &nbsp;&nbsp;2621566 |
| Ross Stores, Inc. | 4.600% | 04/15/25 | &nbsp;&nbsp;6085000 | &nbsp;&nbsp;6061288 |
| Royal Caribbean Cruises Ltd., 144A | 9.250% | 01/15/29 | &nbsp;&nbsp;3540000 | &nbsp;&nbsp;3734240 |
| Thor Industries, Inc., 144A | 4.000% | 10/15/29 | &nbsp;&nbsp;1330000 | &nbsp;&nbsp;1105922 |
| Whirlpool Corporation | 4.750% | 02/26/29 | &nbsp;&nbsp;3540000 | &nbsp;&nbsp;3507452 |
|  |  |  |  | &nbsp;&nbsp;22938152 |
| **Consumer Staples - 2.7%** | **Consumer Staples - 2.7%** | **Consumer Staples - 2.7%** |  |  |
| 7-Eleven, Inc., 144A | 0.950% | 02/10/26 | &nbsp;&nbsp;2170000 | &nbsp;&nbsp;1937001 |
| BAT Capital Corporation | 7.750% | 10/19/32 | &nbsp;&nbsp;3576000 | &nbsp;&nbsp;3977321 |
| Smithfield Foods, Inc., 144A | 3.000% | 10/15/30 | &nbsp;&nbsp;2799000 | &nbsp;&nbsp;2202124 |
| Vector Group Ltd., 144A | 5.750% | 02/01/29 | &nbsp;&nbsp;3727000 | &nbsp;&nbsp;3214548 |
| Viterra Finance B.V., 144A | 2.000% | 04/21/26 | &nbsp;&nbsp;4528000 | &nbsp;&nbsp;3986040 |
| Viterra Finance B.V., 144A | 4.900% | 04/21/27 | &nbsp;&nbsp;1869000 | &nbsp;&nbsp;1794001 |
|  |  |  |  | &nbsp;&nbsp;17111035 |
| **Energy - 2.7%** | **Energy - 2.7%** | **Energy - 2.7%** |  |  |
| Colonial Pipeline Company, 144A | 3.750% | 10/01/25 | &nbsp;&nbsp;4560000 | &nbsp;&nbsp;4416664 |
| Diamondback Energy, Inc. | 6.250% | 03/15/33 | &nbsp;&nbsp;1955000 | &nbsp;&nbsp;2075826 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 45.9% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Energy - 2.7% (Continued)** | **Energy - 2.7% (Continued)** | **Energy - 2.7% (Continued)** |  |  |
| NGL Energy Operating, LLC, 144A | 7.500% | 02/01/26 | &nbsp;&nbsp;$3313000 | &nbsp;&nbsp;$3129071 |
| Petróleos Mexicanos | 6.700% | 02/16/32 | &nbsp;&nbsp;6515000 | &nbsp;&nbsp;5398207 |
| TransCanada Trust | 5.600% | 03/07/82 | &nbsp;&nbsp;2918000 | &nbsp;&nbsp;2611610 |
|  |  |  |  | &nbsp;&nbsp;17631378 |
| **Financials - 20.3%** | **Financials - 20.3%** | **Financials - 20.3%** |  |  |
| AerCap Ireland Capital Ltd. | 6.500% | 07/15/25 | &nbsp;&nbsp;1184000 | &nbsp;&nbsp;1205065 |
| AerCap Ireland Capital Ltd. | 3.300% | 01/30/32 | &nbsp;&nbsp;3939000 | &nbsp;&nbsp;3301176 |
| AerCap Ireland Capital Ltd. | 3.850% | 10/29/41 | &nbsp;&nbsp;3927000 | &nbsp;&nbsp;3050568 |
| Aircastle Ltd., 144A | 5.250% | 08/11/25 | &nbsp;&nbsp;4209000 | &nbsp;&nbsp;4111572 |
| Ally Financial, Inc. | 1.450% | 10/02/23 | &nbsp;&nbsp;382000 | &nbsp;&nbsp;372792 |
| Apollo Management Holdings, L.P., 144A | 4.872% | 02/15/29 | &nbsp;&nbsp;4325000 | &nbsp;&nbsp;4162010 |
| Bank of America Corporation <sup>(b)</sup> | 3.311% | 04/22/42 | &nbsp;&nbsp;8650000 | &nbsp;&nbsp;6934852 |
| Barclays plc <sup>(b)</sup> | 7.437% | 11/02/33 | &nbsp;&nbsp;5320000 | &nbsp;&nbsp;5979233 |
| BNP Paribas S.A., 144A <sup>(c)</sup> | 4.625% | 02/25/31 | &nbsp;&nbsp;4146000 | &nbsp;&nbsp;3391460 |
| Capital One Financial Corporation (Yield of U.S. T-Note 1.625% 02/31 + 112) <sup>(b)</sup> | 2.359% | 07/29/32 | &nbsp;&nbsp;4520000 | &nbsp;&nbsp;3418606 |
| Compass Group Diversified Holdings, LLC, 144A | 5.250% | 04/15/29 | &nbsp;&nbsp;5893000 | &nbsp;&nbsp;5302404 |
| Corebridge Financial, Inc., 144A | 3.500% | 04/04/25 | &nbsp;&nbsp;2259000 | &nbsp;&nbsp;2182184 |
| Credit Suisse Group AG, 144A <sup>(a)</sup> | 6.537% | 08/12/33 | &nbsp;&nbsp;4418000 | &nbsp;&nbsp;4223928 |
| Discover Financial Services | 6.700% | 11/29/32 | &nbsp;&nbsp;2115000 | &nbsp;&nbsp;2252242 |
| Equitable Financial Life, 144A | 1.800% | 03/08/28 | &nbsp;&nbsp;3964000 | &nbsp;&nbsp;3397478 |
| Goldman Sachs Group, Inc. (The) | 3.615% | 03/15/28 | &nbsp;&nbsp;4234000 | &nbsp;&nbsp;4025947 |
| Hercules Capital, Inc. | 2.625% | 09/16/26 | &nbsp;&nbsp;3959000 | &nbsp;&nbsp;3438245 |
| JPMorgan Chase & Company | 1.561% | 12/10/25 | &nbsp;&nbsp;3170000 | &nbsp;&nbsp;2968093 |
| JPMorgan Chase & Company <sup>(c)</sup> | 3.650% | 12/31/49 | &nbsp;&nbsp;6940000 | &nbsp;&nbsp;6277924 |
| Lincoln National Corporation <sup>(c)</sup> | 9.250% | 12/31/49 | &nbsp;&nbsp;2065000 | &nbsp;&nbsp;2281825 |
| Mitsubishi UFJ Financial Group, Inc. (Yield of U.S. T-Note with a constant maturity of 1 year + 55) <sup>(b)</sup> | 0.953% | 07/19/25 | &nbsp;&nbsp;5075000 | &nbsp;&nbsp;4755063 |
| Morgan Stanley | 1.512% | 07/20/27 | &nbsp;&nbsp;6715000 | &nbsp;&nbsp;5983488 |
| Morgan Stanley (SOFR + 262) | 5.297% | 04/20/37 | &nbsp;&nbsp;4138000 | &nbsp;&nbsp;4003033 |
| National Australia Bank Ltd, 144A | 6.429% | 01/12/33 | &nbsp;&nbsp;2870000 | &nbsp;&nbsp;2975782 |
| NatWest Group plc | 5.516% | 09/30/28 | &nbsp;&nbsp;5300000 | &nbsp;&nbsp;5391167 |
| Nomura Holdings, Inc. | 2.679% | 07/16/30 | &nbsp;&nbsp;2331000 | &nbsp;&nbsp;1933990 |
| PNC Financial Services Group, Inc. (The) <sup>(c)</sup> | 3.400% | 12/31/49 | &nbsp;&nbsp;4880000 | &nbsp;&nbsp;4160200 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 45.9% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Financials - 20.3% (Continued)** | **Financials - 20.3% (Continued)** | **Financials - 20.3% (Continued)** |  |  |
| Protective Life Global Funding, 144A | 5.366% | 01/06/26 | &nbsp;&nbsp;$3735000 | &nbsp;&nbsp;$3799658 |
| Royal Bank of Canada | 6.000% | 11/01/27 | &nbsp;&nbsp;2170000 | &nbsp;&nbsp;2286656 |
| U.S. Bancorp <sup>(c)</sup> | 3.700% | 12/31/49 | &nbsp;&nbsp;3675000 | &nbsp;&nbsp;3211031 |
| UBS Group AG, 144A (Yield of U.S. T-Note 0.625% 07/26 + 85) <sup>(b)</sup> | 1.494% | 08/10/27 | &nbsp;&nbsp;7975000 | &nbsp;&nbsp;7013258 |
| Unum Group | 4.125% | 06/15/51 | &nbsp;&nbsp;3257000 | &nbsp;&nbsp;2434461 |
| Wells Fargo & Company (Yield of U.S. T-Note with a constant maturity of 5 years + 345.3) <sup>(b)(c)</sup> | 3.900% | 12/31/49 | &nbsp;&nbsp;6699000 | &nbsp;&nbsp;6175641 |
| Westpac Banking Corporation | 3.133% | 11/18/41 | &nbsp;&nbsp;6479000 | &nbsp;&nbsp;4612562 |
|  |  |  |  | &nbsp;&nbsp;131013594 |
| **Health Care - 3.1%** | **Health Care - 3.1%** | **Health Care - 3.1%** |  |  |
| Bausch Health Companies, Inc., 144A | 6.125% | 02/01/27 | &nbsp;&nbsp;4177000 | &nbsp;&nbsp;2895246 |
| Community Health Systems, Inc., 144A | 5.250% | 05/15/30 | &nbsp;&nbsp;5575000 | &nbsp;&nbsp;4498579 |
| Flex Ltd. | 6.000% | 01/15/28 | &nbsp;&nbsp;4735000 | &nbsp;&nbsp;4910821 |
| Fresenius Medical Care US <br> Finance III, Inc., 144A | 3.000% | 12/01/31 | &nbsp;&nbsp;4125000 | &nbsp;&nbsp;3229419 |
| HCA, Inc., 144A | 4.625% | 03/15/52 | &nbsp;&nbsp;5571000 | &nbsp;&nbsp;4659277 |
|  |  |  |  | &nbsp;&nbsp;20193342 |
| **Industrials - 1.5%** | **Industrials - 1.5%** | **Industrials - 1.5%** |  |  |
| Delta Air Lines, Inc. | 7.375% | 01/15/26 | &nbsp;&nbsp;557000 | &nbsp;&nbsp;579400 |
| Flowserve Corporation | 3.500% | 10/01/30 | &nbsp;&nbsp;1867000 | &nbsp;&nbsp;1624925 |
| Regal Rexnord Corporation, 144A | 6.300% | 02/15/30 | &nbsp;&nbsp;3050000 | &nbsp;&nbsp;3103342 |
| Sempra Infrastructure, 144A | 3.250% | 01/15/32 | &nbsp;&nbsp;5198000 | &nbsp;&nbsp;4317397 |
|  |  |  |  | &nbsp;&nbsp;9625064 |
| **Real Estate - 2.2%** | **Real Estate - 2.2%** | **Real Estate - 2.2%** |  |  |
| American Tower Corporation | 2.950% | 01/15/51 | &nbsp;&nbsp;2070000 | &nbsp;&nbsp;1352005 |
| Kimco Realty Corporation | 4.600% | 02/01/33 | &nbsp;&nbsp;4600000 | &nbsp;&nbsp;4434429 |
| MPT Operating Partnership, L.P. | 4.625% | 08/01/29 | &nbsp;&nbsp;1540000 | &nbsp;&nbsp;1197350 |
| Sabra Health Care, L.P. | 3.200% | 12/01/31 | &nbsp;&nbsp;3313000 | &nbsp;&nbsp;2542952 |
| Simon Property Group, L.P. | 2.650% | 02/01/32 | &nbsp;&nbsp;4104000 | &nbsp;&nbsp;3456713 |
| Vornado Realty, L.P. | 3.400% | 06/01/31 | &nbsp;&nbsp;1757000 | &nbsp;&nbsp;1343254 |
|  |  |  |  | &nbsp;&nbsp;14326703 |
| **Technology - 4.8%** | **Technology - 4.8%** | **Technology - 4.8%** |  |  |
| Dell International, LLC | 8.350% | 07/15/46 | &nbsp;&nbsp;3980000 | &nbsp;&nbsp;4788242 |
| DXC Technology Company | 1.800% | 09/15/26 | &nbsp;&nbsp;4104000 | &nbsp;&nbsp;3624389 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 45.9% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Technology - 4.8% (Continued)** | **Technology - 4.8% (Continued)** | **Technology - 4.8% (Continued)** |  |  |
| Jabil, Inc. | 1.700% | 04/15/26 | &nbsp;&nbsp;$2909000 | &nbsp;&nbsp;$2623049 |
| Kyndryl Holdings, Inc. | 2.050% | 10/15/26 | &nbsp;&nbsp;2124000 | &nbsp;&nbsp;1821167 |
| Microchip Technology, Inc. | 2.670% | 09/01/23 | &nbsp;&nbsp;1266000 | &nbsp;&nbsp;1247972 |
| Micron Technology, Inc. | 2.703% | 04/15/32 | &nbsp;&nbsp;188000 | &nbsp;&nbsp;149761 |
| NXP USA, Inc. | 5.000% | 01/15/33 | &nbsp;&nbsp;4350000 | &nbsp;&nbsp;4253478 |
| Oracle Corporation | 6.250% | 11/09/32 | &nbsp;&nbsp;3720000 | &nbsp;&nbsp;4042393 |
| Oracle Corporation | 6.900% | 11/09/52 | &nbsp;&nbsp;2075000 | &nbsp;&nbsp;2384722 |
| TIBCO Software, Inc., 144A | 6.500% | 03/31/29 | &nbsp;&nbsp;3675000 | &nbsp;&nbsp;3225324 |
| VMware, Inc. | 4.700% | 05/15/30 | &nbsp;&nbsp;2911000 | &nbsp;&nbsp;2816292 |
|  |  |  |  | &nbsp;&nbsp;30976789 |
| **Utilities - 1.4%** | **Utilities - 1.4%** | **Utilities - 1.4%** |  |  |
| NextEra Energy Capital Holdings, Inc. | 2.440% | 01/15/32 | &nbsp;&nbsp;1313000 | &nbsp;&nbsp;1093540 |
| Pacific Gas and Electric Company | 4.950% | 07/01/50 | &nbsp;&nbsp;4895000 | &nbsp;&nbsp;4063310 |
| Piedmont Natural Gas Company, Inc. | 5.050% | 05/15/52 | &nbsp;&nbsp;4166000 | &nbsp;&nbsp;4004467 |
|  |  |  |  | &nbsp;&nbsp;9161317 |
| **Total Corporate Bonds** (Cost $316,441,094) | **Total Corporate Bonds** (Cost $316,441,094) | **Total Corporate Bonds** (Cost $316,441,094) | **Total Corporate Bonds** (Cost $316,441,094) | &nbsp;&nbsp;$296394776 |
| **FOREIGN GOVERNMENTS - 1.3%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Chile Government International Bond | 2.750% | 01/31/27 | &nbsp;&nbsp;$266000 | &nbsp;&nbsp;$248889 |
| Chile Government International Bond | 4.340% | 03/07/42 | &nbsp;&nbsp;270000 | &nbsp;&nbsp;238964 |
| Indonesia Government International Bond | 4.550% | 01/11/28 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;249895 |
| Mexico Government International Bond | 4.875% | 05/19/33 | &nbsp;&nbsp;482000 | &nbsp;&nbsp;462666 |
| Mexico Government International Bond | 3.500% | 02/12/34 | &nbsp;&nbsp;1018000 | &nbsp;&nbsp;855343 |
| Mexico Government International Bond | 6.350% | 02/09/35 | &nbsp;&nbsp;385000 | &nbsp;&nbsp;408664 |
| Mexico Government International Bond | 3.771% | 05/24/61 | &nbsp;&nbsp;835000 | &nbsp;&nbsp;564652 |
| Panama Government International Bond | 3.870% | 07/23/60 | &nbsp;&nbsp;508000 | &nbsp;&nbsp;339573 |
| Saudi Government International Bond, 144A | 2.250% | 02/02/33 | &nbsp;&nbsp;5835000 | &nbsp;&nbsp;4772797 |
| **Total Foreign Governments** (Cost $9,837,396) | **Total Foreign Governments** (Cost $9,837,396) | **Total Foreign Governments** (Cost $9,837,396) | **Total Foreign Governments** (Cost $9,837,396) | &nbsp;&nbsp;$8141443 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 31.3%** | **Shares** | **Value** |
| **Communications - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;107227 | &nbsp;&nbsp;$8210371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;244764 | &nbsp;&nbsp;4985843 |
| **Consumer Discretionary - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home Construction - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | &nbsp;&nbsp;83402 | &nbsp;&nbsp;4961585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;22525 | &nbsp;&nbsp;7301929 |
| **Consumer Staples - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Companies, Inc. (The) - Class A | &nbsp;&nbsp;17257 | &nbsp;&nbsp;4781570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;35968 | &nbsp;&nbsp;5174716 |
| **Energy - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;785247 | &nbsp;&nbsp;10428080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;23772 | &nbsp;&nbsp;3143847 |
|  |  | &nbsp;&nbsp;13571927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company | &nbsp;&nbsp;137400 | &nbsp;&nbsp;4361076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Renewable Energy - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantica Sustainable Infrastructure plc | &nbsp;&nbsp;87181 | &nbsp;&nbsp;2390503 |
| **Financials - 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;43955 | &nbsp;&nbsp;4217922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | &nbsp;&nbsp;77301 | &nbsp;&nbsp;5984643 |
|  |  | &nbsp;&nbsp;10202565 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 31.3% (Continued)** | **Shares** | **Value** |
| **Financials - 6.1% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;164731 | &nbsp;&nbsp;$5844656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;70267 | &nbsp;&nbsp;9834569 |
|  |  | &nbsp;&nbsp;15679225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moelis & Company - Class A | &nbsp;&nbsp;87038 | &nbsp;&nbsp;4069027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation (The) | &nbsp;&nbsp;34614 | &nbsp;&nbsp;4719619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | &nbsp;&nbsp;198517 | &nbsp;&nbsp;4659194 |
| **Health Care - 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;26003 | &nbsp;&nbsp;6563157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Company | &nbsp;&nbsp;140189 | &nbsp;&nbsp;10184731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;72997 | &nbsp;&nbsp;6127368 |
|  |  | &nbsp;&nbsp;22875256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | &nbsp;&nbsp;15406 | &nbsp;&nbsp;3885701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;47633 | &nbsp;&nbsp;3986406 |
|  |  | &nbsp;&nbsp;7872107 |
| **Industrials - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corporation | &nbsp;&nbsp;8347 | &nbsp;&nbsp;3866831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;27460 | &nbsp;&nbsp;5724861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Company | &nbsp;&nbsp;10827 | &nbsp;&nbsp;4578089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corporation | &nbsp;&nbsp;22511 | &nbsp;&nbsp;4596521 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 31.3% (Continued)** | **Shares** | **Value** |
| **Materials - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corporation | &nbsp;&nbsp;356034 | &nbsp;&nbsp;$6960465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;146120 | &nbsp;&nbsp;6519874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corporation | &nbsp;&nbsp;60128 | &nbsp;&nbsp;3182575 |
|  |  | &nbsp;&nbsp;16662914 |
| **Real Estate - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;33716 | &nbsp;&nbsp;4331157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;85701 | &nbsp;&nbsp;2929260 |
|  |  | &nbsp;&nbsp;7260417 |
| **Technology - 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;7073 | &nbsp;&nbsp;4674121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;52643 | &nbsp;&nbsp;13045462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;78562 | &nbsp;&nbsp;11335711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | &nbsp;&nbsp;37583 | &nbsp;&nbsp;5063558 |
| **Total Common Stocks** (Cost $161,397,439) | **Total Common Stocks** (Cost $161,397,439) | &nbsp;&nbsp;$202624998 |
| **EXCHANGE-TRADED FUNDS - 1.9%** | **Shares** | **Value** |
| Global X Nasdaq 100 Covered Call ETF | &nbsp;&nbsp;338438 | &nbsp;&nbsp;$5712834 |
| JPMorgan Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;146215 | &nbsp;&nbsp;6338420 |
| **Total Exchange-Traded Funds** (Cost $12,866,182) | **Total Exchange-Traded Funds** (Cost $12,866,182) | &nbsp;&nbsp;$12051254 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **PREFERRED STOCKS - 5.6%** | **Shares** | **Value** |
| **Communications - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A <sup>(d)</sup> | &nbsp;&nbsp;6575 | &nbsp;&nbsp;$7930371 |
| **Financials - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation, 7.871% - Series G <br> (3MO LIBOR + 310.2) <sup>(b)</sup> | &nbsp;&nbsp;5483000 | &nbsp;&nbsp;5530976 |
| **Health Care - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corporation, 5.500% - Series A | &nbsp;&nbsp;82775 | &nbsp;&nbsp;9447111 |
| **Utilities - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Corporation (The), 6.875% | &nbsp;&nbsp;60310 | &nbsp;&nbsp;6021350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Company, Inc., 6.125% | &nbsp;&nbsp;146780 | &nbsp;&nbsp;7551831 |
|  |  | &nbsp;&nbsp;13573181 |
| **Total Preferred Stocks** (Cost $34,352,333) | **Total Preferred Stocks** (Cost $34,352,333) | &nbsp;&nbsp;$36481639 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 0.7%** | **Shares** | **Value** |
| SEI Daily Income Trust, Government Fund - Class F, 3.92% <sup>(e)</sup> <br> (Cost $4,720,439) | &nbsp;&nbsp;4720439 | &nbsp;&nbsp;$4720439 |
| **Investments at Value - 99.3%** (Cost $625,325,122) | **Investments at Value - 99.3%** (Cost $625,325,122) | &nbsp;&nbsp;$642005620 |
| **Other Assets in Excess of Liabilities - 0.7%** | **Other Assets in Excess of Liabilities - 0.7%** | &nbsp;&nbsp;4351825 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$646357445 |

---

---

| | |
|:---|:---|
| 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 $116,345,848 as of January 31, 2023, representing 18.0% of net assets. |
| AG | - Aktiengesellschaft |
| B.V. | - Besloten Vennootschap |
| LIBOR | - London Interbank Offered Rate |
| N.V. | - Naamloze Vennootschap |
| plc | - Public Limited Company |
| S.A. | - Societe Anonyme |
| S.A.B. de C.V. | - Societe Anonima Bursatil de Capital Variable |
| SOFR | - Secured Overnight Financing Rate |
| T-Note | - U.S. Treasury Note |

---

<sup>(a)</sup> Rate shown is the annualized yield at the time of purchases, not a coupon rate.

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of January 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.

<sup>(c)</sup> Security has a perpetual maturity date.

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

<sup>(e)</sup> The rate shown is the 7-day effective yield as of January 31, 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** |
| **U.S. GOVERNMENT & AGENCIES - 1.9%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **U.S. Treasury Bonds - 1.9%** | **U.S. Treasury Bonds - 1.9%** | **U.S. Treasury Bonds - 1.9%** | **U.S. Treasury Bonds - 1.9%** |  |
| U.S. Treasury Bonds | 2.250% | 02/15/52 | &nbsp;&nbsp;$625000 | &nbsp;&nbsp;$465772 |
| U.S. Treasury Bonds | 3.000% | 08/15/52 | &nbsp;&nbsp;1751000 | &nbsp;&nbsp;1537323 |
| **Total U.S. Government & Agencies** (Cost $2,064,448) | **Total U.S. Government & Agencies** (Cost $2,064,448) | **Total U.S. Government & Agencies** (Cost $2,064,448) | **Total U.S. Government & Agencies** (Cost $2,064,448) | &nbsp;&nbsp;$2003095 |
| **CONVERTIBLE BONDS - 2.1%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Consumer Discretionary - 1.0%** | **Consumer Discretionary - 1.0%** | **Consumer Discretionary - 1.0%** |  |  |
| Live Nation Entertainment, Inc., 144A | 3.125% | 01/15/29 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1072500 |
| **Consumer Staples - 0.2%** | **Consumer Staples - 0.2%** | **Consumer Staples - 0.2%** |  |  |
| Tilray, Inc. | 5.000% | 10/01/23 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;242308 |
| **Real Estate - 0.9%** | **Real Estate - 0.9%** | **Real Estate - 0.9%** |  |  |
| Radius Global Infrastructure, Inc., 144A | 2.500% | 09/15/26 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;921250 |
| **Total Convertible Bonds** (Cost $2,277,231) | **Total Convertible Bonds** (Cost $2,277,231) | **Total Convertible Bonds** (Cost $2,277,231) | **Total Convertible Bonds** (Cost $2,277,231) | &nbsp;&nbsp;$2236058 |
| **CORPORATE BONDS - 72.9%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Communications - 8.9%** | **Communications - 8.9%** | **Communications - 8.9%** |  |  |
| América Móvil S.A.B. de C.V., 144A | 5.375% | 04/04/32 | &nbsp;&nbsp;$360000 | &nbsp;&nbsp;$335700 |
| Charter Communications Operating, LLC | 2.300% | 02/01/32 | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;1076182 |
| CSC Holdings, LLC, 144A | 6.500% | 02/01/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;869300 |
| DISH DBS Corporation | 5.875% | 11/15/24 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;1179687 |
| Entercom Media Corporation, 144A | 6.500% | 05/01/27 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;494951 |
| Liberty Media Corporation, 144A | 2.750% | 12/01/49 | &nbsp;&nbsp;955000 | &nbsp;&nbsp;882420 |
| Lumen Technologies, Inc., Series P | 7.600% | 09/15/39 | &nbsp;&nbsp;1125000 | &nbsp;&nbsp;758689 |
| Magellanes, Inc., 144A | 4.279% | 03/15/32 | &nbsp;&nbsp;600000 | &nbsp;&nbsp;531853 |
| Telesat Canada / Telesat, LLC, 144A | 4.875% | 06/01/27 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;734685 |
| T-Mobile USA, Inc. | 2.550% | 02/15/31 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;1058534 |
| Vodafone Group plc | 4.875% | 06/19/49 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;448292 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 72.9% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Communications - 8.9% (Continued)** | **Communications - 8.9% (Continued)** | **Communications - 8.9% (Continued)** |  |  |
| Zayo Group Holdings, Inc., 144A | 4.000% | 03/01/27 | &nbsp;&nbsp;$1465000 | &nbsp;&nbsp;$1161760 |
|  |  |  |  | &nbsp;&nbsp;9532053 |
| **Consumer Discretionary - 8.3%** | **Consumer Discretionary - 8.3%** | **Consumer Discretionary - 8.3%** |  |  |
| At Home Group, Inc., 144A | 4.875% | 07/15/28 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;900000 |
| Brunswick Corporation | 2.400% | 08/18/31 | &nbsp;&nbsp;414000 | &nbsp;&nbsp;312686 |
| Cinemark USA, Inc., 144A | 5.875% | 03/15/26 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;897975 |
| Darden Restaurants, Inc. | 4.550% | 02/15/48 | &nbsp;&nbsp;790000 | &nbsp;&nbsp;652581 |
| Ford Motor Credit Company, LLC | 4.271% | 01/09/27 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;941800 |
| G-III Apparel Group Ltd., 144A | 7.875% | 08/15/25 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;1187198 |
| Lowe's Companies, Inc. | 5.625% | 04/15/53 | &nbsp;&nbsp;325000 | &nbsp;&nbsp;333467 |
| Nordstrom, Inc. | 2.300% | 04/08/24 | &nbsp;&nbsp;325000 | &nbsp;&nbsp;308464 |
| Odeon Finco plc, 144A | 12.750% | 11/01/27 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;922200 |
| Royal Caribbean Cruises Ltd., 144A | 9.250% | 01/15/29 | &nbsp;&nbsp;1070000 | &nbsp;&nbsp;1128711 |
| Scientific Games International, Inc., 144A | 8.625% | 07/01/25 | &nbsp;&nbsp;850000 | &nbsp;&nbsp;865938 |
| Thor Industries, Inc., 144A | 4.000% | 10/15/29 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;415760 |
|  |  |  |  | &nbsp;&nbsp;8866780 |
| **Consumer Staples - 2.6%** | **Consumer Staples - 2.6%** | **Consumer Staples - 2.6%** |  |  |
| B&G Foods, Inc. | 5.250% | 04/01/25 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;911350 |
| BAT Capital Corporation | 7.750% | 10/19/32 | &nbsp;&nbsp;552000 | &nbsp;&nbsp;613949 |
| Vector Group Ltd., 144A | 5.750% | 02/01/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;862503 |
| Viterra Finance B.V., 144A | 2.000% | 04/21/26 | &nbsp;&nbsp;428000 | &nbsp;&nbsp;376772 |
|  |  |  |  | &nbsp;&nbsp;2764574 |
| **Energy - 8.2%** | **Energy - 8.2%** | **Energy - 8.2%** |  |  |
| CNX Midstream Partners, L.P., 144A | 4.750% | 04/15/30 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;1057662 |
| Crestwood Midstream Partners, L.P., 144A | 6.000% | 02/01/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;948667 |
| Energy Transfer, L.P. | 5.550% | 02/15/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1016230 |
| International Petroleum Corporation of Sweden | 7.250% | 02/01/27 | &nbsp;&nbsp;700000 | &nbsp;&nbsp;651252 |
| Martin Midstream Partners, L.P., 144A | 11.500% | 02/15/28 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;496250 |
| NGL Energy Operating, LLC, 144A | 7.500% | 02/01/26 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;1038931 |
| Northern Oil and Gas, Inc., 144A | 8.125% | 03/01/28 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;1095966 |
| Petróleos Mexicanos | 6.700% | 02/16/32 | &nbsp;&nbsp;940000 | &nbsp;&nbsp;778866 |
| Summit Midstream Holdings, LLC, 144A | 8.500% | 10/15/26 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;1217188 |
| TransCanada Trust | 5.600% | 03/07/82 | &nbsp;&nbsp;478000 | &nbsp;&nbsp;427810 |
|  |  |  |  | &nbsp;&nbsp;8728822 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 72.9% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Financials - 17.1%** | **Financials - 17.1%** | **Financials - 17.1%** |  |  |
| AerCap Ireland Capital Ltd. | 3.300% | 01/30/32 | &nbsp;&nbsp;$650000 | &nbsp;&nbsp;$544749 |
| AerCap Ireland Capital Ltd. | 3.850% | 10/29/41 | &nbsp;&nbsp;458000 | &nbsp;&nbsp;355783 |
| Aircastle Ltd., 144A | 5.250% | 08/11/25 | &nbsp;&nbsp;435000 | &nbsp;&nbsp;424931 |
| Apollo Commercial Real Estate Finance, Inc. | 5.375% | 10/15/23 | &nbsp;&nbsp;850000 | &nbsp;&nbsp;836719 |
| Apollo Commercial Real Estate Finance, Inc., 144A | 4.625% | 06/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;820242 |
| Ares Capital Corporation, 144A | 3.875% | 01/15/26 | &nbsp;&nbsp;1225000 | &nbsp;&nbsp;1151225 |
| Bank of America Corporation <br> (3MO LIBOR + 131) <sup>(a)</sup> | 4.271% | 07/23/29 | &nbsp;&nbsp;605000 | &nbsp;&nbsp;583731 |
| Barclays plc | 7.437% | 11/02/33 | &nbsp;&nbsp;810000 | &nbsp;&nbsp;910372 |
| Blackstone Private Credit Fund, 144A | 7.050% | 09/29/25 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1013891 |
| Chubb INA Holdings, Inc. | 2.850% | 12/15/51 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;359059 |
| Compass Group Diversified Holdings, LLC, 144A | 5.250% | 04/15/29 | &nbsp;&nbsp;1423000 | &nbsp;&nbsp;1280387 |
| Credit Suisse Group AG, 144A | 6.537% | 08/12/33 | &nbsp;&nbsp;634000 | &nbsp;&nbsp;606150 |
| Discover Financial Services | 6.700% | 11/29/32 | &nbsp;&nbsp;330000 | &nbsp;&nbsp;351414 |
| Hercules Capital, Inc. | 2.625% | 09/16/26 | &nbsp;&nbsp;422000 | &nbsp;&nbsp;366491 |
| Icahn Enterprises, L.P./Icahn Enterprises Holdings, L.P. | 5.250% | 05/15/27 | &nbsp;&nbsp;1075000 | &nbsp;&nbsp;1000052 |
| Jackson Financial, Inc. | 4.000% | 11/23/51 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;344056 |
| Lincoln National Corporation <sup>(b)</sup> | 9.250% | 12/31/49 | &nbsp;&nbsp;320000 | &nbsp;&nbsp;353600 |
| Morgan Stanley (SOFR + 262) | 5.297% | 04/20/37 | &nbsp;&nbsp;529000 | &nbsp;&nbsp;511746 |
| National Australia Bank Ltd., 144A | 6.429% | 01/12/33 | &nbsp;&nbsp;485000 | &nbsp;&nbsp;502876 |
| NatWest Group plc | 5.516% | 09/30/28 | &nbsp;&nbsp;800000 | &nbsp;&nbsp;813761 |
| Nomura Holdings, Inc. | 2.329% | 01/22/27 | &nbsp;&nbsp;885000 | &nbsp;&nbsp;794295 |
| Owl Rock Capital Corporation | 3.400% | 07/15/26 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;1127059 |
| Penske Truck Leasing Company, 144A | 4.400% | 07/01/27 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;486844 |
| Prospect Capital Corporation | 3.364% | 11/15/26 | &nbsp;&nbsp;710000 | &nbsp;&nbsp;617265 |
| Protective Life Global Funding, 144A | 5.366% | 01/06/26 | &nbsp;&nbsp;605000 | &nbsp;&nbsp;615473 |
| UBS Group AG, 144A (Yield of U.S. T-Note 0.625% 07/26 + 85) <sup>(a)</sup> | 1.494% | 08/10/27 | &nbsp;&nbsp;610000 | &nbsp;&nbsp;536437 |
| Unum Group | 4.125% | 06/15/51 | &nbsp;&nbsp;460000 | &nbsp;&nbsp;343829 |
| Westpac Banking Corporation | 3.133% | 11/18/41 | &nbsp;&nbsp;850000 | &nbsp;&nbsp;605136 |
|  |  |  |  | &nbsp;&nbsp;18257573 |
| **Health Care - 3.6%** | **Health Care - 3.6%** | **Health Care - 3.6%** |  |  |
| Bausch Health Companies, Inc., 144A | 6.125% | 02/01/27 | &nbsp;&nbsp;1112000 | &nbsp;&nbsp;770772 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 72.9% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Health Care - 3.6% (Continued)** | **Health Care - 3.6% (Continued)** | **Health Care - 3.6% (Continued)** |  |  |
| CHS/Community Health Systems, Inc., 144A | 5.250% | 05/15/30 | &nbsp;&nbsp;$600000 | &nbsp;&nbsp;$484152 |
| Flex Ltd. | 6.000% | 01/15/28 | &nbsp;&nbsp;745000 | &nbsp;&nbsp;772663 |
| HCA, Inc., 144A | 4.625% | 03/15/52 | &nbsp;&nbsp;550000 | &nbsp;&nbsp;459990 |
| Par Pharmaceutical, Inc., 144A | 0.000% | 04/01/27 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;586882 |
| Royalty Pharma plc | 3.550% | 09/02/50 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;700702 |
|  |  |  |  | &nbsp;&nbsp;3775161 |
| **Industrials - 7.6%** | **Industrials - 7.6%** | **Industrials - 7.6%** |  |  |
| American Airlines Pass Through Trust, <br> Series 2021-1B | 3.950% | 07/11/30 | &nbsp;&nbsp;568225 | &nbsp;&nbsp;477864 |
| Boeing Company (The) | 5.805% | 05/01/50 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1013183 |
| Bombardier, Inc. | 7.125% | 06/15/26 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;996250 |
| CoreCivic, Inc. | 8.250% | 04/15/26 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1022231 |
| Deluxe Corporation, 144A | 8.000% | 06/01/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;856472 |
| GEO Group, Inc. (The) | 10.500% | 06/30/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1022912 |
| Regal Rexnord Corporation, 144A | 6.300% | 02/15/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1017489 |
| Sempra Infrastructure, 144A | 3.250% | 01/15/32 | &nbsp;&nbsp;658000 | &nbsp;&nbsp;546527 |
| Sotheby's, 144A | 7.375% | 10/15/27 | &nbsp;&nbsp;1225000 | &nbsp;&nbsp;1183779 |
|  |  |  |  | &nbsp;&nbsp;8136707 |
| **Materials - 0.7%** | **Materials - 0.7%** | **Materials - 0.7%** |  |  |
| Axalta Coating Systems, LLC, 144A | 4.750% | 06/15/27 | &nbsp;&nbsp;700000 | &nbsp;&nbsp;661500 |
| Mauser Packaging Solutions Holding Company, 144A | 7.875% | 08/15/26 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;100875 |
|  |  |  |  | &nbsp;&nbsp;762375 |
| **Real Estate - 6.5%** | **Real Estate - 6.5%** | **Real Estate - 6.5%** |  |  |
| American Homes 4 Rent, L.P. | 4.300% | 04/15/52 | &nbsp;&nbsp;900000 | &nbsp;&nbsp;724851 |
| American Tower Corporation | 2.950% | 01/15/51 | &nbsp;&nbsp;225000 | &nbsp;&nbsp;146957 |
| Brixmor Operating Partnership, L.P. | 4.050% | 07/01/30 | &nbsp;&nbsp;475000 | &nbsp;&nbsp;433607 |
| Host Hotels & Resorts, Inc. | 3.500% | 09/15/30 | &nbsp;&nbsp;375000 | &nbsp;&nbsp;320042 |
| Iron Mountain, Inc., 144A | 5.000% | 07/15/28 | &nbsp;&nbsp;1020000 | &nbsp;&nbsp;937874 |
| MPT Operating Partnership, L.P. | 4.625% | 08/01/29 | &nbsp;&nbsp;510000 | &nbsp;&nbsp;396525 |
| New Residential Investment <br> Corporation, 144A | 6.250% | 10/15/25 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;931250 |
| Sabra Health Care, L.P. | 3.200% | 12/01/31 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;575676 |
| Service Properties Trust | 7.500% | 09/15/25 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;985250 |
| Simon Property Group, L.P. | 2.650% | 02/01/32 | &nbsp;&nbsp;512000 | &nbsp;&nbsp;431247 |
| VICI Properties, L.P. | 5.125% | 05/15/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;956600 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 72.9% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Real Estate - 6.5% (Continued)** | **Real Estate - 6.5% (Continued)** | **Real Estate - 6.5% (Continued)** |  |  |
| Vornado Realty, L.P. | 3.400% | 06/01/31 | &nbsp;&nbsp;$181000 | &nbsp;&nbsp;$138377 |
|  |  |  |  | &nbsp;&nbsp;6978256 |
| **Technology - 7.8%** | **Technology - 7.8%** | **Technology - 7.8%** |  |  |
| Broadcom, Inc., 144A | 3.500% | 02/15/41 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;761754 |
| CommScope Finance, LLC, 144A | 6.000% | 03/01/26 | &nbsp;&nbsp;940000 | &nbsp;&nbsp;904092 |
| Dell International, LLC | 8.350% | 07/15/46 | &nbsp;&nbsp;800000 | &nbsp;&nbsp;962461 |
| DXC Technology Company | 1.800% | 09/15/26 | &nbsp;&nbsp;420000 | &nbsp;&nbsp;370917 |
| NXP B.V. | 2.500% | 05/11/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;819308 |
| NXP USA, Inc. | 5.000% | 01/15/33 | &nbsp;&nbsp;570000 | &nbsp;&nbsp;557352 |
| Oracle Corporation | 2.950% | 04/01/30 | &nbsp;&nbsp;1175000 | &nbsp;&nbsp;1032171 |
| Oracle Corporation | 6.250% | 11/09/32 | &nbsp;&nbsp;575000 | &nbsp;&nbsp;624832 |
| Oracle Corporation | 6.900% | 11/09/52 | &nbsp;&nbsp;320000 | &nbsp;&nbsp;367764 |
| TIBCO Software, Inc., 144A | 6.500% | 03/31/29 | &nbsp;&nbsp;1125000 | &nbsp;&nbsp;987344 |
| VMware, Inc. | 4.650% | 05/15/27 | &nbsp;&nbsp;957000 | &nbsp;&nbsp;946116 |
|  |  |  |  | &nbsp;&nbsp;8334111 |
| **Utilities - 1.6%** | **Utilities - 1.6%** | **Utilities - 1.6%** |  |  |
| Consolidated Edison Company, Inc. | 3.850% | 06/15/46 | &nbsp;&nbsp;1069000 | &nbsp;&nbsp;884054 |
| Pacific Gas and Electric Company | 4.950% | 07/01/50 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;830094 |
|  |  |  |  | &nbsp;&nbsp;1714148 |
| **Total Corporate Bonds** (Cost $86,062,920) | **Total Corporate Bonds** (Cost $86,062,920) | **Total Corporate Bonds** (Cost $86,062,920) | **Total Corporate Bonds** (Cost $86,062,920) | &nbsp;&nbsp;$77850560 |
| **FOREIGN GOVERNMENTS - 0.6%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Republic of South Africa Government <br> (Cost $695,000) | 5.875% | 04/20/32 | &nbsp;&nbsp;$695000 | &nbsp;&nbsp;$644612 |
| **COMMON STOCKS - 20.0%** | **COMMON STOCKS - 20.0%** | **COMMON STOCKS - 20.0%** | **Shares** | **Value** |
| **Communications - 1.8%** | **Communications - 1.8%** | **Communications - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 1.2%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 1.2%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;16148 | &nbsp;&nbsp;$1236452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;31677 | &nbsp;&nbsp;645261 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 20.0% (Continued)** | **Shares** | **Value** |
| **Consumer Discretionary - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;2754 | &nbsp;&nbsp;$892764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;8077 | &nbsp;&nbsp;661183 |
|  |  | &nbsp;&nbsp;1553947 |
| **Consumer Staples - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;6017 | &nbsp;&nbsp;865666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tobacco & Cannabis - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;12819 | &nbsp;&nbsp;577368 |
| **Energy - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation | &nbsp;&nbsp;8141 | &nbsp;&nbsp;514837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;36128 | &nbsp;&nbsp;479780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. | &nbsp;&nbsp;21344 | &nbsp;&nbsp;546406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;4131 | &nbsp;&nbsp;546325 |
|  |  | &nbsp;&nbsp;2087348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Renewable Energy - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantica Sustainable Infrastructure plc | &nbsp;&nbsp;11942 | &nbsp;&nbsp;327449 |
| **Financials - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;7668 | &nbsp;&nbsp;735821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | &nbsp;&nbsp;4814 | &nbsp;&nbsp;372700 |
|  |  | &nbsp;&nbsp;1108521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;21645 | &nbsp;&nbsp;767965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. - ADR | &nbsp;&nbsp;95181 | &nbsp;&nbsp;833785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | &nbsp;&nbsp;14923 | &nbsp;&nbsp;737047 |
|  |  | &nbsp;&nbsp;2338797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moelis & Company - Class A | &nbsp;&nbsp;12290 | &nbsp;&nbsp;574557 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 20.0% (Continued)** | **Shares** | **Value** |
| **Financials - 4.1% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance - 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | &nbsp;&nbsp;17376 | &nbsp;&nbsp;$407815 |
| **Health Care - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;3311 | &nbsp;&nbsp;835696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Company | &nbsp;&nbsp;11932 | &nbsp;&nbsp;866860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;9786 | &nbsp;&nbsp;821437 |
|  |  | &nbsp;&nbsp;2523993 |
| **Industrials - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc. - Class A | &nbsp;&nbsp;7873 | &nbsp;&nbsp;750454 |
| **Materials - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Containers & Packaging - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestRock Company | &nbsp;&nbsp;8148 | &nbsp;&nbsp;319728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corporation | &nbsp;&nbsp;24261 | &nbsp;&nbsp;474302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;9414 | &nbsp;&nbsp;420053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corporation | &nbsp;&nbsp;10987 | &nbsp;&nbsp;581542 |
|  |  | &nbsp;&nbsp;1475897 |
| **Real Estate - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Retail Properties, Inc. | &nbsp;&nbsp;14448 | &nbsp;&nbsp;684113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;22346 | &nbsp;&nbsp;763786 |
|  |  | &nbsp;&nbsp;1447899 |
| **Technology - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;820 | &nbsp;&nbsp;541889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;4539 | &nbsp;&nbsp;1124810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;6959 | &nbsp;&nbsp;1004114 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 20.0% (Continued)** | **Shares** | **Value** |
| **Technology - 2.9% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 1.4% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;9709 | &nbsp;&nbsp;$472537 |
|  |  | &nbsp;&nbsp;1476651 |
| **Total Common Stocks** (Cost $18,741,136) | **Total Common Stocks** (Cost $18,741,136) | &nbsp;&nbsp;$21384502 |
| **EXCHANGE-TRADED FUNDS - 1.0%** | **Shares** | **Value** |
| JPMorgan Nasdaq Equity Premium Income ETF (Cost $1,133,009) | &nbsp;&nbsp;25445 | &nbsp;&nbsp;$1103041 |
| **PREFERRED STOCKS - 0.5%** | **Shares** | **Value** |
| **Communications - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A <sup>(c)</sup><br> (Cost $533,411) | &nbsp;&nbsp;465 | &nbsp;&nbsp;$560855 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** | **WESTWOOD HIGH INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 0.3%** | **Shares** | **Value** |
| SEI Daily Income Trust, Government Fund - Class F, 3.92% <sup>(d)</sup> <br> (Cost $333,625) | &nbsp;&nbsp;333625 | &nbsp;&nbsp;$333625 |
| **Investments at Value - 99.3%** (Cost $111,840,780) | **Investments at Value - 99.3%** (Cost $111,840,780) | &nbsp;&nbsp;$106116348 |
| **Other Assets in Excess of Liabilities - 0.7%** | **Other Assets in Excess of Liabilities - 0.7%** | &nbsp;&nbsp;739135 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$106855483 |

---

---

| | |
|:---|:---|
| 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 $39,606,203 as of January 31, 2023, representing 37.1% of net assets. |
| ADR | - American Depositary Receipt |
| AG | - Aktiengesellschaft |
| B.V. | - Besloten Vennootschap |
| LIBOR | - London Interbank Offered Rate |
| N.V. | - Naamloze Vennootschap |
| plc | - Public Limited Company |
| S.A.B. de C.V. | - Societe Anonima Bursatil de Capital Variable |
| SOFR | - Secured Overnight Financing Rate |
| T-Note | - U.S. Treasury Note |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of January 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.

<sup>(b)</sup> Security has a perpetual maturity date.

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

<sup>(d)</sup> The rate shown is the 7-day effective yield as of January 31, 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** |
| **CONVERTIBLE BONDS - 70.3%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Communications - 4.6%** | **Communications - 4.6%** | **Communications - 4.6%** |  |  |
| Airbnb, Inc. \* | 0.000% | 03/15/26 | &nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$1717000 |
| Liberty Media Corporation - Liberty Formula One, 144A | 2.250% | 08/15/27 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2610000 |
| Lyft, Inc. | 1.500% | 05/15/25 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;1832000 |
|  |  |  |  | &nbsp;&nbsp;6159000 |
| **Consumer Discretionary - 8.8%** | **Consumer Discretionary - 8.8%** | **Consumer Discretionary - 8.8%** |  |  |
| Burlington Stores, Inc. \* | 2.250% | 04/15/25 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;3716250 |
| Chegg, Inc. | 0.125% | 03/15/25 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1319250 |
| Cinemark Holdings, Inc. | 4.500% | 08/15/25 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1123800 |
| Ford Motor Company | 0.000% | 03/15/26 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;4060000 |
| Huazhu Group Ltd. | 3.000% | 05/01/26 | &nbsp;&nbsp;785000 | &nbsp;&nbsp;1047975 |
| Live Nation Entertainment, Inc., 144A | 3.125% | 01/15/29 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;536250 |
|  |  |  |  | &nbsp;&nbsp;11803525 |
| **Consumer Staples - 5.9%** | **Consumer Staples - 5.9%** | **Consumer Staples - 5.9%** |  |  |
| MGP Ingredients, Inc. | 1.875% | 11/15/41 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;3541800 |
| Post Holdings, Inc., 144A | 2.500% | 08/15/27 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2176600 |
| Tilray, Inc. \* | 5.000% | 10/01/23 | &nbsp;&nbsp;2275000 | &nbsp;&nbsp;2204999 |
|  |  |  |  | &nbsp;&nbsp;7923399 |
| **Financials - 2.9%** | **Financials - 2.9%** | **Financials - 2.9%** |  |  |
| Avolon Holdings Funding Ltd., 144A | 4.250% | 04/15/26 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;237143 |
| KKR Group Finance Company X, LLC, 144A | 3.250% | 12/15/51 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;336280 |
| KKR Real Estate Finance Trust, Inc. | 6.125% | 05/15/23 | &nbsp;&nbsp;3250000 | &nbsp;&nbsp;3256094 |
|  |  |  |  | &nbsp;&nbsp;3829517 |
| **Health Care - 10.0%** | **Health Care - 10.0%** | **Health Care - 10.0%** |  |  |
| Alnylam Pharmaceuticals, Inc., 144A | 1.000% | 09/15/27 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;3198900 |
| Halozyme Therapeutics, Inc., 144A | 1.000% | 08/15/28 | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;2498906 |
| Jazz Investments I Ltd. | 2.000% | 06/15/26 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1173750 |
| Ligand Pharmaceuticals, Inc. \* | 0.750% | 05/15/23 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;3895000 |
| NuVasive, Inc. | 0.375% | 03/15/25 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;2677500 |
|  |  |  |  | &nbsp;&nbsp;13444056 |
| **Industrials - 6.0%** | **Industrials - 6.0%** | **Industrials - 6.0%** |  |  |
| American Airlines Group, Inc. \* | 6.500% | 07/01/25 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;3062500 |
| Axon Enterprise, Inc., 144A | 0.500% | 12/15/27 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1074000 |
| Camtek Ltd., 144A | 0.000% | 12/01/26 | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;1103200 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CONVERTIBLE BONDS - 70.3% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Industrials - 6.0% (Continued)** | **Industrials - 6.0% (Continued)** | **Industrials - 6.0% (Continued)** |  |  |
| SFL Corporation Ltd. | 4.875% | 05/01/23 | &nbsp;&nbsp;$2838000 | &nbsp;&nbsp;$2805363 |
|  |  |  |  | &nbsp;&nbsp;8045063 |
| **Real Estate - 4.3%** | **Real Estate - 4.3%** | **Real Estate - 4.3%** |  |  |
| DigitalBridge Group, Inc. | 5.000% | 04/15/23 | &nbsp;&nbsp;3709000 | &nbsp;&nbsp;3674228 |
| Integra LifeSciences Holdings Corporation | 0.500% | 08/15/25 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;977000 |
| Marriott Vacations Worldwide Corporation, 144A | 3.250% | 12/15/27 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1077500 |
|  |  |  |  | &nbsp;&nbsp;5728728 |
| **Technology - 26.0%** | **Technology - 26.0%** | **Technology - 26.0%** |  |  |
| Bentley Systems, Inc. | 0.125% | 01/15/26 | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;2217600 |
| Bill.com Holdings, Inc. | 0.000% | 04/01/27 | &nbsp;&nbsp;2391000 | &nbsp;&nbsp;1917582 |
| Coupa Software, Inc. | 0.125% | 06/15/25 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;2925000 |
| Dropbox, Inc. | 0.000% | 03/01/28 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1362000 |
| Envestnet, Inc., 144A | 2.625% | 12/01/27 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;558750 |
| Lumentum Holdings, Inc. | 2.000% | 02/15/25 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2059000 |
| Lumentum Holdings, Inc., 144A | 0.500% | 06/15/28 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;2409300 |
| NextGen Healthcare, Inc., 144A | 3.750% | 11/15/27 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;521250 |
| ON Semiconductor Corporation | 0.000% | 05/01/27 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;3748750 |
| Splunk, Inc. \* | 1.125% | 06/15/27 | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;3872699 |
| Vishay Intertechnology, Inc. | 2.250% | 06/15/25 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;2988900 |
| Wolfspeed, Inc. | 0.250% | 02/15/28 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;2737500 |
| Wolfspeed, Inc., 144A | 1.875% | 12/01/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;971122 |
| Workiva, Inc. | 1.125% | 08/15/26 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;3777000 |
| Ziff Davis, Inc., 144A \* | 1.750% | 11/01/26 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2640000 |
|  |  |  |  | &nbsp;&nbsp;34706453 |
| **Utilities - 1.8%** | **Utilities - 1.8%** | **Utilities - 1.8%** |  |  |
| Ormat Technologies, Inc. | 2.500% | 07/15/27 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2434000 |
| **Total Convertible Bonds** (Cost $91,680,306) | **Total Convertible Bonds** (Cost $91,680,306) | **Total Convertible Bonds** (Cost $91,680,306) | **Total Convertible Bonds** (Cost $91,680,306) | &nbsp;&nbsp;$94073741 |
| **CORPORATE BONDS - 27.3%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Consumer Discretionary - 3.3%** | **Consumer Discretionary - 3.3%** | **Consumer Discretionary - 3.3%** |  |  |
| Ford Motor Credit Company, LLC \* | 6.950% | 03/06/26 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1022890 |
| Royal Caribbean Cruises Ltd., 144A | 6.000% | 08/15/25 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;2289750 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 27.3% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Consumer Discretionary - 3.3% (Continued)** | **Consumer Discretionary - 3.3% (Continued)** | **Consumer Discretionary - 3.3% (Continued)** |  |  |
| Royal Caribbean Cruises Ltd., 144A | 9.250% | 01/15/29 | &nbsp;&nbsp;$1070000 | &nbsp;&nbsp;$1128711 |
|  |  |  |  | &nbsp;&nbsp;4441351 |
| **Consumer Staples - 0.6%** | **Consumer Staples - 0.6%** | **Consumer Staples - 0.6%** |  |  |
| Vector Group Ltd., 144A \* | 5.750% | 02/01/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;862503 |
| **Energy - 2.0%** | **Energy - 2.0%** | **Energy - 2.0%** |  |  |
| NGL Energy Operating, LLC, 144A | 7.500% | 02/01/26 | &nbsp;&nbsp;1225000 | &nbsp;&nbsp;1156991 |
| Phillips 66 \* | 0.900% | 02/15/24 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;479266 |
| Yum! Brands, Inc. | 3.875% | 11/01/23 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;990190 |
|  |  |  |  | &nbsp;&nbsp;2626447 |
| **Financials - 8.4%** | **Financials - 8.4%** | **Financials - 8.4%** |  |  |
| Aircastle Ltd., 144A | 5.250% | 08/11/25 | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;1172223 |
| Apollo Commercial Real Estate Finance, Inc. | 5.375% | 10/15/23 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;2953125 |
| Compass Group Diversified Holdings, LLC, 144A | 5.250% | 04/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;899780 |
| Corebridge Financial, Inc., 144A | 3.500% | 04/04/25 | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;1159194 |
| Mitsubishi UFJ Financial Group | 4.788% | 07/18/25 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;1092575 |
| PennyMac Mortgage Investment Trust \* | 5.500% | 11/01/24 | &nbsp;&nbsp;3250000 | &nbsp;&nbsp;3006251 |
| Royal Bank of Canada | 1.600% | 01/21/25 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;942784 |
|  |  |  |  | &nbsp;&nbsp;11225932 |
| **Industrials - 2.9%** | **Industrials - 2.9%** | **Industrials - 2.9%** |  |  |
| Alarm.com Holdings, Inc. | 0.000% | 01/15/26 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;2933350 |
| Triton Container International Ltd., 144A | 0.800% | 08/01/23 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;971577 |
|  |  |  |  | &nbsp;&nbsp;3904927 |
| **Materials - 0.8%** | **Materials - 0.8%** | **Materials - 0.8%** |  |  |
| Celanese US Holdings, LLC | 5.900% | 07/05/24 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1005435 |
| **Real Estate - 1.3%** | **Real Estate - 1.3%** | **Real Estate - 1.3%** |  |  |
| Iron Mountain, Inc., 144A | 5.000% | 07/15/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;919485 |
| VICI Properties Inc., 144A | 5.625% | 05/01/24 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;748241 |
|  |  |  |  | &nbsp;&nbsp;1667726 |
| **Technology - 5.7%** | **Technology - 5.7%** | **Technology - 5.7%** |  |  |
| Dell International, LLC / EMC Corporation \* | 6.020% | 06/15/26 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;770512 |
| Micron Technology, Inc. | 2.703% | 04/15/32 | &nbsp;&nbsp;60000 | &nbsp;&nbsp;47796 |
| MongoDB, Inc. | 0.250% | 01/15/26 | &nbsp;&nbsp;2855000 | &nbsp;&nbsp;3497375 |
| TIBCO Software, Inc., 144A | 6.500% | 03/31/29 | &nbsp;&nbsp;825000 | &nbsp;&nbsp;724052 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 27.3% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Technology - 5.7% (Continued)** | **Technology - 5.7% (Continued)** | **Technology - 5.7% (Continued)** |  |  |
| Progress Software Corporation | 1.000% | 04/15/26 | &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$2620000 |
|  |  |  |  | &nbsp;&nbsp;7659735 |
| **Utilities - 2.3%** | **Utilities - 2.3%** | **Utilities - 2.3%** |  |  |
| American Electric Power | 0.750% | 11/01/23 | &nbsp;&nbsp;2750000 | &nbsp;&nbsp;2663246 |
| NextEra Energy Capital Holdings, Inc. | 0.650% | 03/01/23 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;398782 |
|  |  |  |  | &nbsp;&nbsp;3062028 |
| **Total Corporate Bonds** (Cost $36,177,251) | **Total Corporate Bonds** (Cost $36,177,251) | **Total Corporate Bonds** (Cost $36,177,251) | **Total Corporate Bonds** (Cost $36,177,251) | &nbsp;&nbsp;$36456084 |
| **FOREIGN GOVERNMENTS - 0.3%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Mexico Government International Bond | 5.400% | 02/09/28 | &nbsp;&nbsp;$200000 | &nbsp;&nbsp;$205327 |
| Mexico Government International Bond | 3.771% | 05/24/61 | &nbsp;&nbsp;235000 | &nbsp;&nbsp;158914 |
| **Total Foreign Governments** (Cost $434,603) | **Total Foreign Governments** (Cost $434,603) | **Total Foreign Governments** (Cost $434,603) | **Total Foreign Governments** (Cost $434,603) | &nbsp;&nbsp;$364241 |
| **PURCHASED OPTION CONTRACTS - 0.0% <sup>(a)</sup>** | **Strike Price** | **Contracts** | **Notional Value** | **Value** |
| **Put Option Contracts - 0.0% <sup>(a)</sup>** | **Put Option Contracts - 0.0% <sup>(a)</sup>** | **Put Option Contracts - 0.0% <sup>(a)</sup>** | **Put Option Contracts - 0.0% <sup>(a)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Dow Jones Index, 03/31/23 <br> (Cost $95,990) | $3700 .00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp; $4076600 | &nbsp;&nbsp;$27580 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 1.1%** | **Shares** | **Value** |
| SEI Daily Income Trust, Government Fund - Class F, 3.92% <sup>(b)</sup> <br> (Cost $1,494,423) | &nbsp;&nbsp;1494423 | &nbsp;&nbsp;$1494423 |
| **Investments at Value - 99.0%** (Cost $129,882,573) | **Investments at Value - 99.0%** (Cost $129,882,573) | &nbsp;&nbsp;$132416069 |
| **Other Assets in Excess of Liabilities - 1.0%** | **Other Assets in Excess of Liabilities - 1.0%** | &nbsp;&nbsp;1274021 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$133690090 |

---

---

| | |
|:---|:---|
| 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 $33,981,708 as of January 31, 2023, representing 25.4% of net assets. |

---

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

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

<sup>(b)</sup> The rate shown is the 7-day effective yield as of January 31, 2023.

The average monthly notional value of purchased option contracts during the three months ended January 31, 2023 was $5,358,773.

---

| |
|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **January 31, 2023 (Unaudited)** |

---

A list of open OTC swap agreements as of January 31, 2023, is as follows:

**Total Return Swap Agreements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of Shares** | **Reference Entity** | **Notional Amount** | **Interest Rate Receivable <sup>(a)</sup>** | **Termination Date** | **Counterparty** | **Net Unrealized Appreciation / (Depreciation)** |
| **Short Positions** | **Short Positions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1750) | Airbnb, Inc. | $(177223) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | $(16985) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8400) | Alarm.com Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(438480) | 4.07% OBFR 4.32% minus 32bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7300) | Alnylam Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1706229) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106500) | American Airlines Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1819020) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3100) | Ascendis Pharma A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370915) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13242) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2800) | Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(516516) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18300) | Bentley Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(697962) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1100) | Bill.com Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117205) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9000) | Burlington Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2065140) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10800) | Camtek Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279829) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7700) | Chegg, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188188) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48800) | Cinemark Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(541192) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25500) | Dropbox, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(580125) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4800) | Envestnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317520) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137300) | Ford Motor Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1741286) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29900) | Halozyme Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1525498) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12600) | Huazhu Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(571914) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5400) | Integra Lifesciences Holdings Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(304884) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4300) | Jazz Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(669854) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17400) | Liberty Media Corporation - Liberty Formula One | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1149270) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10600) | Live Nation Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806872) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10300) | Lumentum Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(599563) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16700) | Lyft, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239645) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2900) | Marriott Vacations Worldwide Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(441003) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22900) | MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2194396) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36484) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8800) | MongoDB, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1784992) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9700) | NextGen Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175958) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8000) | NuVasive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353280) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35000) | ON Semiconductor Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2314521) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16600) | Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1508940) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12800) | Post Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1215232) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480 |

---

---

| |
|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

**Total Return Swap Agreements (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of Shares** | **Reference Entity** | **Notional Amount** | **Interest Rate Receivable <sup>(a)</sup>** | **Termination Date** | **Counterparty** | **Net Unrealized Appreciation / (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29700) | Progress Software Corporation | $(1585516) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | $12326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24600) | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1578336) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5900) | Splunk, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(529289) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43600) | Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(996560) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21500) | Wolfspeed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1738103) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26100) | Workiva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2292362) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15400) | Ziff Davis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1270654) | 3.97% OBFR 4.32% minus 35bp | 5/17/2023 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105656) |
| **Total Short Positions** | **Total Short Positions** |  |  |  |  | $(775105) |
| **Par Value** | **Reference Entity** | **Notional Amount** | **Interest Rate Payable <sup>(a)</sup>** | **Termination Date** | **Counterparty** | **Net Unrealized Depreciation** |
| **Long Positions** | **Long Positions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002000 | Integra Lifesciences Holdings Corporation | $1961986 | 5.42% OBFR 4.32% minus 10bp | 5/17/2023 | BNP Paribas | $(4962) |
|  |  |  | Unrealized appreciation on swap agreements | Unrealized appreciation on swap agreements | Unrealized appreciation on swap agreements | $328372 |
|  |  |  | Unrealized depreciaton on swap agreements | Unrealized depreciaton on swap agreements | Unrealized depreciaton on swap agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1108439) |
|  |  |  | Net unrealized depreciation on swap agreements | Net unrealized depreciation on swap agreements | Net unrealized depreciation on swap agreements | $(780067) |

---

OBFR - Overnight Bank Funding Rate

OTC - Over the Counter

<sup>(a)</sup> Payment frequency is monthly.

The average monthly notional value for Swap Agreements - appreciation during the three months ended January 31, 2023 was $1,941,806.

The average monthly notional value for Swap Agreements - depreciation during the three months ended January 31, 2023 was $(38,530,918).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** |  |
| **SCHEDULE OF FUTURES CONTRACTS SOLD SHORT** | **SCHEDULE OF FUTURES CONTRACTS SOLD SHORT** | **SCHEDULE OF FUTURES CONTRACTS SOLD SHORT** | **SCHEDULE OF FUTURES CONTRACTS SOLD SHORT** |  |
| **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | |
| **A list of the open futures contracts held by the Fund at January 31, 2023, is as follows:** | **A list of the open futures contracts held by the Fund at January 31, 2023, is as follows:** | **A list of the open futures contracts held by the Fund at January 31, 2023, is as follows:** | **A list of the open futures contracts held by the Fund at January 31, 2023, is as follows:** | |
| <br> **FUTURES CONTRACTS SOLD SHORT <sup>^</sup>** | **Contracts** | **Expiration Date** | **Notional Value** | <br>**Value/Unrealized Depreciation** |
| **Futures** | **Futures** | **Futures** | **Futures** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10-Year U.S. Treasury Note Future | 2 | 03/22/23 | &nbsp;&nbsp;$229032 | &nbsp;&nbsp;$(3344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-Year U.S. Treasury Note Future | 2 | 03/31/23 | &nbsp;&nbsp;218484 | &nbsp;&nbsp;(2421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond Future | 4 | 03/22/23 | &nbsp;&nbsp;519500 | &nbsp;&nbsp;(15813) |
| **Total Futures Contracts Sold Short** | **Total Futures Contracts Sold Short** | **Total Futures Contracts Sold Short** | &nbsp;&nbsp;$967016 | &nbsp;&nbsp;$(21578) |
| <sup>^</sup> Cash has been pledged as collateral for futures contracts held by the Fund. | <sup>^</sup> Cash has been pledged as collateral for futures contracts held by the Fund. | <sup>^</sup> Cash has been pledged as collateral for futures contracts held by the Fund. | <sup>^</sup> Cash has been pledged as collateral for futures contracts held by the Fund. | <sup>^</sup> Cash has been pledged as collateral for futures contracts held by the Fund. |
| The average monthly notional value of futures sold short during the three months ended January 31, 2023 was $953,662. | The average monthly notional value of futures sold short during the three months ended January 31, 2023 was $953,662. | The average monthly notional value of futures sold short during the three months ended January 31, 2023 was $953,662. | The average monthly notional value of futures sold short during the three months ended January 31, 2023 was $953,662. | The average monthly notional value of futures sold short during the three months ended January 31, 2023 was $953,662. |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD SMALLCAP GROWTH FUND** | **WESTWOOD SMALLCAP GROWTH FUND** | **WESTWOOD SMALLCAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** |
| **COMMON STOCKS - 97.7%** | **Shares** | **Value** |
| **Communications - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthStream, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4696 | &nbsp;&nbsp;$113549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Publishing & Broadcasting - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Television, Inc. | &nbsp;&nbsp;39694 | &nbsp;&nbsp;514434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc. - Class A | &nbsp;&nbsp;2612 | &nbsp;&nbsp;119630 |
|  |  | &nbsp;&nbsp;634064 |
| **Consumer Discretionary - 12.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer Services - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medifast, Inc. | &nbsp;&nbsp;3701 | &nbsp;&nbsp;412477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home & Office Products - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HNI Corporation | &nbsp;&nbsp;3674 | &nbsp;&nbsp;116723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home Construction - 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cavco Industries, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1942 | &nbsp;&nbsp;516766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Brick Partners, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4144 | &nbsp;&nbsp;129293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interface, Inc. | &nbsp;&nbsp;10147 | &nbsp;&nbsp;115473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JELD-WEN Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;9804 | &nbsp;&nbsp;124021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MDC Holdings, Inc. | &nbsp;&nbsp;3199 | &nbsp;&nbsp;120794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | &nbsp;&nbsp;1714 | &nbsp;&nbsp;121642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home Corporation <sup>(a)</sup> | &nbsp;&nbsp;3426 | &nbsp;&nbsp;122651 |
|  |  | &nbsp;&nbsp;1250640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;1103 | &nbsp;&nbsp;123073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruth's Hospitality Group, Inc. | &nbsp;&nbsp;26019 | &nbsp;&nbsp;450389 |
|  |  | &nbsp;&nbsp;573462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Products - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;1035 | &nbsp;&nbsp;116147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sturm, Ruger & Company, Inc. | &nbsp;&nbsp;2073 | &nbsp;&nbsp;117954 |
|  |  | &nbsp;&nbsp;234101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckle, Inc. (The) | &nbsp;&nbsp;3654 | &nbsp;&nbsp;160776 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD SMALLCAP GROWTH FUND** | **WESTWOOD SMALLCAP GROWTH FUND** | **WESTWOOD SMALLCAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.7% (Continued)** | **Shares** | **Value** |
| **Consumer Discretionary - 12.1% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wholesale - Discretionary - 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ePlus, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2845 | &nbsp;&nbsp;$141624 |
| **Consumer Staples - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phibro Animal Health Corporation - Class A | &nbsp;&nbsp;7694 | &nbsp;&nbsp;118487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;11345 | &nbsp;&nbsp;112656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tobacco & Cannabis - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | &nbsp;&nbsp;8906 | &nbsp;&nbsp;206708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Natural Foods, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2785 | &nbsp;&nbsp;115912 |
| **Energy - 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berry Corporation | &nbsp;&nbsp;13217 | &nbsp;&nbsp;121597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callon Petroleum Company <sup>(a)</sup> | &nbsp;&nbsp;2872 | &nbsp;&nbsp;122204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corporation | &nbsp;&nbsp;840 | &nbsp;&nbsp;120397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNX Resources Corporation <sup>(a)</sup> | &nbsp;&nbsp;6772 | &nbsp;&nbsp;113296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riley Exploration Permian, Inc. | &nbsp;&nbsp;13023 | &nbsp;&nbsp;432233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy Company | &nbsp;&nbsp;3420 | &nbsp;&nbsp;112415 |
|  |  | &nbsp;&nbsp;1022142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ChampionX Corporation | &nbsp;&nbsp;17924 | &nbsp;&nbsp;591850 |
| **Financials - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OmniAb, Inc. <sup>(a)</sup> | &nbsp;&nbsp;870 | &nbsp;&nbsp;3602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OmniAb, Inc. <sup>(a)</sup> | &nbsp;&nbsp;870 | &nbsp;&nbsp;3602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc. - Class A | &nbsp;&nbsp;3851 | &nbsp;&nbsp;114144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | &nbsp;&nbsp;530 | &nbsp;&nbsp;113886 |
|  |  | &nbsp;&nbsp;235234 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD SMALLCAP GROWTH FUND** | **WESTWOOD SMALLCAP GROWTH FUND** | **WESTWOOD SMALLCAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.7% (Continued)** | **Shares** | **Value** |
| **Financials - 3.0% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | &nbsp;&nbsp;3940 | &nbsp;&nbsp;$110911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West BanCorp, Inc. <sup>(a)</sup> | &nbsp;&nbsp;11901 | &nbsp;&nbsp;260632 |
|  |  | &nbsp;&nbsp;371543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors Title Company | &nbsp;&nbsp;731 | &nbsp;&nbsp;118422 |
| **Health Care - 19.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbCellera Biologics, Inc. <sup>(a)</sup> | &nbsp;&nbsp;11177 | &nbsp;&nbsp;117694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. <sup>(a)</sup> | &nbsp;&nbsp;23955 | &nbsp;&nbsp;469758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2171 | &nbsp;&nbsp;115888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc. <sup>(a)</sup> | &nbsp;&nbsp;6482 | &nbsp;&nbsp;451795 |
|  |  | &nbsp;&nbsp;1155135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 6.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agiliti, Inc. <sup>(a)</sup> | &nbsp;&nbsp;29398 | &nbsp;&nbsp;542393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | &nbsp;&nbsp;1161 | &nbsp;&nbsp;108263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patterson Companies, Inc. | &nbsp;&nbsp;3989 | &nbsp;&nbsp;120428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progyny, Inc. <sup>(a)</sup> | &nbsp;&nbsp;15073 | &nbsp;&nbsp;518360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RadNet, Inc. <sup>(a)</sup> | &nbsp;&nbsp;5798 | &nbsp;&nbsp;122048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Medical Holdings Corporation | &nbsp;&nbsp;4036 | &nbsp;&nbsp;117327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | &nbsp;&nbsp;1281 | &nbsp;&nbsp;127011 |
|  |  | &nbsp;&nbsp;1655830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 7.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atrion Corporation | &nbsp;&nbsp;182 | &nbsp;&nbsp;125089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CareDx, Inc. <sup>(a)</sup> | &nbsp;&nbsp;30356 | &nbsp;&nbsp;453519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iRadimed Corporation | &nbsp;&nbsp;15002 | &nbsp;&nbsp;561075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | &nbsp;&nbsp;2467 | &nbsp;&nbsp;116393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nano-X Imaging Ltd. <sup>(a)</sup> | &nbsp;&nbsp;12938 | &nbsp;&nbsp;119288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NuVasive, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2581 | &nbsp;&nbsp;117694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanterix Corporation <sup>(a)</sup> | &nbsp;&nbsp;8711 | &nbsp;&nbsp;123086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah Medical Products, Inc. | &nbsp;&nbsp;1247 | &nbsp;&nbsp;114886 |
|  |  | &nbsp;&nbsp;1731030 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD SMALLCAP GROWTH FUND** | **WESTWOOD SMALLCAP GROWTH FUND** | **WESTWOOD SMALLCAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.7% (Continued)** | **Shares** | **Value** |
| **Industrials - 15.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc. - Class A | &nbsp;&nbsp;1237 | &nbsp;&nbsp;$117911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Commercial Support Services - 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brady Corporation - Class A | &nbsp;&nbsp;2269 | &nbsp;&nbsp;121323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRA International, Inc. | &nbsp;&nbsp;3850 | &nbsp;&nbsp;457534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc. | &nbsp;&nbsp;8433 | &nbsp;&nbsp;113593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;4579 | &nbsp;&nbsp;247220 |
|  |  | &nbsp;&nbsp;939670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;1673 | &nbsp;&nbsp;135664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSI Systems, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1565 | &nbsp;&nbsp;148221 |
|  |  | &nbsp;&nbsp;283885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Construction - 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;750 | &nbsp;&nbsp;111188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | &nbsp;&nbsp;4994 | &nbsp;&nbsp;549789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primoris Services Corporation | &nbsp;&nbsp;4614 | &nbsp;&nbsp;122732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>(a)</sup> | &nbsp;&nbsp;3423 | &nbsp;&nbsp;124563 |
|  |  | &nbsp;&nbsp;908272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Support Services - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Industrial Company | &nbsp;&nbsp;4455 | &nbsp;&nbsp;117122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | &nbsp;&nbsp;8230 | &nbsp;&nbsp;543180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kadant, Inc. | &nbsp;&nbsp;2560 | &nbsp;&nbsp;521651 |
|  |  | &nbsp;&nbsp;1064831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Logistics Holdings, Inc. | &nbsp;&nbsp;3187 | &nbsp;&nbsp;114477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | &nbsp;&nbsp;2607 | &nbsp;&nbsp;122451 |
|  |  | &nbsp;&nbsp;236928 |
| **Materials - 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AdvanSix, Inc. | &nbsp;&nbsp;2650 | &nbsp;&nbsp;114586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stepan Company | &nbsp;&nbsp;1281 | &nbsp;&nbsp;140705 |
|  |  | &nbsp;&nbsp;255291 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD SMALLCAP GROWTH FUND** | **WESTWOOD SMALLCAP GROWTH FUND** | **WESTWOOD SMALLCAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.7% (Continued)** | **Shares** | **Value** |
| **Materials - 6.7% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction Materials - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing Company, Inc. | &nbsp;&nbsp;5429 | &nbsp;&nbsp;$581500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Containers & Packaging - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greif, Inc. - Class B | &nbsp;&nbsp;1393 | &nbsp;&nbsp;114783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaiser Aluminum Corporation | &nbsp;&nbsp;1286 | &nbsp;&nbsp;112551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Steel - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryerson Holding Corporation | &nbsp;&nbsp;13864 | &nbsp;&nbsp;529189 |
| **Real Estate - 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | &nbsp;&nbsp;4996 | &nbsp;&nbsp;497302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | &nbsp;&nbsp;11868 | &nbsp;&nbsp;508900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;4010 | &nbsp;&nbsp;115328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hannon Armstrong Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;13283 | &nbsp;&nbsp;490275 |
|  |  | &nbsp;&nbsp;1114503 |
| **Technology - 20.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 7.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Research, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;44903 | &nbsp;&nbsp;560838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FormFactor, Inc. <sup>(a)</sup> | &nbsp;&nbsp;20113 | &nbsp;&nbsp;565980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Photronics, Inc. <sup>(a)</sup> | &nbsp;&nbsp;7410 | &nbsp;&nbsp;134269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power Integrations, Inc. | &nbsp;&nbsp;4561 | &nbsp;&nbsp;392657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4151 | &nbsp;&nbsp;139681 |
|  |  | &nbsp;&nbsp;1793425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 8.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACI Worldwide, Inc. <sup>(a)</sup> | &nbsp;&nbsp;5004 | &nbsp;&nbsp;139762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Software, Inc. - Class A | &nbsp;&nbsp;3780 | &nbsp;&nbsp;57494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3.ai, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;11205 | &nbsp;&nbsp;222419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Turbine, Inc. <sup>(a)</sup> | &nbsp;&nbsp;30256 | &nbsp;&nbsp;525244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EngageSmart, Inc. <sup>(a)</sup> | &nbsp;&nbsp;26140 | &nbsp;&nbsp;514958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextGen Healthcare, Inc. <sup>(a)</sup> | &nbsp;&nbsp;15958 | &nbsp;&nbsp;303521 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD SMALLCAP GROWTH FUND** | **WESTWOOD SMALLCAP GROWTH FUND** | **WESTWOOD SMALLCAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.7% (Continued)** | **Shares** | **Value** |
| **Technology - 20.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 8.5% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progress Software Corporation | &nbsp;&nbsp;2524 | &nbsp;&nbsp;$133873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sapiens International Corporation N.V. | &nbsp;&nbsp;6387 | &nbsp;&nbsp;144729 |
|  |  | &nbsp;&nbsp;2042000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cass Information Systems, Inc. | &nbsp;&nbsp;2764 | &nbsp;&nbsp;134220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVERTEC, Inc. | &nbsp;&nbsp;14883 | &nbsp;&nbsp;549778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1221 | &nbsp;&nbsp;137631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximus, Inc. | &nbsp;&nbsp;1834 | &nbsp;&nbsp;137275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TTEC Holdings, Inc. | &nbsp;&nbsp;2819 | &nbsp;&nbsp;143318 |
|  |  | &nbsp;&nbsp;1102222 |
| **Utilities - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otter Tail Corporation | &nbsp;&nbsp;1808 | &nbsp;&nbsp;115983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gas & Water Utilities - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Utilities Corporation | &nbsp;&nbsp;3227 | &nbsp;&nbsp;406860 |
| **Total Common Stocks** (Cost $21,706,971) | **Total Common Stocks** (Cost $21,706,971) | &nbsp;&nbsp;$23406593 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD SMALLCAP GROWTH FUND** | **WESTWOOD SMALLCAP GROWTH FUND** | **WESTWOOD SMALLCAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 2.3%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.24% <sup>(b)</sup> <br> (Cost $543,529) | &nbsp;&nbsp;543529 | &nbsp;&nbsp;$543529 |
| **Investments at Value - 100.0%** (Cost $22,250,500) | **Investments at Value - 100.0%** (Cost $22,250,500) | &nbsp;&nbsp;$23950122 |
| **Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup>** | **Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup>** | &nbsp;&nbsp;8944 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$23959066 |

---

N.V. - Naamloze Vennootschap <br>

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

<sup>(b)</sup> The rate shown is the 7-day effective yield as of January 31, 2023.

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

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

- **b. EDGAR series identifier (if any):** S000072841

- **c. LEI of Series:** 549300SJOJ6MJI123D95

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $647247533.03

**Total Liabilities:** $890088.03

**Net Assets:** $646357445.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 52.72936700 | **1-Year:** 10772.38688400 | **5-Year:** 36053.49597200 | **10-Year:** 65682.71414300 | **30-Year:** 41919.94856100

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

- **3-Month:** 0.00000000 | **1-Year:** 1374.92122700 | **5-Year:** 7910.69414500 | **10-Year:** 4585.31914200 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229472 | 4.94%                | -1.90%               | 4.47%                |
| Class ID C000229473 | 5.00%                | -1.75%               | 4.53%                |
| Class ID C000229474 | 1.93%                | -4.72%               | 1.44%                |
| Class ID C000240107 | 0.00%                | -1.74%               | 4.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2019521.43             | $31871944.00                               |
| Month 2  | $275548.62               | $-13838637.96                              |
| Month 3  | $-3967594.16             | $30946756.55                               |

### Schedule of Portfolio Investments

| Name                                                                                 | Title                                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DISH DBS Corporation                                                                 | DISH DBS CORP. 5.875%, DUE 11/15/24                                  | CUSIP: 25470XAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4300000 | PA      | $4058125.00   | 0.63%             | 2024-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                         | UBS Group AG Floating Rate, Due 08/10/2027                           | CUSIP: 902613AH1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   7975000 | PA      | $7013258.22   | 1.09%             | 2027-08-10      | Fixed         | 1.49%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bills                                                         | U.S. Treasury Bill 0.000%, Due 04/27/2023                            | CUSIP: 912796YV5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6545000 | PA      | $6475302.30   | 1.00%             | 2023-04-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | Pacific Gas and Electric Company 4.950%, Due 07/01/2050              | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   4895000 | PA      | $4063309.98   | 0.63%             | 2050-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Snap Inc                                                                             | Snap 0.125%, DUE 03/01/2028                                          | CUSIP: 83304AAG1<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   3439000 | PA      | $2477799.50   | 0.38%             | 2028-03-01      | Fixed         | 0.12%                 | Yes           |                  2 | On Loan: No      |
| Fresenius Medical Care US Finance III Inc                                            | Fresenius Medical Care US Finance III Inc 3.000%, Due 12/01/31       | CUSIP: 35805BAE8<br>LEI: 5493008GJ5TVVTY4UM62 | Long             | DBT              | CORP              | US        |   4125000 | PA      | $3229418.82   | 0.50%             | 2031-12-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note/Bond 2.625%, Due 05/31/2027              | CUSIP: 91282CET4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4783203.10   | 0.74%             | 2027-05-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| 2020 Cash Mandatory Exchangeable Trust                                               | 2020 Cash Mandatory Exchangeable Trust 5.24% Preferred               | CUSIP: 901375105<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      6575 | NS      | $7930370.50   | 1.23%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Apple Inc.                                                                           | Apple, Inc.                                                          | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     78562 | NS      | $11335710.98  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                                                                  | Comcast Corporation 0.250%, Due 05/20/2027                           | CUSIP: 20030NDB4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2850531.58   | 0.44%             | 2027-05-20      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Toll Brothers, Inc.                                                                  | Toll Brothers, Inc.                                                  | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     83402 | NS      | $4961584.98   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Protective Life Global Funding                                                       | PROTECTIVE LIFE GLOBAL FUNDING 5.366% Due 01/06/2026                 | CUSIP: 74368CBQ6<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |   3735000 | PA      | $3799658.12   | 0.59%             | 2026-01-06      | Fixed         | 5.37%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | Nextera Energy Capital Holding, Inc. 2.44%, DUE 01/15/2032           | CUSIP: 65339KBZ2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1313000 | PA      | $1093539.91   | 0.17%             | 2032-01-15      | Fixed         | 2.44%                 | No            |                  2 | On Loan: No      |
| Autonation Inc.  (Florida)                                                           | AutoNation, Inc. 3.85%, Due 03/01/2032                               | CUSIP: 05329RAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3280000 | PA      | $2777052.97   | 0.43%             | 2032-03-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note/Bond 1.875%, Due 11/15/2051              | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6753000 | PA      | $4595469.24   | 0.71%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corporation                                          | International Business Machines Corporation                          | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     37583 | NS      | $5063557.59   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                                                                | Lowe's Cos., Inc. 4.65%, Due 04/15/2042                              | CUSIP: 548661EM5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   2555000 | PA      | $2621566.39   | 0.41%             | 2053-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Viterra Finance B.V.                                                                 | Viterra Finance, BV 2.000%, Due 04/21/2026                           | CUSIP: 92852LAA7<br>LEI: 213800HBZGEIZLKJBI17 | Long             | DBT              | CORP              | NL        |   4528000 | PA      | $3986040.01   | 0.62%             | 2026-04-21      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| American Tower Corporation                                                           | American Tower Corp 2.95%, Due 01/15/2051                            | CUSIP: 03027XBK5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   2070000 | PA      | $1352005.00   | 0.21%             | 2051-01-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Jabil Inc                                                                            | Jabil, Inc. 1.700%, Due 04/15/2026                                   | CUSIP: 466313AL7<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |   2909000 | PA      | $2623049.37   | 0.41%             | 2026-04-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                               | Diamondback Energy Inc 6.250%, Due 03/15/33                          | CUSIP: 25278XAV1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |   1955000 | PA      | $2075826.33   | 0.32%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                       | Mexico Government International Bond 6.350%, Due 02/09/35            | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    385000 | PA      | $408664.15    | 0.06%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Aercap Ireland Capital DAC                                                           | AerCap Ireland Capital DAC /  AerCap Global Aviation Trust           | CUSIP: 00774MAX3<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | US        |   3939000 | PA      | $3301176.01   | 0.51%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note/Bond 3.000%, Due 8/15/2052               | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15433000 | PA      | $13549691.72  | 2.10%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Flex Ltd.                                                                            | Flex Ltd 6.000%, Due 01/15/28                                        | CUSIP: 33938XAE5<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |   4735000 | PA      | $4910820.73   | 0.76%             | 2028-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corporation                                                                   | Oracle Corporation 6.250%, Due 11/09/2032                            | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   3720000 | PA      | $4042393.50   | 0.63%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Exact Sciences Corporation                                                           | Exact Sciences Corporation 0.375%, Due 03/15/2027                    | CUSIP: 30063PAB1<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |   6523000 | PA      | $6147927.50   | 0.95%             | 2027-03-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| ASML Holding N.V.                                                                    | ASML Holding N.V. - NY Registry Shares                               | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      7073 | NS      | $4674121.32   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation                                                          | Bank of America Corporation                                          | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    164731 | NS      | $5844655.88   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust                                                | JPMorgan Nasdaq Equity Premium Income ETF                            | CUSIP: 46654Q203<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |    146215 | NS      | $6338420.25   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                                                                         | Barclays PLC 7.437%, Due 11/02/33                                    | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   5320000 | PA      | $5979233.39   | 0.93%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| EOG Resources, Inc.                                                                  | EOG Resources, Inc.                                                  | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     23772 | NS      | $3143847.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Tibco Software Inc                                                                   | Picard Midco, Inc. 6.500%, Due 03/31/29                              | CUSIP: 88632QAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3675000 | PA      | $3225324.57   | 0.50%             | 2029-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | Energy Transfer, L.P.                                                | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |    785247 | NS      | $10428080.16  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc.                                                                 | Thor Industries, Inc. 4.000%, Due 10/15/2029                         | CUSIP: 885160AA9<br>LEI: 254900XZO1228PDSG060 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1105921.60   | 0.17%             | 2029-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Kyndryl Holdings Inc                                                                 | Kyndryl Holdings, Inc. 2.050%, Due 10/15/2026                        | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |   2124000 | PA      | $1821166.62   | 0.28%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| SEI Daily Income T                                                                   | Sei Daily Income Trust - Government Fund                             | CUSIP: 783965593<br>LEI: LTKY0J47NCTZPKTU4C46 | Long             | STIV             | RF                | US        |   4720439 | PA      | $4720438.57   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corporation                                                        | Boston Scientific Corpoaration 5.5% Preferred                        | CUSIP: 101137206<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EP               | CORP              | US        |     82775 | NS      | $9447110.75   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Magallanes Inc.                                                                      | Magallanes Inc. 3.428%, Due 03/15/2024                               | CUSIP: 55903VAJ2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   2630000 | PA      | $2408765.35   | 0.37%             | 2029-03-15      | Fixed         | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Magallanes Inc.                                                                      | Magellanes Inc. 4.279% Due 03/15/2032                                | CUSIP: 55903VAL7<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   4568000 | PA      | $4049172.68   | 0.63%             | 2032-03-15      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| Walmart Inc                                                                          | Walmart, Inc.                                                        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     35968 | NS      | $5174716.16   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | Charter Communications Operating LLC 3.500%, Due 03/01/2042          | CUSIP: 161175CE2<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |   6705000 | PA      | $4627207.73   | 0.72%             | 2042-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                                   | Vodafone Group plc 4.875%, due 06/19/2049                            | CUSIP: 92857WBS8<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | US        |   2877000 | PA      | $2579474.64   | 0.40%             | 2049-06-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                         | Honeywell International, Inc.                                        | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     27460 | NS      | $5724860.80   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Company                                                               | DXC Technology Company 1.800%, Due 09/15/2026                        | CUSIP: 23355LAL0<br>LEI: 549300DOVZ3EDJB7O259 | Long             | DBT              | CORP              | US        |   4104000 | PA      | $3624389.20   | 0.56%             | 2026-09-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPMorgan Chase & Co Floating rate, Due 12/31/2049                    | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   6940000 | PA      | $6277924.00   | 0.97%             | 2049-12-31      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                                               | Credit Suisse Group AG Floating Rate, Due 08/12/33                   | CUSIP: 225401AZ1<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | US        |   4418000 | PA      | $4223928.35   | 0.65%             | 2033-08-12      | Fixed         | 6.54%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note/Bond 2.250%, Due 02/15/2052              | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11108000 | PA      | $8278063.49   | 1.28%             | 2052-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corporation                                                            | Regal Rexnord Corp 6.300%, Due 02/15/30                              | CUSIP: 758750AE3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   3050000 | PA      | $3103341.85   | 0.48%             | 2030-02-15      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Activision Blizzard Inc                                                              | Activision Blizzard, Inc.                                            | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |    107227 | NS      | $8210371.39   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico (United Mexican States)                                                       | Mexico Government International Bond 3.771%, Due 05/24/2061          | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    835000 | PA      | $564652.05    | 0.09%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA, Inc. 4.625%, Due 03/15/2052                                     | CUSIP: 404119CG2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   5571000 | PA      | $4659277.44   | 0.72%             | 2052-03-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Medtronic PLC                                                                        | Medtronic plc                                                        | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | US        |     47633 | NS      | $3986405.77   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Health Systems Incorporated                                                | CHS/Community Health Systems, Inc. 5.250%, Due 05/15/2030            | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   5575000 | PA      | $4498579.00   | 0.70%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Aercap Ireland Capital DAC                                                           | Aercap Ireland Capital Ltd. 6.500%, Due 07/15/2020                   | CUSIP: 00774MAN5<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | US        |   1184000 | PA      | $1205065.28   | 0.19%             | 2025-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| 7-Eleven Inc.                                                                        | 7-Eleven, Inc. 0.950%, Due 02/10/2026                                | CUSIP: 817826AC4<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |   2170000 | PA      | $1937001.20   | 0.30%             | 2026-02-10      | Fixed         | 0.95%                 | Yes           |                  2 | On Loan: No      |
| Discover Financial Services                                                          | Discover Financial Services 6.700%, Due 11/29/32                     | CUSIP: 254709AS7<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | DBT              | CORP              | US        |   2115000 | PA      | $2252242.35   | 0.35%             | 2032-11-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Saudi Arabia (Kingdom of)                                                            | Saudi Government International Bond 2.250%, Due 02/02/2033           | CUSIP: 80413TAV1<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |   5835000 | PA      | $4772796.60   | 0.74%             | 2033-02-02      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Hercules Capital Inc                                                                 | Hercules Capital, Inc. 2.625%, Due 09/16/2026                        | CUSIP: 427096AH5<br>LEI: 549300UJ5OC256GR2B73 | Long             | DBT              | CORP              | US        |   3959000 | PA      | $3438244.98   | 0.53%             | 2026-09-16      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note/Bond 2.500%, Due 03/31/2027              | CUSIP: 91282CEF4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9735000 | PA      | $9273728.34   | 1.43%             | 2027-03-31      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                       | Mexico Government International Bond 3.50%, Due 02/12/2034           | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1018000 | PA      | $855343.55    | 0.13%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                | Royal Caribbean Cruises Ltd. 9.250%, Due 01/15/2029                  | CUSIP: 780153BR2<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   3540000 | PA      | $3734239.80   | 0.58%             | 2029-01-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                | Westpac Banking Corporation 3.133%, Due 11/18/2041                   | CUSIP: 961214EY5<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   6479000 | PA      | $4612562.33   | 0.71%             | 2041-11-18      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Baker Hughes Company                                                                 | Baker Hughes, a GE Company                                           | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    137400 | NS      | $4361076.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co.                                                                         | Moelis & Company                                                     | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |     87038 | NS      | $4069026.50   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| The Progressive Corporation                                                          | Progressive Corporation (The)                                        | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     34614 | NS      | $4719618.90   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                                       | BNP Paribas S.A. Floating Rate, Due 02/25/2031                       | CUSIP: 05565ASK0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   4146000 | PA      | $3391460.17   | 0.52%             | N/A             | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | Goldman Sachs Group, Inc. (The) Floating Rate, Due 03/15/2028        | CUSIP: 38141GZR8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   4234000 | PA      | $4025946.57   | 0.62%             | 2028-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Becton, Dickinson and Company                                                        | Becton, Dickinson and Company                                        | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     15406 | NS      | $3885701.32   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Vici Properties Inc                                                                  | Vici Properties, Inc                                                 | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     85701 | NS      | $2929260.18   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Aercap Ireland Capital DAC                                                           | AerCap Ireland Capital DAC /  AerCap Global Aviation Trust           | CUSIP: 00774MAZ8<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   3927000 | PA      | $3050567.51   | 0.47%             | 2041-10-29      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                                                              | Indonesia Government International Bond 4.550%, Due 01/11/28         | CUSIP: 455780DQ6<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    250000 | PA      | $249895.19    | 0.04%             | 2028-01-11      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Unum Group                                                                           | Unum Group 4.125%, Due 06/15/2051                                    | CUSIP: 91529YAR7<br>LEI: 549300E32YFDO6TZ8R31 | Long             | DBT              | CORP              | US        |   3257000 | PA      | $2434461.00   | 0.38%             | 2051-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Blackstone Inc                                                                       | Blackstone Group, L.P. (The)                                         | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     43955 | NS      | $4217921.80   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell International L.L.C. and EMC Corporation                                        | Dell International, LLC / EMC Corporation 8.350%, Due 07/15/2046     | CUSIP: 24703TAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3980000 | PA      | $4788242.40   | 0.74%             | 2046-07-15      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | Charles Schwab Corporation (The)                                     | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     77301 | NS      | $5984643.42   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Smithfield Foods, Inc.                                                               | Smithfield Foods, Inc. 3.000%, Due 10/15/2030                        | CUSIP: 832248BC1<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |   2799000 | PA      | $2202124.59   | 0.34%             | 2030-10-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| American Electric Power Inc                                                          | American Electric Power Company, Inc. 6.125% Preferred               | CUSIP: 02557T307<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    146780 | NS      | $7551831.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corporation                                                                | Flowserve Corporation 3.500%, Due 10/01/2030                         | CUSIP: 34354PAF2<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |   1867000 | PA      | $1624924.78   | 0.25%             | 2030-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                                                          | Bank of America Corp 3.311%, Due 04/22/2042                          | CUSIP: 06051GJW0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   8650000 | PA      | $6934851.96   | 1.07%             | 2042-04-22      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                         | Bristol-Myers Squibb Company                                         | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    140189 | NS      | $10184730.85  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Chile (Republic of)                                                                  | Republic of Chile 4.340%, Due 03/07/2042                             | CUSIP: 168863DY1<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | US        |    270000 | PA      | $238964.04    | 0.04%             | 2042-03-07      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPMorgan Chase & Company                                             | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     70267 | NS      | $9834569.32   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                                                                        | US Bancorp Floating Rate, Due 12/31/2049                             | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   3675000 | PA      | $3211031.25   | 0.50%             | 2049-12-31      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Lincoln National Corporation                                                         | Lincoln National Corporation Floating rate, Due 12/31/2049           | CUSIP: 534187BR9<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |   2065000 | PA      | $2281825.00   | 0.35%             | 2049-12-31      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corporation                                                    | Capital One Financial Corporation Floating Rate, Due 07/29/2032      | CUSIP: 14040HCG8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   4520000 | PA      | $3418605.90   | 0.53%             | 2032-07-29      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                                                                | Nomura Holdings, Inc. 2.679%, Due 07/16/2030                         | CUSIP: 65535HAS8<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |   2331000 | PA      | $1933989.79   | 0.30%             | 2030-07-16      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| Ross Stores Inc                                                                      | Ross Stores, Inc. 4.600%, Due 04/15/2025                             | CUSIP: 778296AB9<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |   6085000 | PA      | $6061288.03   | 0.94%             | 2025-04-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Compass Group Diversified Holdings LLC                                               | Compass Group Diversified Holdings 5.250%, Due 04/15/2029            | CUSIP: 20451RAB8<br>LEI: 549300I6PTUQPX21TE93 | Long             | DBT              | CORP              | US        |   5893000 | PA      | $5302403.54   | 0.82%             | 2029-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| VMware Inc                                                                           | Vmware, Inc. 4.70%, Due 05/15/2030                                   | CUSIP: 928563AF2<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |   2911000 | PA      | $2816291.58   | 0.44%             | 2030-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Vornado Realty Lp                                                                    | Vornado Realty, L.P. 3.400%, Due 06/01/2031                          | CUSIP: 929043AL1<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              | CORP              | US        |   1757000 | PA      | $1343253.72   | 0.21%             | 2031-06-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Chile (Republic of)                                                                  | Chile Government International Bond 2.750%, Due 01/31/2027           | CUSIP: 168863DX3<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    266000 | PA      | $248888.58    | 0.04%             | 2027-01-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Piedmont Natural Gas Company, Inc.                                                   | Piedmont Natural Gas Company, Inc. 5.050%, Due 05/15/2052            | CUSIP: 720186AP0<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |   4166000 | PA      | $4004467.10   | 0.62%             | 2052-05-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Sabra Health Care Ltd Partnership / Sabra Capital Corp                               | Sabra Health Care, L.P. 3.200%, Due 12/01/2031                       | CUSIP: 78574MAA1<br>LEI: 549300OVKLRFSIQG0H81 | Long             | DBT              | CORP              | US        |   3313000 | PA      | $2542952.35   | 0.39%             | 2031-12-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc.                                                            | Corebridge Financial, Inc. 3.500%, Due 10/04/2022                    | CUSIP: 21871XAA7<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   2259000 | PA      | $2182183.56   | 0.34%             | 2025-04-04      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Gilead Sciences, Inc.                                                                | Gilead Sciences, Inc.                                                | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     72997 | NS      | $6127368.18   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Panama (Republic of)                                                                 | Panama Government International Bond 3.870%, Due 07/23/2060          | CUSIP: 698299BL7<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    508000 | PA      | $339573.51    | 0.05%             | 2060-07-23      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| Global X Fds                                                                         | Global X NASD 100 Cov. Call                                          | CUSIP: 37954Y483<br>LEI: 5493003RA4QUTSYF1N15 | Long             | EC               | RF                | US        |    338438 | NS      | $5712833.44   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Viterra Finance B.V.                                                                 | Viterra Finance BV 4.900%, Due 04/21/2027                            | CUSIP: 92852LAC3<br>LEI: 213800HBZGEIZLKJBI17 | Long             | DBT              | CORP              | NL        |   1869000 | PA      | $1794000.77   | 0.28%             | 2027-04-21      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Aircastle Limited                                                                    | Aircastle Ltd. 5.25% Due 08/11/2025                                  | CUSIP: 00928QAT8<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | US        |   4209000 | PA      | $4111571.84   | 0.64%             | 2025-08-11      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Barrick Gold Corporation                                                             | Barrick Gold Corporation                                             | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    356034 | NS      | $6960464.70   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                                                             | Simon Property Group, Inc. REIT                                      | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     33716 | NS      | $4331157.36   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                                                                      | Deere & Company                                                      | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     10827 | NS      | $4578088.68   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico (United Mexican States)                                                       | Mexico Government International Bond 4.875%, Due 05/19/2033          | CUSIP: 91087BAT7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    482000 | PA      | $462665.99    | 0.07%             | 2033-05-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corporation                                                                | Whirlpool Corporation 4.75%, Due 02/26/2029                          | CUSIP: 963320AW6<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |   3540000 | PA      | $3507451.51   | 0.54%             | 2029-02-26      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Company                                                                | Wells Fargo & Company Floating Rate, Perpetual Maturity              | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   6699000 | PA      | $6175640.63   | 0.96%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Annaly Capital Management, Inc.                                                      | Annaly Capital Management, Inc.                                      | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |    198517 | NS      | $4659193.99   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note/Bond 4.125%, Due 09/30/2027              | CUSIP: 91282CFM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2037265.62   | 0.32%             | 2027-09-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley Floating Rate, Due 07/20/2027                         | CUSIP: 61747YEC5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   6715000 | PA      | $5983488.18   | 0.93%             | 2027-07-20      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note/Bond 2.875%, Due 06/15/2025              | CUSIP: 91282CEU1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $6812695.33   | 1.05%             | 2025-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Sempra Infrastructure Partners LP                                                    | Sempra Intrastructure 3.25%, Due 01/15/2032                          | CUSIP: 81685VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5198000 | PA      | $4317396.84   | 0.67%             | 2032-01-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                                                | Freeport-McMoRan, Inc.                                               | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    146120 | NS      | $6519874.40   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corporation                                                             | Kimco Realty Corporation 4.600%, Due 02/01/2033                      | CUSIP: 49446RBA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4600000 | PA      | $4434428.47   | 0.69%             | 2033-02-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                                                 | Mitsubishi UFJ Financial Group, Inc. Floating Rate, Due 07/19/2025   | CUSIP: 606822BW3<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |   5075000 | PA      | $4755063.17   | 0.74%             | 2025-07-19      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Bausch Health Companies Inc                                                          | Bausch Health Companies, Inc. 6.125%, Due 02/01/2027                 | CUSIP: 071734AP2<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   4177000 | PA      | $2895245.78   | 0.45%             | 2027-02-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPMorgan Chase & Company 1.561%, Due 12/10/2025                      | CUSIP: 46647PCT1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3170000 | PA      | $2968093.13   | 0.46%             | 2025-12-10      | Fixed         | 1.56%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                                  | Petroleo Mexicanos 6.70%, DUE 02/16/2032                             | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | US        |   6515000 | PA      | $5398206.71   | 0.84%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                               | Micro Technology, Inc. 2.703%, due 04/15/2032                        | CUSIP: 595112BS1<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    188000 | PA      | $149760.93    | 0.02%             | 2032-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| The AES Corporation                                                                  | AES Corporation 6.875%, due 2/15/2024                                | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |     60310 | NS      | $6021350.40   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BAT Capital Corp 7.75%, Due 10/19/2032                               | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   3576000 | PA      | $3977321.18   | 0.62%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NXP B V / NXP Funding LLC & NXP USA Inc                                              | NXP USA, Inc. 5.000%, Due 01/15/2033                                 | CUSIP: 62954HBB3<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | US        |   4350000 | PA      | $4253477.63   | 0.66%             | 2033-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                                                      | Live Nation Entertainment Inc 3.125%, Due 01/15/29                   | CUSIP: 538034AZ2<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   2175000 | PA      | $2332687.50   | 0.36%             | 2029-01-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| AT&T Inc                                                                             | AT&T, Inc.                                                           | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    244764 | NS      | $4985842.68   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc                                                                       | Home Depot, Inc. (The)                                               | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     22525 | NS      | $7301929.25   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group, L.P.                                                           | Simon Property Group LP 2.65%, Due 02/01/2032                        | CUSIP: 828807DT1<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |   4104000 | PA      | $3456713.30   | 0.53%             | 2032-02-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Atlantica Sustainable Infrastructure PLC                                             | Atlantica Sustainable Infrastructure plc                             | CUSIP: G0751N103<br>LEI: 549300ITBBGKJ651R879 | Long             | EC               | CORP              | US        |     87181 | NS      | $2390503.02   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corporation                                                         | Truist Financial Corporation Floating Rate, Perpetual Maturity       | CUSIP: 89832QAB5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   5483000 | PA      | $5530976.25   | 0.86%             | 2049-12-31      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| Vector Group Ltd                                                                     | Vector Group 5.75%, Due 02/01/2029                                   | CUSIP: 92240MBL1<br>LEI: 549300TUIF4WWN6NDN50 | Long             | DBT              | CORP              | US        |   3727000 | PA      | $3214547.97   | 0.50%             | 2029-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Apollo Management Holdings, L.P.                                                     | Apollo Management Holdings, L.P. 4.872%, Due 02/15/2029              | CUSIP: 03765HAD3<br>LEI: 5493006XQW0V5K38YM64 | Long             | DBT              | CORP              | US        |   4325000 | PA      | $4162009.91   | 0.64%             | 2029-02-15      | Fixed         | 4.87%                 | Yes           |                  2 | On Loan: No      |
| The Estee Lauder Companies Inc.                                                      | Estee Lauder Companies, Inc. (The) Class A                           | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |     17257 | NS      | $4781569.56   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Incorporated                                                    | Microchip Technology, Inc. 2.670%, Due 09/01/2023                    | CUSIP: 595017AZ7<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |   1266000 | PA      | $1247971.70   | 0.19%             | 2023-09-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | Amgen, Inc.                                                          | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     26003 | NS      | $6563157.20   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | U.S. Treasury Notes 3.250%, due 06/30/2027                           | CUSIP: 91282CEW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2943984.36   | 0.46%             | 2027-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | U.S. Treasury Notes 1.625%, due 08/15/2029                           | CUSIP: 912828YB0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    576000 | PA      | $511942.50    | 0.08%             | 2029-08-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corporation                               | MPT Operating Partnership, L.P. 4.625%, Due 08/01/2029               | CUSIP: 55342UAJ3<br>LEI: 254900U6E39J1MQCCY14 | Long             | DBT              | CORP              | US        |   1540000 | PA      | $1197350.00   | 0.19%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                                    | NatWest Group PLC 5.516%, Due 09/30/2028                             | CUSIP: 639057AF5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   5300000 | PA      | $5391167.31   | 0.83%             | 2028-09-30      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc                                                                  | Delta Air Lines, Inc. 7.375%, Due 01/15/2026                         | CUSIP: 247361ZZ4<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    557000 | PA      | $579400.30    | 0.09%             | 2026-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | U.S. Treasury Notes 4.125, Due 11/15/2032                            | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1679000 | PA      | $1761375.94   | 0.27%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                                                         | National Australia Bank Ltd 6.429%, Due 01/12/33                     | CUSIP: 632525BC4<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |   2870000 | PA      | $2975781.63   | 0.46%             | 2033-01-12      | Fixed         | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Equitable Financial Life Global Funding                                              | Equitable Financial Life 1.80%, Due 03/08/2028                       | CUSIP: 29449WAF4<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |   3964000 | PA      | $3397478.12   | 0.53%             | 2028-03-08      | Fixed         | 1.80%                 | Yes           |                  2 | On Loan: No      |
| Newmont Corporation                                                                  | Newmont Corporation                                                  | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     60128 | NS      | $3182575.04   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corporation                                                                | Brunswick Corporation/DE 2.400%, Due 08/18/2031                      | CUSIP: 117043AT6<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | DBT              | CORP              | US        |   4145000 | PA      | $3130631.50   | 0.48%             | 2031-08-18      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                                                  | Ally Financial, Inc. 1.450%, Due 10/02/2023                          | CUSIP: 02005NBL3<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    382000 | PA      | $372791.73    | 0.06%             | 2023-10-02      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Akamai Technologies, Inc.                                                            | Akamai Technologies, Inc. 0.125%, Due 05/01/2025                     | CUSIP: 00971TAJ0<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | DBT              | CORP              | US        |   5733000 | PA      | $6142909.50   | 0.95%             | 2025-05-01      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | Royal Bank of Canada 6.000%, Due 11/01/27                            | CUSIP: 78016FZU1<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2170000 | PA      | $2286656.18   | 0.35%             | 2027-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Colonial Pipeline Company                                                            | Colonial Pipeline Company 3.750%, Due 10/01/25                       | CUSIP: 195869AP7<br>LEI: 549300Y8RLCD6IQXIT35 | Long             | DBT              | CORP              | US        |   4560000 | PA      | $4416664.38   | 0.68%             | 2025-10-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | U.S. TREASURY BONDS 2.875%, DUE 05/15/2052                           | CUSIP: 912810TG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4055000 | PA      | $3467025.00   | 0.54%             | 2052-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Microsoft Corporation                                                                | Microsoft Corporation                                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     52643 | NS      | $13045461.83  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TransCanada Trust                                                                    | Transcanada Trust 5.600%, Due 03/07/2082                             | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |   2918000 | PA      | $2611610.00   | 0.40%             | 2082-03-07      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley Floating Rate, Due 04/20/2037                         | CUSIP: 61747YES0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   4138000 | PA      | $4003032.92   | 0.62%             | 2037-04-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                            | Union Pacific Corporation                                            | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     22511 | NS      | $4596521.09   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corporation                                                                   | Oracle Corporation 6.900%, Due 11/09/52                              | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   2075000 | PA      | $2384721.68   | 0.37%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                          | Lockheed Martin Corporation                                          | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      8347 | NS      | $3866831.22   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NGL Energy Operating LLC/ NGL Energy Finance Corp                                    | NGL Energy Operating, LLC / NGL Energy Finance Corporation           | CUSIP: 62922LAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3313000 | PA      | $3129070.52   | 0.48%             | 2026-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| America Movil S.A.B. de C.V.                                                         | America Movil SAB de CV 5.375%, Due 04/04/2032                       | CUSIP: 03217KAB4<br>LEI: 5493000FNR3UCEAONM59 | Long             | DBT              | CORP              | MX        |   3050000 | PA      | $2844125.00   | 0.44%             | 2032-04-04      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| PNC Financial Services Group Inc                                                     | The PNC Financial Services Group, Inc. Floating Rate, Due 12/31/2049 | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   4880000 | PA      | $4160200.00   | 0.64%             | 2049-12-31      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-23

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

**Signature:** Jennifer L. Leamer

**Name of Signer:** Jennifer L. Leamer

**Title:** Treasurer