WESTWOOD QUALITY VALUE FUND |
SCHEDULE OF INVESTMENTS |
January 31, 2024 (Unaudited) |
COMMON STOCKS - 97.9% | Shares | Value | ||||||
Communications - 2.1% | ||||||||
Internet Media & Services - 2.1% | ||||||||
Alphabet, Inc. - Class A (a) | 30,289 | $ | 4,243,489 | |||||
Consumer Discretionary - 6.2% | ||||||||
Leisure Facilities & Services - 3.1% | ||||||||
Darden Restaurants, Inc. | 12,622 | 2,052,085 | ||||||
Domino’s Pizza, Inc. | 10,046 | 4,281,806 | ||||||
6,333,891 | ||||||||
Retail - Discretionary - 3.1% | ||||||||
Home Depot, Inc. (The) | 11,537 | 4,072,099 | ||||||
O’Reilly Automotive, Inc. (a) | 2,098 | 2,146,359 | ||||||
6,218,458 | ||||||||
Consumer Staples - 8.6% | ||||||||
Beverages - 2.0% | ||||||||
PepsiCo, Inc. | 23,778 | 4,007,306 | ||||||
Food - 2.1% | ||||||||
Hershey Company (The) | 21,628 | 4,185,883 | ||||||
Household Products - 1.0% | ||||||||
Church & Dwight Company, Inc. | 21,329 | 2,129,701 | ||||||
Retail - Consumer Staples - 3.5% | ||||||||
Dollar General Corporation | 23,642 | 3,122,399 | ||||||
Walmart, Inc. | 24,297 | 4,015,079 | ||||||
7,137,478 | ||||||||
Energy - 7.8% | ||||||||
Oil & Gas Producers - 7.8% | ||||||||
Chevron Corporation | 27,605 | 4,069,805 | ||||||
ConocoPhillips | 31,979 | 3,577,491 | ||||||
EOG Resources, Inc. | 39,064 | 4,445,092 | ||||||
Exxon Mobil Corporation | 36,981 | 3,802,017 | ||||||
15,894,405 |
WESTWOOD QUALITY VALUE FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 97.9% (Continued) | Shares | Value | ||||||
Financials - 19.5% | ||||||||
Asset Management - 1.8% | ||||||||
Charles Schwab Corporation (The) | 59,755 | $ | 3,759,785 | |||||
Banking - 7.6% | ||||||||
Bank of America Corporation | 181,901 | 6,186,453 | ||||||
JPMorgan Chase & Company | 29,802 | 5,196,277 | ||||||
Wells Fargo & Company | 82,508 | 4,140,251 | ||||||
15,522,981 | ||||||||
Institutional Financial Services - 2.5% | ||||||||
Goldman Sachs Group, Inc. (The) | 13,211 | 5,073,156 | ||||||
Insurance - 7.6% | ||||||||
American International Group, Inc. | 75,189 | 5,226,387 | ||||||
Arthur J. Gallagher & Company | 17,980 | 4,174,237 | ||||||
Berkshire Hathaway, Inc. - Class B (a) | 10,127 | 3,886,135 | ||||||
Progressive Corporation (The) | 12,227 | 2,179,463 | ||||||
15,466,222 | ||||||||
Health Care - 15.5% | ||||||||
Biotech & Pharma - 3.4% | ||||||||
Johnson & Johnson | 43,195 | 6,863,685 | ||||||
Health Care Facilities & Services - 4.3% | ||||||||
CVS Health Corporation | 54,222 | 4,032,490 | ||||||
UnitedHealth Group, Inc. | 9,424 | 4,822,638 | ||||||
8,855,128 | ||||||||
Medical Equipment & Devices - 7.8% | ||||||||
Abbott Laboratories | 61,131 | 6,916,973 | ||||||
Becton, Dickinson & Company | 19,913 | 4,755,423 | ||||||
Danaher Corporation | 17,313 | 4,153,562 | ||||||
15,825,958 | ||||||||
Industrials - 10.7% | ||||||||
Commercial Support Services - 1.0% | ||||||||
Waste Management, Inc. | 11,252 | 2,088,709 |
WESTWOOD QUALITY VALUE FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 97.9% (Continued) | Shares | Value | ||||||
Industrials - 10.7% (Continued) | ||||||||
Diversified Industrials - 2.6% | ||||||||
Honeywell International, Inc. | 25,814 | $ | 5,221,140 | |||||
Electrical Equipment - 3.2% | ||||||||
Hubbell, Inc. | 13,299 | 4,462,745 | ||||||
Littelfuse, Inc. | 8,268 | 2,000,029 | ||||||
6,462,774 | ||||||||
Transportation & Logistics - 3.9% | ||||||||
FedEx Corporation | 16,130 | 3,892,008 | ||||||
Union Pacific Corporation | 16,754 | 4,086,803 | ||||||
7,978,811 | ||||||||
Real Estate - 5.2% | ||||||||
REITs - 5.2% | ||||||||
Prologis, Inc. | 22,775 | 2,885,365 | ||||||
Ventas, Inc. | 60,309 | 2,797,735 | ||||||
VICI Properties, Inc. | 160,470 | 4,833,356 | ||||||
10,516,456 | ||||||||
Technology - 16.5% | ||||||||
Semiconductors - 1.9% | ||||||||
Microchip Technology, Inc. | 44,486 | 3,789,318 | ||||||
Software - 5.4% | ||||||||
Microsoft Corporation | 16,550 | 6,579,949 | ||||||
Salesforce, Inc. (a) | 15,726 | 4,420,421 | ||||||
11,000,370 | ||||||||
Technology Hardware - 3.0% | ||||||||
Apple, Inc. | 21,746 | 4,009,962 | ||||||
Motorola Solutions, Inc. | 6,527 | 2,085,377 | ||||||
6,095,339 | ||||||||
Technology Services - 6.2% | ||||||||
Accenture plc - Class A | 11,878 | 4,322,167 | ||||||
CACI International, Inc. - Class A (a) | 11,856 | 4,075,263 | ||||||
Visa, Inc. - Class A | 15,740 | 4,301,112 | ||||||
12,698,542 |
WESTWOOD QUALITY VALUE FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 97.9% (Continued) | Shares | Value | ||||||
Utilities - 5.8% | ||||||||
Electric Utilities - 5.8% | ||||||||
DTE Energy Company | 38,902 | $ | 4,101,049 | |||||
NextEra Energy, Inc. | 66,329 | 3,888,869 | ||||||
WEC Energy Group, Inc. | 48,411 | 3,909,672 | ||||||
11,899,590 | ||||||||
Total Common Stocks (Cost $147,811,944) | $ | 199,268,575 | ||||||
MONEY MARKET FUNDS - 2.9% | Shares | Value | ||||||
First American Government Obligations Fund - Class U, 5.27% (b) (Cost $5,899,878) | 5,899,878 | $ | 5,899,878 | |||||
Investments at Value - 100.8% (Cost $153,711,822) | $ | 205,168,453 | ||||||
Liabilities in Excess of Other Assets - (0.8%) | (1,536,721 | ) | ||||||
Net Assets - 100.0% | $ | 203,631,732 |
plc - Public Limited Company
(a) | Non-income producing security. |
(b) | The rate shown is the 7-day effective yield as of January 31, 2024. |
WESTWOOD QUALITY MIDCAP FUND |
SCHEDULE OF INVESTMENTS |
January 31, 2024 (Unaudited) |
COMMON STOCKS - 98.8% | Shares | Value | ||||||
Consumer Discretionary - 10.9% | ||||||||
Home Construction - 3.6% | ||||||||
Masonite International Corporation (a) | 375 | $ | 34,519 | |||||
PulteGroup, Inc. | 251 | 26,244 | ||||||
60,763 | ||||||||
Leisure Facilities & Services - 1.6% | ||||||||
Texas Roadhouse, Inc. | 221 | 27,784 | ||||||
Retail - Discretionary - 5.7% | ||||||||
Academy Sports & Outdoors, Inc. | 261 | 16,373 | ||||||
Bath & Body Works, Inc. | 434 | 18,514 | ||||||
O’Reilly Automotive, Inc. (a) | 26 | 26,599 | ||||||
Ulta Beauty, Inc. (a) | 70 | 35,144 | ||||||
96,630 | ||||||||
Consumer Staples - 5.9% | ||||||||
Food - 2.0% | ||||||||
McCormick & Company, Inc. | 497 | 33,875 | ||||||
Household Products - 2.0% | ||||||||
Church & Dwight Company, Inc. | 347 | 34,648 | ||||||
Retail - Consumer Staples - 1.9% | ||||||||
BJ’s Wholesale Club Holdings, Inc. (a) | 499 | 32,106 | ||||||
Energy - 5.8% | ||||||||
Oil & Gas Producers - 5.8% | ||||||||
Chord Energy Corporation | 219 | 33,674 | ||||||
Diamondback Energy, Inc. | 307 | 47,198 | ||||||
SM Energy Company | 488 | 18,095 | ||||||
98,967 | ||||||||
Financials - 15.2% | ||||||||
Banking - 4.4% | ||||||||
Atlantic Union Bankshares Corporation | 720 | 24,595 | ||||||
Cullen/Frost Bankers, Inc. | 251 | 26,636 | ||||||
Glacier Bancorp, Inc. | 606 | 23,428 | ||||||
74,659 |
WESTWOOD QUALITY MIDCAP FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 98.8% (Continued) | Shares | Value | ||||||
Financials - 15.2% (Continued) | ||||||||
Institutional Financial Services - 3.2% | ||||||||
Intercontinental Exchange, Inc. | 215 | $ | 27,376 | |||||
Piper Sandler Companies | 159 | 27,585 | ||||||
54,961 | ||||||||
Insurance - 7.6% | ||||||||
American International Group, Inc. | 759 | 52,758 | ||||||
Arthur J. Gallagher & Company | 182 | 42,253 | ||||||
Everest Group Ltd. | 90 | 34,648 | ||||||
129,659 | ||||||||
Health Care - 7.2% | ||||||||
Health Care Facilities & Services - 1.0% | ||||||||
McKesson Corporation | 35 | 17,496 | ||||||
Medical Equipment & Devices - 6.2% | ||||||||
Avantor, Inc. (a) | 1,549 | 35,611 | ||||||
Cooper Companies, Inc. (The) | 89 | 33,200 | ||||||
Zimmer Biomet Holdings, Inc. | 291 | 36,550 | ||||||
105,361 | ||||||||
Industrials - 13.1% | ||||||||
Aerospace & Defense - 1.9% | ||||||||
Mercury Systems, Inc. (a) | 1,116 | 33,101 | ||||||
Electrical Equipment - 3.1% | ||||||||
Hubbell, Inc. | 83 | 27,852 | ||||||
Littelfuse, Inc. | 105 | 25,400 | ||||||
53,252 | ||||||||
Engineering & Construction - 1.5% | ||||||||
Jacobs Solutions, Inc. | 195 | 26,280 | ||||||
Industrial Intermediate Products - 1.6% | ||||||||
Timken Company (The) | 321 | 26,293 | ||||||
Machinery - 3.5% | ||||||||
AGCO Corporation | 271 | 33,151 | ||||||
Middleby Corporation (The) (a) | 183 | 25,816 | ||||||
58,967 |
WESTWOOD QUALITY MIDCAP FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 98.8% (Continued) | Shares | Value | ||||||
Industrials - 13.1% (Continued) | ||||||||
Transportation & Logistics - 1.5% | ||||||||
XPO, Inc. (a) | 301 | $ | 25,717 | |||||
Materials - 11.7% | ||||||||
Chemicals - 3.5% | ||||||||
Axalta Coating Systems Ltd. (a) | 1,046 | 33,911 | ||||||
CF Industries Holdings, Inc. | 340 | 25,674 | ||||||
59,585 | ||||||||
Construction Materials - 2.7% | ||||||||
Eagle Materials, Inc. | 88 | 19,913 | ||||||
Summit Materials, Inc. - Class A (a) | 734 | 26,556 | ||||||
46,469 | ||||||||
Containers & Packaging - 4.0% | ||||||||
Crown Holdings, Inc. | 373 | 33,010 | ||||||
WestRock Company | 858 | 34,543 | ||||||
67,553 | ||||||||
Forestry, Paper & Wood Products - 1.5% | ||||||||
Boise Cascade Company | 195 | 26,415 | ||||||
Real Estate - 10.5% | ||||||||
REITs - 10.5% | ||||||||
Americold Realty Trust, Inc. | 611 | 16,802 | ||||||
Federal Realty Investment Trust | 165 | 16,785 | ||||||
Realty Income Corporation | 604 | 32,852 | ||||||
Ventas, Inc. | 874 | 40,545 | ||||||
VICI Properties, Inc. | 1,257 | 37,861 | ||||||
Weyerhaeuser Company | 1,020 | 33,425 | ||||||
178,270 | ||||||||
Technology - 9.6% | ||||||||
Semiconductors - 4.0% | ||||||||
Lattice Semiconductor Corporation (a) | 410 | 24,953 | ||||||
Microchip Technology, Inc. | 511 | 43,527 | ||||||
68,480 |
WESTWOOD QUALITY MIDCAP FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 98.8% (Continued) | Shares | Value | ||||||
Technology - 9.6% (Continued) | ||||||||
Software - 1.1% | ||||||||
Verra Mobility Corporation (a) | 772 | $ | 18,458 | |||||
Technology Services - 4.5% | ||||||||
Amdocs Ltd. | 370 | 33,922 | ||||||
CACI International, Inc. - Class A (a) | 126 | 43,310 | ||||||
77,232 | ||||||||
Utilities - 8.9% | ||||||||
Electric Utilities - 8.9% | ||||||||
Alliant Energy Corporation | 803 | 39,074 | ||||||
CMS Energy Corporation | 717 | 40,983 | ||||||
DTE Energy Company | 383 | 40,376 | ||||||
Evergy, Inc. | 627 | 31,833 | ||||||
152,266 | ||||||||
Total Common Stocks (Cost $1,553,177) | $ | 1,685,247 | ||||||
MONEY MARKET FUNDS - 1.2% | Shares | Value | ||||||
First American Treasury Obligations Fund - Class X, 5.25% (b) (Cost $20,394) | 20,394 | $ | 20,394 | |||||
Investments at Value - 100.0% (Cost $1,573,571) | $ | 1,705,641 | ||||||
Other Assets in Excess of Liabilities - 0.0% (c) | 427 | |||||||
Net Assets - 100.0% | $ | 1,706,068 |
(a) | Non-income producing security. |
(b) | The rate shown is the 7-day effective yield as of January 31, 2024. |
(c) | Percentage rounds to less than 0.1%. |
WESTWOOD QUALITY SMIDCAP FUND |
SCHEDULE OF INVESTMENTS |
January 31, 2024 (Unaudited) |
COMMON STOCKS - 99.2% | Shares | Value | ||||||
Communications - 3.6% | ||||||||
Telecommunications - 3.6% | ||||||||
Cogent Communications Holdings, Inc. | 54,433 | $ | 4,202,228 | |||||
DigitalBridge Group, Inc. | 278,021 | 5,460,332 | ||||||
9,662,560 | ||||||||
Consumer Discretionary - 12.5% | ||||||||
Apparel & Textile Products - 1.1% | ||||||||
Deckers Outdoor Corporation (a) | 3,731 | 2,812,167 | ||||||
Home Construction - 2.0% | ||||||||
Masonite International Corporation (a) | 58,499 | 5,384,833 | ||||||
Leisure Facilities & Services - 4.4% | ||||||||
Domino’s Pizza, Inc. | 13,685 | 5,832,821 | ||||||
Texas Roadhouse, Inc. | 46,542 | 5,851,260 | ||||||
11,684,081 | ||||||||
Retail - Discretionary - 5.0% | ||||||||
Academy Sports & Outdoors, Inc. | 85,054 | 5,335,437 | ||||||
Boot Barn Holdings, Inc. (a) | 38,417 | 2,756,036 | ||||||
Lithia Motors, Inc. | 18,403 | 5,426,124 | ||||||
13,517,597 | ||||||||
Consumer Staples - 3.0% | ||||||||
Food - 2.0% | ||||||||
J & J Snack Foods Corporation | 33,346 | 5,309,683 | ||||||
Retail - Consumer Staples - 1.0% | ||||||||
BJ’s Wholesale Club Holdings, Inc. (a) | 41,273 | 2,655,505 | ||||||
Energy - 7.2% | ||||||||
Oil & Gas Producers - 6.2% | ||||||||
Chord Energy Corporation | 45,542 | 7,002,538 | ||||||
Diamondback Energy, Inc. | 17,874 | 2,747,949 | ||||||
Northern Oil and Gas, Inc. | 202,030 | 6,768,005 | ||||||
16,518,492 |
WESTWOOD QUALITY SMIDCAP FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 99.2% (Continued) | Shares | Value | ||||||
Energy - 7.2% (Continued) | ||||||||
Oil & Gas Services & Equipment - 1.0% | ||||||||
Weatherford International plc (a) | 29,211 | $ | 2,615,845 | |||||
Financials - 17.2% | ||||||||
Asset Management - 2.1% | ||||||||
Blue Owl Capital, Inc. | 368,146 | 5,720,989 | ||||||
Banking - 8.9% | ||||||||
Atlantic Union Bankshares Corporation | 153,765 | 5,252,612 | ||||||
Cullen/Frost Bankers, Inc. | 51,612 | 5,477,066 | ||||||
Glacier Bancorp, Inc. | 101,941 | 3,941,039 | ||||||
Seacoast Banking Corporation of Florida | 150,762 | 3,702,715 | ||||||
Wintrust Financial Corporation | 57,031 | 5,530,866 | ||||||
23,904,298 | ||||||||
Institutional Financial Services - 2.0% | ||||||||
Piper Sandler Companies | 30,701 | 5,326,316 | ||||||
Insurance - 4.2% | ||||||||
BRP Group, Inc. - Class A (a) | 117,886 | 2,645,362 | ||||||
International General Insurance Holdings Ltd. | 294,497 | 3,963,930 | ||||||
RenaissanceRe Holdings Ltd. | 20,138 | 4,608,178 | ||||||
11,217,470 | ||||||||
Health Care - 9.0% | ||||||||
Health Care Facilities & Services - 1.0% | ||||||||
Premier, Inc. - Class A | 122,250 | 2,643,045 | ||||||
Medical Equipment & Devices - 8.0% | ||||||||
Avantor, Inc. (a) | 248,829 | 5,720,579 | ||||||
Cooper Companies, Inc. (The) | 13,867 | 5,172,807 | ||||||
Integer Holdings Corporation (a) | 51,935 | 5,262,054 | ||||||
Quidel Corporation (a) | 37,551 | 2,572,619 | ||||||
Teleflex, Inc. | 11,321 | 2,749,078 | ||||||
21,477,137 | ||||||||
Industrials - 18.2% | ||||||||
Aerospace & Defense - 5.7% | ||||||||
Hexcel Corporation | 76,764 | 5,096,362 |
WESTWOOD QUALITY SMIDCAP FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 99.2% (Continued) | Shares | Value | ||||||
Industrials - 18.2% (Continued) | ||||||||
Aerospace & Defense - 5.7% (Continued) | ||||||||
Mercury Systems, Inc. (a) | 162,831 | $ | 4,829,567 | |||||
Moog, Inc. - Class A | 39,192 | 5,479,042 | ||||||
15,404,971 | ||||||||
Electrical Equipment - 5.2% | ||||||||
Hubbell, Inc. | 17,167 | 5,760,730 | ||||||
Littelfuse, Inc. | 21,962 | 5,312,608 | ||||||
Veritiv Holdings Company – Class A | 51,176 | 2,882,744 | ||||||
13,956,082 | ||||||||
Industrial Intermediate Products - 2.2% | ||||||||
Timken Company (The) | 70,405 | 5,766,874 | ||||||
Machinery - 3.1% | ||||||||
AGCO Corporation | 45,689 | 5,589,136 | ||||||
Middleby Corporation (The) (a) | 19,475 | 2,747,338 | ||||||
8,336,474 | ||||||||
Transportation & Logistics - 1.6% | ||||||||
XPO, Inc. (a) | 49,901 | 4,263,541 | ||||||
Transportation Equipment - 0.4% | ||||||||
Blue Bird Corporation (a) | 39,068 | 1,138,051 | ||||||
Materials - 11.5% | ||||||||
Chemicals - 4.0% | ||||||||
Axalta Coating Systems Ltd. (a) | 166,820 | 5,408,304 | ||||||
Ecovyst, Inc. (a) | 583,780 | 5,405,803 | ||||||
10,814,107 | ||||||||
Construction Materials - 3.2% | ||||||||
Eagle Materials, Inc. | 13,815 | 3,126,058 | ||||||
Summit Materials, Inc. - Class A (a) | 149,896 | 5,423,238 | ||||||
8,549,296 | ||||||||
Forestry, Paper & Wood Products - 1.7% | ||||||||
Boise Cascade Company | 32,679 | 4,426,697 | ||||||
Metals & Mining - 2.6% | ||||||||
Constellium SE (a) | 147,787 | 2,771,006 |
WESTWOOD QUALITY SMIDCAP FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 99.2% (Continued) | Shares | Value | ||||||
Materials - 11.5% (Continued) | ||||||||
Metals & Mining - 2.6% (Continued) | ||||||||
Encore Wire Corporation | 19,030 | $ | 4,291,265 | |||||
7,062,271 | ||||||||
Real Estate - 8.2% | ||||||||
REITs - 8.2% | ||||||||
Americold Realty Trust, Inc. | 185,349 | 5,097,098 | ||||||
COPT Defense Properties | 215,985 | 5,088,607 | ||||||
PotlatchDeltic Corporation | 56,217 | 2,514,586 | ||||||
Rexford Industrial Realty, Inc. | 99,270 | 5,220,609 | ||||||
Urban Edge Properties | 226,329 | 3,908,702 | ||||||
21,829,602 | ||||||||
Technology - 5.0% | ||||||||
Semiconductors - 2.9% | ||||||||
Amkor Technology, Inc. | 89,923 | 2,846,962 | ||||||
Rambus, Inc. (a) | 72,351 | 4,958,214 | ||||||
7,805,176 | ||||||||
Software - 1.0% | ||||||||
Verra Mobility Corporation (a) | 112,615 | 2,692,625 | ||||||
Technology Services - 1.1% | ||||||||
Amdocs Ltd. | 31,282 | 2,867,934 | ||||||
Utilities - 3.8% | ||||||||
Electric Utilities - 3.8% | ||||||||
Alliant Energy Corporation | 105,296 | 5,123,704 | ||||||
IDACORP, Inc. | 55,483 | 5,136,616 | ||||||
10,260,320 | ||||||||
Total Common Stocks (Cost $223,288,518) | $ | 265,624,039 |
WESTWOOD QUALITY SMIDCAP FUND |
SCHEDULE OF INVESTMENTS (Continued) |
MONEY MARKET FUNDS - 1.2% | Shares | Value | ||||||
First American Government Obligations Fund - Class U, 5.27% (b) (Cost $3,325,507) | 3,325,507 | $ | 3,325,507 | |||||
Investments at Value - 100.4% (Cost $226,614,025) | $ | 268,949,546 | ||||||
Liabilities in Excess of Other Assets - (0.4%) | (1,053,775 | ) | ||||||
Net Assets - 100.0% | $ | 267,895,771 |
plc - Public Limited Company
SE - Societe Europaea
(a) | Non-income producing security. |
(b) | The rate shown is the 7-day effective yield as of January 31, 2024. |
WESTWOOD QUALITY SMALLCAP FUND |
SCHEDULE OF INVESTMENTS |
January 31, 2024 (Unaudited) |
COMMON STOCKS - 98.9% | Shares | Value | ||||||
Communications - 1.1% | ||||||||
Telecommunications - 1.1% | ||||||||
Cogent Communications Holdings, Inc. | 163,987 | $ | 12,659,796 | |||||
Consumer Discretionary - 10.4% | ||||||||
Home Construction - 3.3% | ||||||||
Century Communities, Inc. | 134,839 | 11,690,541 | ||||||
Masonite International Corporation (a) | 292,343 | 26,910,173 | ||||||
38,600,714 | ||||||||
Leisure Facilities & Services - 3.0% | ||||||||
Chuy’s Holdings, Inc. (a) | 344,631 | 11,651,974 | ||||||
Papa John’s International, Inc. | 325,735 | 23,935,008 | ||||||
35,586,982 | ||||||||
Retail - Discretionary - 4.1% | ||||||||
Academy Sports & Outdoors, Inc. | 371,187 | 23,284,561 | ||||||
Boot Barn Holdings, Inc. (a) | 171,658 | 12,314,745 | ||||||
Sonic Automotive, Inc. - Class A | 247,063 | 12,491,505 | ||||||
48,090,811 | ||||||||
Consumer Staples - 3.9% | ||||||||
Beverages - 1.0% | ||||||||
Duckhorn Portfolio, Inc. (The) (a) | 1,361,642 | 11,750,970 | ||||||
Food - 2.0% | ||||||||
J & J Snack Foods Corporation | 149,493 | 23,803,770 | ||||||
Household Products - 0.9% | ||||||||
Central Garden & Pet Company - Class A (a) | 265,045 | 10,941,058 | ||||||
Energy - 9.1% | ||||||||
Oil & Gas Producers - 8.0% | ||||||||
Enerplus Corporation | 1,652,435 | 23,993,356 | ||||||
Northern Oil and Gas, Inc. | 721,732 | 24,178,022 | ||||||
Sitio Royalties Corporation - Class A | 1,097,445 | 23,408,502 | ||||||
SM Energy Company | 634,944 | 23,543,724 | ||||||
95,123,604 |
WESTWOOD QUALITY SMALLCAP FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 98.9% (Continued) | Shares | Value | ||||||
Energy - 9.1% (Continued) | ||||||||
Oil & Gas Services & Equipment - 1.1% | ||||||||
Weatherford International plc (a) | 142,320 | $ | 12,744,756 | |||||
Financials - 22.7% | ||||||||
Banking - 15.8% | ||||||||
Atlantic Union Bankshares Corporation | 693,154 | 23,678,141 | ||||||
Banner Corporation | 266,614 | 12,418,880 | ||||||
City Holding Company | 229,786 | 23,486,427 | ||||||
First Bancorp | 694,223 | 23,992,347 | ||||||
National Bank Holdings Corporation - Class A | 337,605 | 11,816,175 | ||||||
Provident Financial Services, Inc. | 699,351 | 11,574,259 | ||||||
Renasant Corporation | 726,798 | 22,988,621 | ||||||
Seacoast Banking Corporation of Florida | 912,123 | 22,401,741 | ||||||
Triumph Financial, Inc. (a) | 329,534 | 23,281,577 | ||||||
Veritex Holdings, Inc. | 533,728 | 11,213,625 | ||||||
186,851,793 | ||||||||
Institutional Financial Services - 4.0% | ||||||||
Moelis & Company - Class A | 416,580 | 22,899,403 | ||||||
Piper Sandler Companies | 138,707 | 24,064,277 | ||||||
46,963,680 | ||||||||
Insurance - 2.9% | ||||||||
AMERISAFE, Inc. | 241,826 | 12,052,608 | ||||||
BRP Group, Inc. - Class A (a) | 999,505 | 22,428,892 | ||||||
34,481,500 | ||||||||
Health Care - 9.2% | ||||||||
Biotech & Pharma - 2.1% | ||||||||
Prestige Consumer Healthcare, Inc. (a) | 392,250 | 24,139,065 | ||||||
Health Care Facilities & Services - 2.1% | ||||||||
Patterson Companies, Inc. | 847,756 | 25,313,994 | ||||||
Medical Equipment & Devices - 5.0% | ||||||||
Avanos Medical, Inc. (a) | 784,645 | 15,057,338 | ||||||
CONMED Corporation | 217,157 | 20,760,209 | ||||||
Merit Medical Systems, Inc. (a) | 301,271 | 23,589,519 | ||||||
59,407,066 |
WESTWOOD QUALITY SMALLCAP FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 98.9% (Continued) | Shares | Value | ||||||
Industrials - 13.8% | ||||||||
Aerospace & Defense - 3.0% | ||||||||
Mercury Systems, Inc. (a) | 377,019 | $ | 11,182,383 | |||||
Moog, Inc. - Class A | 172,767 | 24,152,827 | ||||||
35,335,210 | ||||||||
Commercial Support Services - 1.0% | ||||||||
Legalzoom.com, Inc. (a) | 1,156,663 | 11,925,196 | ||||||
Industrial Intermediate Products - 1.2% | ||||||||
AZZ, Inc. | 225,875 | 14,105,894 | ||||||
Machinery - 6.2% | ||||||||
Alamo Group, Inc. | 122,771 | 26,061,828 | ||||||
Albany International Corporation - Class A | 264,351 | 23,503,447 | ||||||
Federal Signal Corporation | 302,988 | 23,324,016 | ||||||
72,889,291 | ||||||||
Transportation & Logistics - 2.0% | ||||||||
ArcBest Corporation | 197,738 | 23,556,528 | ||||||
Transportation Equipment - 0.4% | ||||||||
Blue Bird Corporation (a) | 166,562 | 4,851,951 | ||||||
Materials - 10.4% | ||||||||
Chemicals - 4.1% | ||||||||
Ecovyst, Inc. (a) | 1,294,276 | 11,984,996 | ||||||
Innospec, Inc. | 106,041 | 12,312,420 | ||||||
Stepan Company | 267,397 | 23,870,530 | ||||||
48,167,946 | ||||||||
Construction Materials - 1.0% | ||||||||
Summit Materials, Inc. - Class A (a) | 328,912 | 11,900,036 | ||||||
Forestry, Paper & Wood Products - 2.1% | ||||||||
Boise Cascade Company | 187,306 | 25,372,471 | ||||||
Metals & Mining - 3.2% | ||||||||
Constellium SE (a) | 674,546 | 12,647,738 |
WESTWOOD QUALITY SMALLCAP FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 98.9% (Continued) | Shares | Value | ||||||
Materials - 10.4% (Continued) | ||||||||
Metals & Mining - 3.2% (Continued) | ||||||||
Encore Wire Corporation | 111,806 | $ | 25,212,253 | |||||
37,859,991 | ||||||||
Real Estate - 11.3% | ||||||||
REITs - 11.3% | ||||||||
COPT Defense Properties | 981,525 | 23,124,729 | ||||||
Easterly Government Properties, Inc. | 459,362 | 5,640,965 | ||||||
Four Corners Property Trust, Inc. | 984,697 | 23,051,757 | ||||||
Plymouth Industrial REIT, Inc. | 1,044,440 | 23,123,902 | ||||||
PotlatchDeltic Corporation | 510,195 | 22,821,022 | ||||||
Sunstone Hotel Investors, Inc. | 1,119,348 | 11,943,443 | ||||||
Urban Edge Properties | 1,357,237 | 23,439,483 | ||||||
133,145,301 | ||||||||
Technology - 3.0% | ||||||||
Software - 1.0% | ||||||||
Verra Mobility Corporation (a) | 495,224 | 11,840,806 | ||||||
Technology Hardware - 2.0% | ||||||||
Viavi Solutions, Inc. (a) | 2,397,490 | 23,567,327 | ||||||
Utilities - 4.0% | ||||||||
Electric Utilities - 4.0% | ||||||||
Avista Corporation | 701,910 | 23,871,959 | ||||||
NorthWestern Corporation | 497,333 | 23,931,664 | ||||||
47,803,623 | ||||||||
Total Common Stocks (Cost $1,045,906,365) | $ | 1,168,781,130 |
WESTWOOD QUALITY SMALLCAP FUND |
SCHEDULE OF INVESTMENTS (Continued) |
MONEY MARKET FUNDS - 1.3% | Shares | Value | ||||||
First American Government Obligations Fund - Class U, 5.27% (b) (Cost $15,187,947) | 15,187,947 | $ | 15,187,947 | |||||
Investments at Value - 100.2% (Cost $1,061,094,312) | $ | 1,183,969,077 | ||||||
Liabilities in Excess of Other Assets - (0.2%) | (2,200,497 | ) | ||||||
Net Assets - 100.0% | $ | 1,181,768,580 |
plc - Public Limited Company
SE - Societe Europaea
(a) | Non-income producing security. |
(b) | The rate shown is the 7-day effective yield as of January 31, 2024. |
WESTWOOD QUALITY ALLCAP FUND |
SCHEDULE OF INVESTMENTS |
January 31, 2024 (Unaudited) |
COMMON STOCKS - 102.5% | Shares | Value | ||||||
Communications - 3.3% | ||||||||
Internet Media & Services - 2.2% | ||||||||
Alphabet, Inc. - Class A (a) | 3,253 | $ | 455,745 | |||||
Telecommunications - 1.1% | ||||||||
DigitalBridge Group, Inc. | 12,269 | 240,963 | ||||||
Consumer Discretionary - 6.4% | ||||||||
Apparel & Textile Products - 1.1% | ||||||||
Tapestry, Inc. | 5,977 | 231,848 | ||||||
Leisure Facilities & Services - 1.0% | ||||||||
Papa John’s International, Inc. | 2,948 | 216,619 | ||||||
Retail - Discretionary - 4.3% | ||||||||
O’Reilly Automotive, Inc. (a) | 447 | 457,303 | ||||||
Ulta Beauty, Inc. (a) | 899 | 451,343 | ||||||
908,646 | ||||||||
Consumer Staples - 6.9% | ||||||||
Beverages - 2.1% | ||||||||
PepsiCo, Inc. | 2,634 | 443,908 | ||||||
Household Products - 2.3% | ||||||||
Church & Dwight Company, Inc. | 4,823 | 481,577 | ||||||
Retail - Consumer Staples - 2.5% | ||||||||
Walmart, Inc. | 3,274 | 541,028 | ||||||
Energy - 8.9% | ||||||||
Oil & Gas Producers - 8.9% | ||||||||
Chevron Corporation | 4,334 | 638,962 | ||||||
ConocoPhillips | 3,444 | 385,280 | ||||||
Diamondback Energy, Inc. | 2,976 | 457,530 | ||||||
EOG Resources, Inc. | 3,633 | 413,399 | ||||||
1,895,171 |
WESTWOOD QUALITY ALLCAP FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 102.5% (Continued) | Shares | Value | ||||||
Financials - 18.9% | ||||||||
Banking - 10.7% | ||||||||
Bank of America Corporation | 19,794 | $ | 673,194 | |||||
Glacier Bancorp, Inc. | 10,443 | 403,726 | ||||||
JPMorgan Chase & Company | 2,892 | 504,249 | ||||||
Wells Fargo & Company | 13,965 | 700,764 | ||||||
2,281,933 | ||||||||
Institutional Financial Services - 2.1% | ||||||||
Goldman Sachs Group, Inc. (The) | 1,170 | 449,292 | ||||||
Insurance - 6.1% | ||||||||
American International Group, Inc. | 6,583 | 457,584 | ||||||
BRP Group, Inc. - Class A (a) | 12,756 | 286,245 | ||||||
International General Insurance Holdings Ltd. | 23,567 | 317,212 | ||||||
Progressive Corporation (The) | 1,321 | 235,468 | ||||||
1,296,509 | ||||||||
Health Care - 11.7% | ||||||||
Biotech & Pharma - 1.5% | ||||||||
Gilead Sciences, Inc. | 4,154 | 325,092 | ||||||
Health Care Facilities & Services - 4.0% | ||||||||
CVS Health Corporation | 5,591 | 415,803 | ||||||
UnitedHealth Group, Inc. | 840 | 429,861 | ||||||
845,664 | ||||||||
Medical Equipment & Devices - 6.2% | ||||||||
Abbott Laboratories | 3,820 | 432,233 | ||||||
Danaher Corporation | 1,891 | 453,670 | ||||||
Teleflex, Inc. | 1,747 | 424,224 | ||||||
1,310,127 | ||||||||
Industrials - 16.3% | ||||||||
Aerospace & Defense - 3.8% | ||||||||
L3Harris Technologies, Inc. | 2,169 | 452,063 | ||||||
Mercury Systems, Inc. (a) | 11,828 | 350,818 | ||||||
802,881 | ||||||||
Diversified Industrials - 2.1% | ||||||||
Honeywell International, Inc. | 2,242 | 453,467 | ||||||
WESTWOOD QUALITY ALLCAP FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 102.5% (Continued) | Shares | Value | ||||||
Industrials - 16.3% (Continued) | ||||||||
Electrical Equipment - 4.4% | ||||||||
Hubbell, Inc. | 1,443 | $ | 484,228 | |||||
Littelfuse, Inc. | 1,835 | 443,886 | ||||||
928,114 | ||||||||
Machinery - 2.0% | ||||||||
AGCO Corporation | 3,524 | 431,091 | ||||||
Transportation & Logistics - 4.0% | ||||||||
FedEx Corporation | 1,782 | 429,979 | ||||||
XPO, Inc. (a) | 4,879 | 416,862 | ||||||
846,841 | ||||||||
Materials - 3.9% | ||||||||
Chemicals - 0.7% | ||||||||
Arcadium Lithium plc (a) | 29,013 | 141,873 | ||||||
Construction Materials - 1.0% | ||||||||
Summit Materials, Inc. - Class A (a) | 6,123 | 221,530 | ||||||
Metals & Mining - 2.2% | ||||||||
Constellium SE (a) | 24,501 | 459,394 | ||||||
Real Estate - 5.5% | ||||||||
REITs - 5.5% | ||||||||
Americold Realty Trust, Inc. | 15,456 | 425,040 | ||||||
Ventas, Inc. | 6,609 | 306,592 | ||||||
VICI Properties, Inc. | 14,592 | 439,511 | ||||||
1,171,143 | ||||||||
Technology - 13.9% | ||||||||
Semiconductors - 1.0% | ||||||||
Rambus, Inc. (a) | 3,167 | 217,035 | ||||||
Software - 6.4% | ||||||||
Microsoft Corporation | 1,394 | 554,226 | ||||||
Salesforce, Inc. (a) | 1,728 | 485,724 | ||||||
Verra Mobility Corporation (a) | 13,641 | 326,156 | ||||||
1,366,106 |
WESTWOOD QUALITY ALLCAP FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 102.5% (Continued) | Shares | Value | ||||||
Technology - 13.9% (Continued) | ||||||||
Technology Hardware - 2.0% | ||||||||
Apple, Inc. | 2,273 | $ | 419,141 | |||||
Technology Services - 4.5% | ||||||||
Accenture plc - Class A | 1,358 | 494,149 | ||||||
CACI International, Inc. - Class A (a) | 1,318 | 453,036 | ||||||
947,185 | ||||||||
Utilities - 6.8% | ||||||||
Electric Utilities - 6.8% | ||||||||
CMS Energy Corporation | 8,510 | 486,432 | ||||||
IDACORP, Inc. | 4,367 | 404,297 | ||||||
WEC Energy Group, Inc. | 6,807 | 549,733 | ||||||
1,440,462 | ||||||||
Total Common Stocks (Cost $20,748,941) | $ | 21,770,385 | ||||||
MONEY MARKET FUNDS - 1.2% | Shares | Value | ||||||
First American Treasury Obligations Fund - Class X, 5.25% (b) (Cost $261,007) | 261,007 | $ | 261,007 | |||||
Investments at Value - 103.7% (Cost $21,009,948) | $ | 22,031,392 | ||||||
Liabilities in Excess of Other Assets - (3.7%) | (780,927 | ) | ||||||
Net Assets - 100.0% | $ | 21,250,465 |
plc - Public Limited Company
SE - Societe Europaea
(a) | Non-income producing security. |
(b) | The rate shown is the 7-day effective yield as of January 31, 2024. |
WESTWOOD TOTAL RETURN FUND |
SCHEDULE OF INVESTMENTS |
January 31, 2024 (Unaudited) |
U.S. GOVERNMENT & AGENCIES - 2.1% | Coupon | Maturity | Par Value | Value | ||||||||
U.S. Treasury Notes - 0.8% | ||||||||||||
U.S. Treasury Notes | 3.875% | 08/15/33 | $ | 1,000,000 | $ | 992,812 | ||||||
U.S. Treasury Bonds - 1.3% | ||||||||||||
U.S. Treasury Bonds | 2.875% | 05/15/52 | 375,000 | 289,248 | ||||||||
U.S. Treasury Bonds | 3.000% | 08/15/52 | 1,500,000 | 1,187,813 | ||||||||
1,477,061 | ||||||||||||
Total U.S. Government & Agencies (Cost $2,582,961) | $ | 2,469,873 | ||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 2.0% | ||||||||||||
Federal Home Loan Mortgage Corporation - 1.5% | ||||||||||||
FHLMC, Pool #SD8275 | 4.500% | 12/01/52 | $ | 616,763 | $ | 596,773 | ||||||
FHLMC, Pool #SD8288 | 5.000% | 01/01/53 | 607,049 | 600,657 | ||||||||
FHLMC, Pool #SD2605 | 5.500% | 04/01/53 | 602,702 | 605,539 | ||||||||
1,802,969 | ||||||||||||
Federal National Mortgage Association - 0.5% | ||||||||||||
FNMA, Pool #FS3394 | 4.000% | 10/01/52 | 649,599 | 612,131 | ||||||||
Total Collateralized Mortgage Obligations (Cost $2,412,426) | $ | 2,415,100 | ||||||||||
CONVERTIBLE BONDS - 6.7% | ||||||||||||
Consumer Discretionary - 0.6% | ||||||||||||
Live Nation Entertainment, Inc. | 3.125% | 01/15/29 | $ | 630,000 | $ | 693,489 | ||||||
Health Care - 1.8% | ||||||||||||
CONMED Corporation | 2.625% | 02/01/24 | 810,000 | 943,164 | ||||||||
Integer Holdings Corporation, 144A | 2.125% | 02/15/28 | 555,000 | 720,945 | ||||||||
Merit Medical Systems, Inc., 144A | 3.000% | 02/01/29 | 450,000 | 504,450 | ||||||||
2,168,559 |
WESTWOOD TOTAL RETURN FUND |
SCHEDULE OF INVESTMENTS (Continued) |
CONVERTIBLE BONDS - 6.7% (Continued) | Coupon | Maturity | Par Value | Value | ||||||||
Real Estate - 0.8% | ||||||||||||
Corporate Office Properties, L.P., 144A | 5.250% | 09/15/28 | $ | 1,000,000 | $ | 1,016,000 | ||||||
Technology - 2.7% | ||||||||||||
Akamai Technologies, Inc. | 0.125% | 05/01/25 | 775,000 | 1,019,900 | ||||||||
MongoDB, Inc. | 0.250% | 01/15/26 | 550,000 | 1,062,325 | ||||||||
Ziff Davis, Inc. | 1.750% | 11/01/26 | 1,182,000 | 1,114,035 | ||||||||
3,196,260 | ||||||||||||
Utilities - 0.8% | ||||||||||||
NextEra Energy Partners, L.P., 144A | 2.500% | 06/15/26 | 1,000,000 | 897,500 | ||||||||
Total Convertible Bonds (Cost $7,183,834) | $ | 7,971,808 | ||||||||||
CORPORATE BONDS - 31.7% | ||||||||||||
Communications - 2.0% | ||||||||||||
America Movil S.A.B. de C.V., 144A | 5.375% | 04/04/32 | $ | 465,000 | $ | 432,439 | ||||||
Charter Communications Operating, LLC | 6.384% | 10/23/35 | 350,000 | 352,452 | ||||||||
Cogent Communications Group, Inc., 144A | 7.000% | 06/15/27 | 500,000 | 501,602 | ||||||||
DIRECTV Financing, LLC, 144A | 8.875% | 02/01/30 | 50,000 | 51,067 | ||||||||
RenaissanceRe Holdings Ltd. | 5.750% | 06/05/33 | 1,040,000 | 1,053,958 | ||||||||
2,391,518 | ||||||||||||
Consumer Discretionary - 2.7% | ||||||||||||
Darden Restaurants, Inc. | 4.550% | 02/15/48 | 690,000 | 570,370 | ||||||||
Ford Motor Credit Company, LLC | 7.450% | 07/16/31 | 485,000 | 525,710 | ||||||||
General Motors Financial Company, Inc. | 2.350% | 01/08/31 | 550,000 | 455,641 | ||||||||
Raising Cane’s Restaurants, LLC, 144A | 9.375% | 05/01/29 | 425,000 | 457,257 | ||||||||
Royal Caribbean Cruises Ltd., 144A | 9.250% | 01/15/29 | 1,110,000 | 1,193,691 | ||||||||
3,202,669 | ||||||||||||
Consumer Staples - 1.2% | ||||||||||||
Pilgrim’s Pride Corporation | 6.250% | 07/01/33 | 740,000 | 755,620 | ||||||||
Vector Group Ltd., 144A | 5.750% | 02/01/29 | 700,000 | 645,537 | ||||||||
1,401,157 | ||||||||||||
Energy - 5.0% | ||||||||||||
Civitas Resources, Inc., 144A | 8.375% | 07/01/28 | 50,000 | 52,622 | ||||||||
Diamondback Energy, Inc. | 4.400% | 03/24/51 | 900,000 | 739,412 |
WESTWOOD TOTAL RETURN FUND |
SCHEDULE OF INVESTMENTS (Continued) |
CORPORATE BONDS - 31.7% (Continued) | Coupon | Maturity | Par Value | Value | ||||||||
Energy - 5.0% (Continued) | ||||||||||||
Earthstone Energy Holdings, LLC, 144A | 9.875% | 07/15/31 | $ | 1,000,000 | $ | 1,107,500 | ||||||
Energy Transfer, L.P. (H15T5Y + 531) (a) (b) | 7.125% | 05/15/65 | 985,000 | 952,431 | ||||||||
MPLX, L.P. | 4.950% | 09/01/32 | 850,000 | 828,428 | ||||||||
NGL Energy Operating, LLC, 144A | 7.500% | 02/01/26 | 825,000 | 840,673 | ||||||||
Sempra Energy | 5.500% | 08/01/33 | 935,000 | 951,994 | ||||||||
TransCanada Trust | 5.600% | 03/07/82 | 590,000 | 517,961 | ||||||||
5,991,021 | ||||||||||||
Financials - 8.8% | ||||||||||||
Aircastle Ltd., 144A | 5.250% | 08/11/25 | 510,000 | 505,372 | ||||||||
Ally Financial, Inc. | 6.992% | 06/13/29 | 700,000 | 724,637 | ||||||||
Ares Capital Corporation | 7.000% | 01/15/27 | 995,000 | 1,020,749 | ||||||||
Avolon Holdings Funding Ltd., 144A | 2.750% | 02/21/28 | 1,500,000 | 1,341,870 | ||||||||
Bank of America Corporation, Series N (1.00* TSFR3M + 157) (a) | 4.271% | 07/23/29 | 470,000 | 455,150 | ||||||||
Barclays plc | 7.385% | 11/02/28 | 650,000 | 694,528 | ||||||||
Compass Group Diversified Holdings, LLC, 144A | 5.250% | 04/15/29 | 691,000 | 655,142 | ||||||||
HSBC Holdings plc | 6.547% | 06/20/34 | 790,000 | 822,311 | ||||||||
HSBC Holdings plc (b) | 8.000% | 12/31/49 | 695,000 | 723,366 | ||||||||
Intesa Sanpaolo S.p.A., 144A | 7.778% | 06/20/54 | 430,000 | 440,016 | ||||||||
Lincoln National Corporation(b) | 9.250% | 12/31/49 | 400,000 | 437,379 | ||||||||
National Australia Bank Ltd., 144A | 6.429% | 01/12/33 | 590,000 | 622,879 | ||||||||
NatWest Group plc | 5.516% | 09/30/28 | 900,000 | 906,563 | ||||||||
State Street Corporation | 6.700% | 12/31/49 | 580,000 | 578,539 | ||||||||
Truist Financial Corporation | 5.435% | 01/24/30 | 485,000 | 488,662 | ||||||||
10,417,163 | ||||||||||||
Health Care - 2.7% | ||||||||||||
Bausch Health Companies, Inc., 144A | 5.500% | 11/01/25 | 1,000,000 | 913,433 | ||||||||
CHS / Community Health Systems, Inc., 144A | 10.875% | 01/15/32 | 60,000 | 62,743 | ||||||||
CHS / Community Health Systems, Inc., 144A | 5.250% | 05/15/30 | 700,000 | 579,311 | ||||||||
Flex Ltd. | 6.000% | 01/15/28 | 930,000 | 958,993 | ||||||||
Fresenius Medical Care US Finance III, Inc., 144A | 3.000% | 12/01/31 | 810,000 | 644,530 | ||||||||
3,159,010 |
WESTWOOD TOTAL RETURN FUND |
SCHEDULE OF INVESTMENTS (Continued) |
CORPORATE BONDS - 31.7% (Continued) | Coupon | Maturity | Par Value | Value | ||||||||
Industrials - 1.7% | ||||||||||||
American Airlines Pass Through Trust, Series 2021-1B | 3.950% | 07/11/30 | $ | 761,200 | $ | 678,800 | ||||||
GEO Group, Inc. (The) | 10.500% | 06/30/28 | 1,000,000 | 1,017,479 | ||||||||
Husky Injection Molding Systems Ltd., 144A | 9.000% | 02/15/29 | 50,000 | 50,000 | ||||||||
United Airlines, Inc., Series 2023-1 | 5.800% | 07/15/36 | 280,000 | 281,964 | ||||||||
2,028,243 | ||||||||||||
Materials - 1.5% | ||||||||||||
Livent Corporation | 4.125% | 07/15/25 | 460,000 | 649,290 | ||||||||
SSR Mining, Inc. | 2.500% | 04/01/39 | 1,155,000 | 1,083,506 | ||||||||
1,732,796 | ||||||||||||
Real Estate - 1.2% | ||||||||||||
Iron Mountain, Inc., 144A | 5.000% | 07/15/28 | 730,000 | 698,446 | ||||||||
MPT Operating Partnership, L.P. | 4.625% | 08/01/29 | 1,125,000 | 760,836 | ||||||||
1,459,282 | ||||||||||||
Technology - 2.8% | ||||||||||||
Dell International, LLC / EMC Corporation | 5.750% | 02/01/33 | 910,000 | 954,682 | ||||||||
MPH Acquisition Holdings, LLC, 144A | 5.500% | 09/01/28 | 1,100,000 | 976,646 | ||||||||
Oracle Corporation | 6.900% | 11/09/52 | 395,000 | 462,568 | ||||||||
TIBCO Software, Inc., 144A | 6.500% | 03/31/29 | 1,000,000 | 933,308 | ||||||||
3,327,204 | ||||||||||||
Utilities - 2.1% | ||||||||||||
Consolidated Edison Company, Inc. | 3.850% | 06/15/46 | 750,000 | 606,136 | ||||||||
NextEra Energy Capital Holdings, Inc. | 5.000% | 07/15/32 | 1,010,000 | 1,004,567 | ||||||||
Piedmont Natural Gas Company, Inc. | 5.050% | 05/15/52 | 1,000,000 | 921,624 | ||||||||
2,532,327 | ||||||||||||
Total Corporate Bonds (Cost $37,623,879) | $ | 37,642,390 | ||||||||||
FOREIGN GOVERNMENTS - 0.7% | ||||||||||||
Republic of South Africa Government Bonds (Cost $885,000) | 5.875% | 04/20/32 | $ | 885,000 | $ | 811,987 |
WESTWOOD TOTAL RETURN FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 53.4% | Shares | Value | ||||||
Communications - 3.1% | ||||||||
Internet Media & Services - 2.2% | ||||||||
Alphabet, Inc. - Class C (c) | 7,381 | $ | 1,046,626 | |||||
Netflix, Inc. (c) | 2,816 | 1,588,534 | ||||||
2,635,160 | ||||||||
Telecommunications - 0.9% | ||||||||
Cogent Communications Holdings, Inc. | 13,346 | 1,030,311 | ||||||
Consumer Discretionary - 3.9% | ||||||||
E-Commerce Discretionary - 0.8% | ||||||||
Amazon.com, Inc. (c) | 6,020 | 934,304 | ||||||
Home Construction - 0.8% | ||||||||
Toll Brothers, Inc. | 9,489 | 942,732 | ||||||
Leisure Facilities & Services - 1.3% | ||||||||
McDonald’s Corporation | 5,237 | 1,532,975 | ||||||
Retail - Discretionary - 1.0% | ||||||||
Lowe’s Companies, Inc. | 5,813 | 1,237,239 | ||||||
Consumer Staples - 2.5% | ||||||||
Retail - Consumer Staples - 2.5% | ||||||||
Costco Wholesale Corporation | 2,153 | 1,496,077 | ||||||
Walmart, Inc. | 9,090 | 1,502,122 | ||||||
2,998,199 | ||||||||
Energy - 3.8% | ||||||||
Oil & Gas Producers - 3.8% | ||||||||
Devon Energy Corporation | 29,517 | 1,240,304 | ||||||
Energy Transfer, L.P. | 195,299 | 2,792,776 | ||||||
Petroleo Brasileiro S.A. - ADR | 28,735 | 490,507 | ||||||
4,523,587 | ||||||||
Financials - 9.5% | ||||||||
Asset Management - 0.8% | ||||||||
Charles Schwab Corporation (The) | 15,925 | 1,002,001 |
WESTWOOD TOTAL RETURN FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 53.4% (Continued) | Shares | Value | ||||||
Financials - 9.5% (Continued) | ||||||||
Banking - 5.0% | ||||||||
JPMorgan Chase & Company | 12,925 | $ | 2,253,603 | |||||
Texas Capital Bancshares, Inc. (c) | 29,137 | 1,777,357 | ||||||
Wells Fargo & Company | 37,388 | 1,876,130 | ||||||
5,907,090 | ||||||||
Institutional Financial Services - 1.2% | ||||||||
Goldman Sachs Group, Inc. (The) | 3,683 | 1,414,309 | ||||||
Insurance - 2.5% | ||||||||
American International Group, Inc. | 12,776 | 888,059 | ||||||
Chubb Ltd. | 4,532 | 1,110,340 | ||||||
Progressive Corporation (The) | 5,408 | 963,976 | ||||||
2,962,375 | ||||||||
Health Care - 5.3% | ||||||||
Biotech & Pharma - 4.7% | ||||||||
Amgen, Inc. | 6,268 | 1,969,782 | ||||||
Bristol-Myers Squibb Company | 22,527 | 1,100,894 | ||||||
Gilead Sciences, Inc. | 24,231 | 1,896,318 | ||||||
Johnson & Johnson | 3,670 | 583,163 | ||||||
5,550,157 | ||||||||
Medical Equipment & Devices - 0.6% | ||||||||
Medtronic plc | 7,829 | 685,351 | ||||||
Industrials - 3.7% | ||||||||
Aerospace & Defense - 1.2% | ||||||||
Lockheed Martin Corporation | 3,284 | 1,410,183 | ||||||
Diversified Industrials - 0.8% | ||||||||
Honeywell International, Inc. | 4,716 | 953,858 | ||||||
Machinery - 0.9% | ||||||||
Deere & Company | 2,884 | 1,135,085 | ||||||
Transportation & Logistics - 0.8% | ||||||||
FedEx Corporation | 3,925 | 947,063 |
WESTWOOD TOTAL RETURN FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 53.4% (Continued) | Shares | Value | ||||||
Materials - 2.7% | ||||||||
Metals & Mining - 2.7% | ||||||||
Freeport-McMoRan, Inc. | 42,782 | $ | 1,698,017 | |||||
Glencore plc - ADR (c) | 73,279 | 776,025 | ||||||
Newmont Corporation | 21,422 | 739,273 | ||||||
3,213,315 | ||||||||
Real Estate - 3.0% | ||||||||
REITs - 3.0% | ||||||||
Crown Castle, Inc. | 14,087 | 1,524,918 | ||||||
NNN REIT, Inc. | 32,548 | 1,312,986 | ||||||
VICI Properties, Inc. | 22,285 | 671,224 | ||||||
3,509,128 | ||||||||
Technology - 15.0% | ||||||||
Semiconductors - 3.8% | ||||||||
ASML Holding N.V. | 1,884 | 1,638,741 | ||||||
Rambus, Inc. (c) | 14,835 | 1,016,643 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 16,293 | 1,840,457 | ||||||
4,495,841 | ||||||||
Software - 6.3% | ||||||||
Microsoft Corporation | 12,848 | 5,108,108 | ||||||
Salesforce, Inc. (c) | 3,975 | 1,117,333 | ||||||
Workday, Inc. - Class A (c) | 4,181 | 1,216,963 | ||||||
7,442,404 | ||||||||
Technology Hardware - 4.0% | ||||||||
Apple, Inc. | 25,551 | 4,711,604 | ||||||
Technology Services - 0.9% | ||||||||
International Business Machines Corporation | 6,189 | 1,136,672 | ||||||
Utilities - 0.9% | ||||||||
Electric Utilities - 0.9% | ||||||||
WEC Energy Group, Inc. | 13,875 | 1,120,545 | ||||||
Total Common Stocks (Cost $48,033,398) | $ | 63,431,488 |
WESTWOOD TOTAL RETURN FUND |
SCHEDULE OF INVESTMENTS (Continued) |
EXCHANGE-TRADED FUNDS - 1.3% | Shares | Value | ||||||
JPMorgan Nasdaq Equity Premium Income ETF (Cost $1,224,673) | 29,083 | $ | 1,495,739 | |||||
PREFERRED STOCKS - 0.7% | ||||||||
Utilities - 0.7% | ||||||||
Electric Utilities - 0.7% | ||||||||
AES Corporation (The), 6.875%, 02/15/2024 (Cost $1,226,172) | 12,250 | $ | 816,095 | |||||
MONEY MARKET FUNDS - 1.0% | ||||||||
First American Government Obligations Fund - Class U, 5.27% (d) (Cost $1,234,871) | 1,234,871 | $ | 1,234,871 | |||||
Investments at Value - 99.6% (Cost $102,407,214) | $ | 118,289,351 | ||||||
Other Assets in Excess of Liabilities - 0.4% | 465,178 | |||||||
Net Assets - 100.0% | $ | 118,754,529 |
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 $16,844,979 as of January 31, 2024, representing 14.2% of net assets. |
ADR - American Depositary Receipt |
H15T5Y - U.S. Treasury Yield Curve T-Note Constant Maturity 5 Year |
N.V. - Naamloze Vennootschap |
plc - Public Limited Company |
S.A. - Societe Anonyme |
S.A.B. de C.V. - Societe Anonima Bursatil de Capital Variable |
S.p.A. - Societa per azioni |
TSFR - CME Term Secured Overnight Financing Rate |
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of January 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. |
(b) | Security has a perpetual maturity date. |
(c) | Non-income producing security. |
(d) | The rate shown is the 7-day effective yield as of January 31, 2024. |
WESTWOOD INCOME OPPORTUNITY FUND |
SCHEDULE OF INVESTMENTS |
January 31, 2024 (Unaudited) |
U.S. GOVERNMENT & AGENCIES - 9.0% | Coupon | Maturity | Par Value | Value | ||||||||
U.S. Treasury Notes - 2.3% | ||||||||||||
U.S. Treasury Notes | 5.000% | 09/30/25 | $ | 2,835,000 | $ | 2,864,014 | ||||||
U.S. Treasury Notes | 4.625% | 09/30/28 | 3,535,000 | 3,642,017 | ||||||||
U.S. Treasury Notes | 4.125% | 11/15/32 | 2,560,000 | 2,590,900 | ||||||||
U.S. Treasury Notes | 4.500% | 11/15/33 | 2,655,000 | 2,769,082 | ||||||||
11,866,013 | ||||||||||||
U.S. Treasury Bonds - 6.7% | ||||||||||||
U.S. Treasury Bonds | 4.000% | 11/15/42 | 4,875,000 | 4,670,288 | ||||||||
U.S. Treasury Bonds | 3.875% | 05/15/43 | 4,750,000 | 4,459,063 | ||||||||
U.S. Treasury Bonds | 4.375% | 08/15/43 | 5,250,000 | 5,276,250 | ||||||||
U.S. Treasury Bonds | 4.000% | 11/15/52 | 5,180,000 | 4,969,360 | ||||||||
U.S. Treasury Bonds | 3.625% | 02/15/53 | 5,000,000 | 4,481,250 | ||||||||
U.S. Treasury Bonds | 3.625% | 05/15/53 | 4,000,000 | 3,588,750 | ||||||||
U.S. Treasury Bonds | 4.125% | 08/15/53 | 2,480,000 | 2,434,663 | ||||||||
U.S. Treasury Bonds | 4.750% | 11/15/53 | 5,030,000 | 5,481,914 | ||||||||
35,361,538 | ||||||||||||
Total U.S. Government & Agencies (Cost $44,528,907) | $ | 47,227,551 | ||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 4.3% | ||||||||||||
Federal Home Loan Mortgage Corporation - 2.3% | ||||||||||||
FHLMC, Pool #SD8275 | 4.500% | 12/01/52 | $ | 2,801,327 | $ | 2,710,533 | ||||||
FHLMC, Pool #SD8288 | 5.000% | 01/01/53 | 2,748,190 | 2,719,255 | ||||||||
FHLMC, Pool #SD2605 | 5.500% | 04/01/53 | 2,733,515 | 2,746,382 | ||||||||
FHLMC, Pool #SD8363 | 6.000% | 09/01/53 | 3,731,569 | 3,785,560 | ||||||||
11,961,730 | ||||||||||||
Federal National Mortgage Association - 2.0% | ||||||||||||
FNMA, Pool #FS3394 | 4.000% | 10/01/52 | 2,957,128 | 2,786,566 | ||||||||
FNMA, Pool #MA5172 | 7.000% | 10/01/53 | 3,643,593 | 3,762,968 |
WESTWOOD INCOME OPPORTUNITY FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COLLATERALIZED MORTGAGE OBLIGATIONS - 4.3% (Continued) | Coupon | Maturity | Par Value | Value | ||||||||
Federal National Mortgage Association - 2.0% (Continued) | ||||||||||||
FNMA, Pool #MA5192 | 6.500% | 11/01/53 | $ | 3,775,353 | $ | 3,867,717 | ||||||
10,417,251 | ||||||||||||
Total Collateralized Mortgage Obligations (Cost $22,115,290) | $ | 22,378,981 | ||||||||||
CONVERTIBLE BONDS - 4.2% | ||||||||||||
Consumer Discretionary - 0.4% | ||||||||||||
Live Nation Entertainment, Inc. | 3.125% | 01/15/29 | $ | 2,175,000 | $ | 2,394,187 | ||||||
Energy - 0.4% | ||||||||||||
Northern Oil & Gas, Inc. | 3.625% | 04/15/29 | 1,950,000 | 2,158,650 | ||||||||
Health Care - 1.7% | ||||||||||||
Exact Sciences Corporation | 0.375% | 03/15/27 | 4,273,000 | 3,947,397 | ||||||||
Integer Holdings Corporation, 144A | 2.125% | 02/15/28 | 2,575,000 | 3,344,925 | ||||||||
Merit Medical Systems, Inc., 144A | 3.000% | 02/01/29 | 1,300,000 | 1,457,300 | ||||||||
8,749,622 | ||||||||||||
Real Estate - 0.8% | ||||||||||||
Corporate Office Properties, L.P., 144A | 5.250% | 09/15/28 | 4,085,000 | 4,150,360 | ||||||||
Technology - 0.9% | ||||||||||||
Akamai Technologies, Inc. | 0.125% | 05/01/25 | 3,583,000 | 4,715,228 | ||||||||
Total Convertible Bonds (Cost $21,107,652) | $ | 22,168,047 | ||||||||||
CORPORATE BONDS - 37.7% | ||||||||||||
Communications - 3.4% | ||||||||||||
America Movil S.A.B. de C.V., 144A | 5.375% | 04/04/32 | $ | 3,050,000 | $ | 2,836,425 | ||||||
Charter Communications Operating, LLC | 6.384% | 10/23/35 | 2,430,000 | 2,447,022 | ||||||||
Charter Communications Operating, LLC | 6.484% | 10/23/45 | 4,950,000 | 4,752,132 | ||||||||
Comcast Corporation | 0.250% | 05/20/27 | 3,000,000 | 2,959,715 |
WESTWOOD INCOME OPPORTUNITY FUND |
SCHEDULE OF INVESTMENTS (Continued) |
CORPORATE BONDS - 37.7% (Continued) | Coupon | Maturity | Par Value | Value | ||||||||
Communications - 3.4% (Continued) | ||||||||||||
RenaissanceRe Holdings Ltd. | 5.750% | 06/05/33 | $ | 4,805,000 | $ | 4,869,488 | ||||||
17,864,782 | ||||||||||||
Consumer Discretionary - 1.0% | ||||||||||||
Raising Cane’s Restaurants, LLC, 144A | 9.375% | 05/01/29 | 1,250,000 | 1,344,874 | ||||||||
Royal Caribbean Cruises Ltd., 144A | 9.250% | 01/15/29 | 3,540,000 | 3,806,905 | ||||||||
5,151,779 | ||||||||||||
Consumer Staples - 1.5% | ||||||||||||
BAT Capital Corporation | 7.750% | 10/19/32 | 3,576,000 | 4,060,057 | ||||||||
Pilgrim’s Pride Corporation | 6.250% | 07/01/33 | 3,720,000 | 3,798,526 | ||||||||
7,858,583 | ||||||||||||
Energy - 4.5% | ||||||||||||
Colonial Pipeline Company, 144A | 3.750% | 10/01/25 | 4,560,000 | 4,451,114 | ||||||||
Columbia Pipelines Holding Company, LLC, 144A | 6.055% | 08/15/26 | 615,000 | 628,916 | ||||||||
Columbia Pipelines Operating Company, LLC, 144A | 6.544% | 11/15/53 | 3,705,000 | 4,063,219 | ||||||||
Energy Transfer, L.P. (H15T5Y + 531) (a)(b) | 7.125% | 05/15/65 | 4,455,000 | 4,307,694 | ||||||||
NGL Energy Operating, LLC, 144A | 7.500% | 02/01/26 | 3,313,000 | 3,375,940 | ||||||||
Sempra Energy | 5.500% | 08/01/33 | 4,040,000 | 4,113,429 | ||||||||
TransCanada Trust | 5.600% | 03/07/82 | 2,918,000 | 2,561,712 | ||||||||
23,502,024 | ||||||||||||
Financials - 18.4% | ||||||||||||
Aircastle Ltd., 144A | 5.250% | 08/11/25 | 4,209,000 | 4,170,806 | ||||||||
Ally Financial, Inc. | 6.992% | 06/13/29 | 3,175,000 | 3,286,747 | ||||||||
Ares Capital Corporation | 7.000% | 01/15/27 | 4,210,000 | 4,318,947 | ||||||||
Bank of Nova Scotia, Series 4 | 8.625% | 10/27/82 | 3,270,000 | 3,383,243 | ||||||||
Barclays plc | 7.385% | 11/02/28 | 5,690,000 | 6,079,793 | ||||||||
Barclays plc (b) | 8.000% | 12/31/49 | 3,150,000 | 3,052,984 | ||||||||
Capital One Financial Corporation (SOFR + 307) (a)(b) | 7.624% | 10/30/31 | 2,560,000 | 2,825,709 | ||||||||
Citigroup, Inc. | 6.174% | 05/25/34 | 2,065,000 | 2,143,138 | ||||||||
Farmers Exchange Capital, 144A | 7.050% | 07/15/28 | 3,670,000 | 3,723,555 | ||||||||
Five Corners Funding Trust IV, 144A | 5.997% | 02/15/53 | 3,425,000 | 3,699,099 | ||||||||
Hercules Capital, Inc. | 2.625% | 09/16/26 | 3,959,000 | 3,581,539 | ||||||||
HSBC Holdings plc (b) | 8.000% | 12/31/49 | 3,455,000 | 3,596,012 | ||||||||
Intesa Sanpaolo S.p.A., 144A | 7.778% | 06/20/54 | 2,150,000 | 2,200,081 |
WESTWOOD INCOME OPPORTUNITY FUND |
SCHEDULE OF INVESTMENTS (Continued) |
CORPORATE BONDS - 37.7% (Continued) | Coupon | Maturity | Par Value | Value | ||||||||
Financials - 18.4% (Continued) | ||||||||||||
JPMorgan Chase & Company | 5.299% | 07/24/29 | $ | 3,396,000 | $ | 3,451,211 | ||||||
Lincoln National Corporation (b) | 9.250% | 12/31/49 | 2,065,000 | 2,257,968 | ||||||||
Mizuho Financial Group, Inc. | 5.748% | 07/06/34 | 2,325,000 | 2,407,623 | ||||||||
Morgan Stanley, Series I | 6.296% | 10/18/28 | 2,385,000 | 2,493,205 | ||||||||
Morgan Stanley, Series F (SOFR + 262) (a) | 5.297% | 04/20/37 | 2,138,000 | 2,093,617 | ||||||||
National Australia Bank Ltd., 144A | 6.429% | 01/12/33 | 2,870,000 | 3,029,940 | ||||||||
NatWest Group plc | 5.516% | 09/30/28 | 5,300,000 | 5,338,647 | ||||||||
Penske Truck Leasing Company, L.P. / PTL Finance Corporation, 144A | 6.200% | 06/15/30 | 2,815,000 | 2,957,624 | ||||||||
PNC Financial Services Group, Inc. (SOFR + 173) (a)(b) | 6.615% | 10/20/27 | 2,340,000 | 2,431,681 | ||||||||
Protective Life Global Funding, 144A | 5.366% | 01/06/26 | 3,735,000 | 3,769,692 | ||||||||
Royal Bank of Canada | 6.000% | 11/01/27 | 2,170,000 | 2,267,791 | ||||||||
State Street Corporation | 6.700% | 12/31/49 | 2,580,000 | 2,573,503 | ||||||||
Truist Financial Corporation, Series G (TSFR3M + 336) (a)(b) | 8.773% | 12/31/49 | 5,483,000 | 5,519,999 | ||||||||
U.S. Bancorp (b) | 3.700% | 12/31/49 | 4,025,000 | 3,469,810 | ||||||||
Wells Fargo & Company, Series EE | 7.625% | 12/31/49 | 3,595,000 | 3,766,834 | ||||||||
Westpac Banking Corporation | 3.133% | 11/18/41 | 3,479,000 | 2,463,949 | ||||||||
96,354,747 | ||||||||||||
Health Care - 2.5% | ||||||||||||
CHS / Community Health Systems, Inc., 144A | 10.875% | 01/15/32 | 225,000 | 235,288 | ||||||||
CHS / Community Health Systems, Inc., 144A | 5.250% | 05/15/30 | 2,785,000 | 2,304,830 | ||||||||
Flex Ltd. | 6.000% | 01/15/28 | 4,735,000 | 4,882,613 | ||||||||
Fresenius Medical Care US Finance III, Inc., 144A | 3.000% | 12/01/31 | 4,125,000 | 3,282,328 | ||||||||
Mylan, Inc. | 5.200% | 04/15/48 | 2,650,000 | 2,215,590 | ||||||||
12,920,649 | ||||||||||||
Industrials - 0.6% | ||||||||||||
Regal Rexnord Corporation, 144A | 6.300% | 02/15/30 | 3,050,000 | 3,132,988 | ||||||||
Materials - 1.0% | ||||||||||||
Celanese US Holdings, LLC | 6.350% | 11/15/28 | 5,200,000 | 5,414,781 | ||||||||
Real Estate - 1.2% | ||||||||||||
MPT Operating Partnership, L.P. | 4.625% | 08/01/29 | 3,775,000 | 2,553,027 |
WESTWOOD INCOME OPPORTUNITY FUND |
SCHEDULE OF INVESTMENTS (Continued) |
CORPORATE BONDS - 37.7% (Continued) | Coupon | Maturity | Par Value | Value | ||||||||
Real Estate - 1.2% (Continued) | ||||||||||||
Simon Property Group, L.P. | 5.500% | 03/08/33 | $ | 3,490,000 | $ | 3,601,779 | ||||||
6,154,806 | ||||||||||||
Technology - 1.4% | ||||||||||||
Dell International, LLC / EMC Corporation | 8.350% | 07/15/46 | 1,314,000 | 1,709,671 | ||||||||
Oracle Corporation | 6.900% | 11/09/52 | 2,075,000 | 2,429,943 | ||||||||
TIBCO Software, Inc., 144A | 6.500% | 03/31/29 | 3,675,000 | 3,429,908 | ||||||||
7,569,522 | ||||||||||||
Utilities - 2.2% | ||||||||||||
NextEra Energy Capital Holdings, Inc. | 5.000% | 07/15/32 | 5,092,000 | 5,064,611 | ||||||||
Piedmont Natural Gas Company, Inc. | 5.050% | 05/15/52 | 4,166,000 | 3,839,486 | ||||||||
Southern Company, Series 2023E | 5.700% | 03/15/34 | 2,770,000 | 2,893,460 | ||||||||
11,797,557 | ||||||||||||
Total Corporate Bonds (Cost $194,638,628) | $ | 197,722,218 | ||||||||||
COMMON STOCKS - 39.5% | Shares | Value | ||||||
Communications - 0.6% | ||||||||
Telecommunications - 0.6% | ||||||||
Cogent Communications Holdings, Inc. | 39,231 | $ | 3,028,633 | |||||
Consumer Discretionary - 2.2% | ||||||||
Home Construction - 0.9% | ||||||||
Toll Brothers, Inc. | 50,760 | 5,043,006 | ||||||
Retail - Discretionary - 1.3% | ||||||||
Lowe’s Companies, Inc. | 31,099 | 6,619,111 | ||||||
Consumer Staples - 1.2% | ||||||||
Retail - Consumer Staples - 1.2% | ||||||||
Walmart, Inc. | 38,856 | 6,420,954 | ||||||
Energy - 4.1% | ||||||||
Oil & Gas Producers - 3.1% | ||||||||
Energy Transfer, L.P. | 848,311 | 12,130,847 |
WESTWOOD INCOME OPPORTUNITY FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 39.5% (Continued) | Shares | Value | ||||||
Energy - 4.1% (Continued) | ||||||||
Oil & Gas Producers - 3.1% (Continued) | ||||||||
Petroleo Brasileiro S.A. - ADR | 239,540 | $ | 4,088,948 | |||||
16,219,795 | ||||||||
Oil & Gas Services & Equipment - 1.0% | ||||||||
Schlumberger Ltd. | 105,292 | 5,127,721 | ||||||
Financials - 6.5% | ||||||||
Asset Management - 1.0% | ||||||||
Charles Schwab Corporation (The) | 83,508 | 5,254,324 | ||||||
Banking - 2.5% | ||||||||
JPMorgan Chase & Company | 52,870 | 9,218,413 | ||||||
Wells Fargo & Company | 79,495 | 3,989,059 | ||||||
13,207,472 | ||||||||
Institutional Financial Services - 1.3% | ||||||||
Goldman Sachs Group, Inc. (The) | 17,984 | 6,906,036 | ||||||
Insurance - 1.7% | ||||||||
American International Group, Inc. | 56,343 | 3,916,402 | ||||||
Progressive Corporation (The) | 26,396 | 4,705,087 | ||||||
8,621,489 | ||||||||
Health Care - 5.9% | ||||||||
Biotech & Pharma - 4.3% | ||||||||
Amgen, Inc. | 28,089 | 8,827,249 | ||||||
Bristol-Myers Squibb Company | 151,448 | 7,401,264 | ||||||
Gilead Sciences, Inc. | 78,858 | 6,171,427 | ||||||
22,399,940 | ||||||||
Medical Equipment & Devices - 1.6% | ||||||||
Becton, Dickinson & Company | 16,641 | 3,974,037 | ||||||
Medtronic plc | 51,458 | 4,504,634 | ||||||
8,478,671 | ||||||||
Industrials - 4.2% | ||||||||
Aerospace & Defense - 0.7% | ||||||||
Lockheed Martin Corporation | 9,017 | 3,871,990 |
WESTWOOD INCOME OPPORTUNITY FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 39.5% (Continued) | Shares | Value | ||||||
Industrials - 4.2% (Continued) | ||||||||
Diversified Industrials - 1.1% | ||||||||
Honeywell International, Inc. | 29,665 | $ | 6,000,043 | |||||
Electrical Equipment - 0.5% | ||||||||
Littelfuse, Inc. | 11,174 | 2,702,991 | ||||||
Machinery - 0.9% | ||||||||
Deere & Company | 11,695 | 4,602,918 | ||||||
Transportation & Logistics - 1.0% | ||||||||
FedEx Corporation | 20,998 | 5,066,607 | ||||||
Materials - 1.8% | ||||||||
Metals & Mining - 1.8% | ||||||||
Freeport-McMoRan, Inc. | 157,854 | 6,265,225 | ||||||
Newmont Corporation | 89,606 | 3,092,303 | ||||||
9,357,528 | ||||||||
Real Estate - 2.2% | ||||||||
REITs - 2.2% | ||||||||
Crown Castle, Inc. | 49,691 | 5,379,050 | ||||||
NNN REIT, Inc. | 79,720 | 3,215,905 | ||||||
VICI Properties, Inc. | 92,582 | 2,788,570 | ||||||
11,383,525 | ||||||||
Technology - 9.3% | ||||||||
Semiconductors - 2.5% | ||||||||
ASML Holding N.V. | 7,640 | 6,645,425 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 57,252 | 6,467,186 | ||||||
13,112,611 | ||||||||
Software - 3.6% | ||||||||
Microsoft Corporation | 47,748 | 18,983,650 | ||||||
Technology Hardware - 1.8% | ||||||||
Apple, Inc. | 33,721 | 6,218,152 | ||||||
Cisco Systems, Inc. | 62,904 | 3,156,523 | ||||||
9,374,675 |
WESTWOOD INCOME OPPORTUNITY FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 39.5% (Continued) | Shares | Value | ||||||
Technology - 9.3% (Continued) | ||||||||
Technology Services - 1.4% | ||||||||
International Business Machines Corporation | 40,601 | $ | 7,456,779 | |||||
Utilities - 1.5% | ||||||||
Electric Utilities - 1.5% | ||||||||
Alliant Energy Corporation | 55,367 | 2,694,158 | ||||||
WEC Energy Group, Inc. | 67,965 | 5,488,854 | ||||||
8,183,012 | ||||||||
Total Common Stocks (Cost $160,662,375) | $ | 207,423,481 | ||||||
EXCHANGE-TRADED FUNDS - 2.8% | Shares | Value | ||||||
Global X Nasdaq 100 Covered Call ETF | 365,616 | $ | 6,442,154 | |||||
JPMorgan Nasdaq Equity Premium Income ETF | 157,958 | 8,123,780 | ||||||
Total Exchange-Traded Funds (Cost $13,381,406) | $ | 14,565,934 | ||||||
PREFERRED STOCKS - 1.2% | Shares | Value | ||||||
Utilities - 1.2% | ||||||||
Electric Utilities - 1.2% | ||||||||
AES Corporation (The), 6.88%, 02/15/2024 | 60,310 | $ | 4,017,852 | |||||
NextEra Energy, Inc., 3.46%, 09/01/2025 | 60,300 | 2,243,763 | ||||||
Total Preferred Stocks (Cost $8,894,327) | $ | 6,261,615 |
WESTWOOD INCOME OPPORTUNITY FUND |
SCHEDULE OF INVESTMENTS (Continued) |
MONEY MARKET FUNDS - 0.3% | Shares | Value | ||||||
First American Government Obligations Fund - Class U, 5.27% (c) (Cost $1,572,936) | 1,572,936 | $ | 1,572,936 | |||||
Investments at Value - 99.0% (Cost $466,901,521) | $ | 519,320,763 | ||||||
Other Assets in Excess of Liabilities - 1.0% | 5,037,821 | |||||||
Net Assets - 100.0% | $ | 524,358,584 |
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 $65,396,117 as of January 31, 2024, representing 12.5% of net assets. |
ADR - American Depositary Receipt |
H15T5Y - U.S. Treasury Yield Curve T-Note Constant Maturity 5 Year |
N.V. - Naamloze Vennootschap |
plc - Public Limited Company |
S.A. - Societe Anonyme |
S.A.B. de C.V. - Societe Anonima Bursatil de Capital Variable |
S.p.A. - Societa per Azioni |
SOFR - Secured Overnight Financing Rate |
TSFR - CME Term SOFR |
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of January 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. |
(b) | Security has a perpetual maturity date. |
(c) | The rate shown is the 7-day effective yield as of January 31, 2024. |
WESTWOOD HIGH INCOME FUND |
SCHEDULE OF INVESTMENTS |
January 31, 2024 (Unaudited) |
U.S. GOVERNMENT & AGENCIES - 3.6% | Coupon | Maturity | Par Value | Value | ||||||||
U.S. Treasury Notes - 1.7% | ||||||||||||
U.S. Treasury Notes | 3.875% | 08/15/33 | $ | 1,295,000 | $ | 1,285,692 | ||||||
U.S. Treasury Notes | 4.500% | 11/15/33 | 335,000 | 349,395 | ||||||||
1,635,087 | ||||||||||||
U.S. Treasury Bonds - 1.9% | ||||||||||||
U.S. Treasury Bonds | 2.250% | 02/15/52 | 475,000 | 318,324 | ||||||||
U.S. Treasury Bonds | 3.000% | 08/15/52 | 1,401,000 | 1,109,417 | ||||||||
U.S. Treasury Bonds | 4.125% | 08/15/53 | 415,000 | 407,413 | ||||||||
1,835,154 | ||||||||||||
Total U.S. Government & Agencies (Cost $3,577,786) | $ | 3,470,241 | ||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 2.1% | ||||||||||||
Federal Home Loan Mortgage Corporation - 1.6% | ||||||||||||
FHLMC, Pool #SD8275 | 4.500% | 12/01/52 | $ | 522,601 | $ | 505,662 | ||||||
FHLMC, Pool #SD8288 | 5.000% | 01/01/53 | 512,933 | 507,532 | ||||||||
FHLMC, Pool #SD2605 | 5.500% | 04/01/53 | 512,534 | 514,947 | ||||||||
1,528,141 | ||||||||||||
Federal National Mortgage Association - 0.5% | ||||||||||||
FNMA, Pool #FS3394 | 4.000% | 10/01/52 | 552,644 | 520,768 | ||||||||
Total Collateralized Mortgage Obligations (Cost $2,046,650) | $ | 2,048,909 | ||||||||||
CONVERTIBLE BONDS - 2.2% | ||||||||||||
Consumer Discretionary - 1.1% | ||||||||||||
Live Nation Entertainment Inc., 144A | 3.125% | 01/15/29 | $ | 1,000,000 | $ | 1,100,776 |
WESTWOOD HIGH INCOME FUND |
SCHEDULE OF INVESTMENTS (Continued) |
CONVERTIBLE BONDS - 2.2% (Continued) | Coupon | Maturity | Par Value | Value | ||||||||
Real Estate - 1.1% | ||||||||||||
Corporate Office Properties, L.P., 144A | 5.250% | 09/15/28 | $ | 1,000,000 | $ | 1,016,000 | ||||||
Total Convertible Bonds (Cost $2,030,157) | $ | 2,116,776 | ||||||||||
CORPORATE BONDS - 64.3% | ||||||||||||
Communications - 8.2% | ||||||||||||
America Movil S.A.B. de C.V., 144A | 5.375% | 04/04/32 | $ | 360,000 | $ | 334,791 | ||||||
Charter Communications Operating, LLC | 6.384% | 10/23/35 | 1,400,000 | 1,409,807 | ||||||||
Clear Channel Outdoor Holdings, Inc., 144A | 9.000% | 09/15/28 | 1,000,000 | 1,041,000 | ||||||||
Cogent Communications Group, Inc., 144A | 7.000% | 06/15/27 | 500,000 | 501,603 | ||||||||
Connect Finco SARL / U.S. Finco, LLC, 144A | 6.750% | 10/01/26 | 1,000,000 | 981,160 | ||||||||
CSC Holdings, LLC, 144A | 11.250% | 05/15/28 | 1,000,000 | 1,012,301 | ||||||||
CSC Holdings, LLC, 144A | 11.750% | 01/31/29 | 250,000 | 254,241 | ||||||||
DIRECTV Financing, LLC, 144A | 8.875% | 02/01/30 | 50,000 | 51,067 | ||||||||
Entercom Media Corporation, 144A | 0.000% | 05/01/27 | 3,000,000 | 105,000 | ||||||||
RenaissanceRe Holdings Ltd. | 5.750% | 06/05/33 | 900,000 | 912,079 | ||||||||
Telesat Canada / Telesat, LLC, 144A | 4.875% | 06/01/27 | 1,500,000 | 885,000 | ||||||||
Vodafone Group plc | 4.875% | 06/19/49 | 500,000 | 451,673 | ||||||||
7,939,722 | ||||||||||||
Consumer Discretionary - 6.1% | ||||||||||||
Darden Restaurants, Inc. | 4.550% | 02/15/48 | 790,000 | 653,033 | ||||||||
Ford Motor Credit Company, LLC | 7.450% | 07/16/31 | 1,000,000 | 1,083,938 | ||||||||
G-III Apparel Group Ltd., 144A | 7.875% | 08/15/25 | 1,000,000 | 1,002,659 | ||||||||
Nordstrom, Inc. | 2.300% | 04/08/24 | 500,000 | 495,000 | ||||||||
Odeon Finco plc, 144A | 12.750% | 11/01/27 | 1,000,000 | 1,007,082 | ||||||||
Raising Cane’s Restaurants, LLC, 144A | 9.375% | 05/01/29 | 500,000 | 537,949 | ||||||||
Royal Caribbean Cruises Ltd., 144A | 9.250% | 01/15/29 | 1,070,000 | 1,150,675 | ||||||||
5,930,336 | ||||||||||||
Consumer Staples - 2.3% | ||||||||||||
BAT Capital Corporation | 7.750% | 10/19/32 | 552,000 | 626,720 | ||||||||
Pilgrim’s Pride Corporation | 6.250% | 07/01/33 | 620,000 | 633,088 | ||||||||
US Foods, Inc., 144A | 6.875% | 09/15/28 | 531,000 | 545,119 | ||||||||
Vector Group Ltd., 144A | 5.750% | 02/01/29 | 500,000 | 461,098 | ||||||||
2,266,025 |
WESTWOOD HIGH INCOME FUND |
SCHEDULE OF INVESTMENTS (Continued) |
CORPORATE BONDS - 64.3% (Continued) | Coupon | Maturity | Par Value | Value | ||||||||
Energy - 7.2% | ||||||||||||
Earthstone Energy Holdings, LLC, 144A | 9.875% | 07/15/31 | $ | 1,000,000 | $ | 1,107,500 | ||||||
Energy Transfer, L.P. (H15T5Y + 531) (a)(b) | 7.125% | 05/15/65 | 825,000 | 797,721 | ||||||||
Global Partners, L.P. / GLP Finance Corporation, 144A | 8.250% | 01/15/32 | 500,000 | 510,344 | ||||||||
International Petroleum Corporation | 7.250% | 02/01/27 | 1,000,000 | 960,045 | ||||||||
Martin Midstream Partners, L.P., 144A | 11.500% | 02/15/28 | 500,000 | 516,389 | ||||||||
Northern Oil and Gas, Inc., 144A | 8.125% | 03/01/28 | 550,000 | 558,561 | ||||||||
Sempra Energy | 5.500% | 08/01/33 | 785,000 | 799,268 | ||||||||
Summit Midstream Holdings, LLC, 144A | 9.000% | 10/15/26 | 1,250,000 | 1,250,125 | ||||||||
TransCanada Trust | 5.600% | 03/07/82 | 478,000 | 419,636 | ||||||||
6,919,589 | ||||||||||||
Financials - 14.4% | ||||||||||||
Aircastle Ltd., 144A | 5.250% | 08/11/25 | 435,000 | 431,053 | ||||||||
Ally Financial, Inc. | 6.992% | 06/13/29 | 590,000 | 610,766 | ||||||||
Ares Capital Corporation | 7.000% | 01/15/27 | 735,000 | 754,020 | ||||||||
Bank of America Corporation, Series N | ||||||||||||
(TSFR3M + 157) (a) | 4.271% | 07/23/29 | 605,000 | 585,884 | ||||||||
Barclays plc | 7.385% | 11/02/28 | 515,000 | 550,280 | ||||||||
Blackstone Private Credit Fund | 7.050% | 09/29/25 | 1,000,000 | 1,018,133 | ||||||||
Capital One Financial Corporation (SOFR + 307) (a) | 7.624% | 10/30/31 | 510,000 | 562,934 | ||||||||
Five Corners Funding Trust IV, 144A | 5.997% | 02/15/53 | 570,000 | 615,616 | ||||||||
Hercules Capital, Inc. | 2.625% | 09/16/26 | 422,000 | 381,766 | ||||||||
HSBC Holdings plc | 6.547% | 06/20/34 | 665,000 | 692,198 | ||||||||
HSBC Holdings plc (b) | 8.000% | 12/31/49 | 615,000 | 640,101 | ||||||||
Intesa Sanpaolo S.p.A., 144A | 7.778% | 06/20/54 | 360,000 | 368,386 | ||||||||
Jackson Financial, Inc. | 4.000% | 11/23/51 | 500,000 | 367,074 | ||||||||
Lincoln National Corporation (b) | 9.250% | 12/31/49 | 320,000 | 349,903 | ||||||||
Morgan Stanley, Series F (SOFR + 262) (a) | 5.297% | 04/20/37 | 529,000 | 518,018 | ||||||||
National Australia Bank Ltd., 144A | 6.429% | 01/12/33 | 485,000 | 512,028 | ||||||||
NatWest Group plc | 5.516% | 09/30/28 | 800,000 | 805,833 | ||||||||
Nomura Holdings, Inc. | 2.329% | 01/22/27 | 885,000 | 815,017 | ||||||||
Owl Rock Capital Corporation | 3.400% | 07/15/26 | 1,250,000 | 1,170,314 | ||||||||
Penske Truck Leasing Company, 144A | 4.400% | 07/01/27 | 500,000 | 488,997 | ||||||||
Prospect Capital Corporation | 3.364% | 11/15/26 | 710,000 | 646,966 | ||||||||
State Street Corporation | 6.700% | 12/31/49 | 475,000 | 473,804 |
WESTWOOD HIGH INCOME FUND |
SCHEDULE OF INVESTMENTS (Continued) |
CORPORATE BONDS - 64.3% (Continued) | Coupon | Maturity | Par Value | Value | ||||||||
Financials - 14.4% (Continued) | ||||||||||||
Westpac Banking Corporation | 3.133% | 11/18/41 | $ | 850,000 | $ | 602,000 | ||||||
13,961,091 | ||||||||||||
Health Care - 2.7% | ||||||||||||
Bausch Health Companies, Inc., 144A | 6.125% | 02/01/27 | 1,112,000 | 703,629 | ||||||||
Community Health Systems, Inc., 144A | 5.250% | 05/15/30 | 600,000 | 496,552 | ||||||||
Community Health Systems, Inc., 144A | 10.875% | 01/15/32 | 105,000 | 109,801 | ||||||||
Flex Ltd. | 6.000% | 01/15/28 | 745,000 | 768,225 | ||||||||
Par Pharmaceutical, Inc., 144A | 0.000% | 04/01/27 | 750,000 | 494,834 | ||||||||
2,573,041 | ||||||||||||
Industrials - 9.8% | ||||||||||||
American Airlines Pass Through Trust, Series 2021-1B | 3.950% | 07/11/30 | 514,675 | 458,961 | ||||||||
Boeing Company (The) | 5.805% | 05/01/50 | 1,000,000 | 1,000,906 | ||||||||
Bombardier, Inc., 144A | 7.125% | 06/15/26 | 776,000 | 782,266 | ||||||||
Foxtrot Escrow Issuer, LLC / Foxtrot Escrow Corporation, 144A | 12.250% | 11/15/26 | 400,000 | 389,569 | ||||||||
GEO Group, Inc. (The) | 10.500% | 06/30/28 | 1,000,000 | 1,017,479 | ||||||||
Husky Injection Molding Systems Ltd., 144A | 9.000% | 02/15/29 | 50,000 | 50,000 | ||||||||
Manitowoc Company, Inc., 144A | 9.000% | 04/01/26 | 1,125,000 | 1,124,022 | ||||||||
Rand Parent, LLC, 144A | 8.500% | 02/15/30 | 500,000 | 495,108 | ||||||||
Regal Rexnord Corporation, 144A | 6.300% | 02/15/30 | 1,000,000 | 1,027,209 | ||||||||
Sotheby’s, 144A | 7.375% | 10/15/27 | 1,225,000 | 1,177,137 | ||||||||
Titan Acquisition Ltd. / Titan Co-Borrower, LLC, 144A | 7.750% | 04/15/26 | 1,000,000 | 1,002,600 | ||||||||
XPO, Inc., 144A | 6.250% | 06/01/28 | 1,000,000 | 1,000,064 | ||||||||
9,525,321 | ||||||||||||
Materials - 0.9% | ||||||||||||
Rayonier AM Products, Inc., 144A | 7.625% | 01/15/26 | 1,000,000 | 874,500 | ||||||||
Real Estate - 7.2% | ||||||||||||
American Homes 4 Rent, L.P. | 4.300% | 04/15/52 | 1,000,000 | 808,580 | ||||||||
Brixmor Operating Partnership, L.P. | 4.050% | 07/01/30 | 475,000 | 443,971 | ||||||||
Corporate Office Properties, L.P. | 2.250% | 03/15/26 | 450,000 | 422,743 | ||||||||
Iron Mountain, Inc., 144A | 5.000% | 07/15/28 | 500,000 | 478,388 | ||||||||
Iron Mountain, Inc., 144A | 7.000% | 02/15/29 | 1,000,000 | 1,025,055 | ||||||||
MPT Operating Partnership, L.P. | 4.625% | 08/01/29 | 1,250,000 | 845,373 |
WESTWOOD HIGH INCOME FUND |
SCHEDULE OF INVESTMENTS (Continued) |
CORPORATE BONDS - 64.3% (Continued) | Coupon | Maturity | Par Value | Value | ||||||||
Real Estate - 7.2% (Continued) | ||||||||||||
New Residential Investment Corporation, 144A | 6.250% | 10/15/25 | $ | 1,000,000 | $ | 988,310 | ||||||
Service Properties Trust | 7.500% | 09/15/25 | 1,000,000 | 1,015,081 | ||||||||
VICI Properties, L.P. | 5.125% | 05/15/32 | 1,000,000 | 955,603 | ||||||||
6,983,104 | ||||||||||||
Technology - 2.8% | ||||||||||||
CommScope Finance, LLC, 144A | 6.000% | 03/01/26 | 940,000 | 814,209 | ||||||||
Dell International, LLC / EMC Corporation | 8.350% | 07/15/46 | 342,000 | 444,983 | ||||||||
Oracle Corporation | 6.900% | 11/09/52 | 320,000 | 374,738 | ||||||||
TIBCO Software, Inc., 144A | 6.500% | 03/31/29 | 1,125,000 | 1,049,972 | ||||||||
2,683,902 | ||||||||||||
Utilities - 2.7% | ||||||||||||
Altice France S.A., 144A | 8.125% | 02/01/27 | 1,000,000 | 893,797 | ||||||||
Consolidated Edison Company, Inc. | 3.850% | 06/15/46 | 750,000 | 606,136 | ||||||||
Talen Energy Supply, LLC, 144A | 8.625% | 06/01/30 | 1,000,000 | 1,061,239 | ||||||||
2,561,172 | ||||||||||||
Total Corporate Bonds (Cost $64,130,051) | $ | 62,217,803 | ||||||||||
FOREIGN GOVERNMENTS - 0.7% | ||||||||||||
Republic of South Africa Government Bonds (Cost $695,000) | 5.875% | 04/20/32 | $ | 695,000 | $ | 637,662 | ||||||
COMMON STOCKS - 22.7% | Shares | Value | ||||||
Communications - 0.6% | ||||||||
Telecommunications - 0.6% | ||||||||
Cogent Communications Holdings, Inc. | 7,628 | $ | 588,882 | |||||
Consumer Discretionary - 1.8% | ||||||||
Retail - Discretionary - 1.8% | ||||||||
Lowe’s Companies, Inc. | 4,276 | 910,104 | ||||||
TJX Companies, Inc. (The) | 8,365 | 793,922 | ||||||
1,704,026 |
WESTWOOD HIGH INCOME FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 22.7% (Continued) | Shares | Value | ||||||
Consumer Staples - 1.6% | ||||||||
Retail - Consumer Staples - 1.1% | ||||||||
Walmart, Inc. | 6,231 | $ | 1,029,673 | |||||
Tobacco & Cannabis - 0.5% | ||||||||
Altria Group, Inc. | 13,276 | 532,633 | ||||||
Energy - 1.4% | ||||||||
Oil & Gas Producers - 1.4% | ||||||||
Devon Energy Corporation | 8,431 | 354,271 | ||||||
Energy Transfer, L.P. | 37,418 | 535,077 | ||||||
Petroleo Brasileiro S.A. - ADR | 24,287 | 414,579 | ||||||
1,303,927 | ||||||||
Financials - 3.2% | ||||||||
Asset Management - 0.5% | ||||||||
Blackstone, Inc. | 4,158 | 517,463 | ||||||
Banking - 1.6% | ||||||||
Sumitomo Mitsui Financial Group, Inc. - ADR | 47,792 | 491,780 | ||||||
Truist Financial Corporation | 15,455 | 572,762 | ||||||
Wells Fargo & Company | 9,877 | 495,628 | ||||||
1,560,170 | ||||||||
Institutional Financial Services - 1.1% | ||||||||
Goldman Sachs Group, Inc. (The) | 2,743 | 1,053,339 | ||||||
Health Care - 2.6% | ||||||||
Biotech & Pharma - 2.6% | ||||||||
Amgen, Inc. | 3,429 | 1,077,597 | ||||||
Bristol-Myers Squibb Company | 12,357 | 603,887 | ||||||
Gilead Sciences, Inc. | 10,135 | 793,165 | ||||||
2,474,649 | ||||||||
Industrials - 1.6% | ||||||||
Aerospace & Defense - 1.0% | ||||||||
Lockheed Martin Corporation | 2,329 | 1,000,096 |
WESTWOOD HIGH INCOME FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 22.7% (Continued) | Shares | Value | ||||||
Industrials - 1.6% (Continued) | ||||||||
Transportation & Logistics - 0.6% | ||||||||
FedEx Corporation | 2,264 | $ | 546,281 | |||||
Materials - 0.8% | ||||||||
Metals & Mining - 0.8% | ||||||||
Freeport-McMoRan, Inc. | 9,750 | 386,977 | ||||||
Newmont Corporation | 11,690 | 403,422 | ||||||
790,399 | ||||||||
Real Estate - 2.5% | ||||||||
REITs - 2.5% | ||||||||
Crown Castle, Inc. | 4,830 | 522,848 | ||||||
NNN REIT, Inc. | 14,963 | 603,607 | ||||||
Urban Edge Properties | 33,797 | 583,674 | ||||||
VICI Properties, Inc. | 23,144 | 697,097 | ||||||
2,407,226 | ||||||||
Technology - 5.0% | ||||||||
Semiconductors - 1.3% | ||||||||
ASML Holding N.V. | 849 | 738,477 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 4,569 | 516,115 | ||||||
1,254,592 | ||||||||
Software - 1.1% | ||||||||
Microsoft Corporation | 2,609 | 1,037,286 | ||||||
Technology Hardware - 1.8% | ||||||||
Apple, Inc. | 5,356 | 987,646 | ||||||
Cisco Systems, Inc. | 15,226 | 764,041 | ||||||
1,751,687 | ||||||||
Technology Services - 0.8% | ||||||||
International Business Machines Corporation | 4,518 | 829,776 |
WESTWOOD HIGH INCOME FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 22.7% (Continued) | Shares | Value | ||||||
Utilities - 1.6% | ||||||||
Electric Utilities - 1.6% | ||||||||
Alliant Energy Corporation | 9,952 | $ | 484,264 | |||||
Enterprise Products Partners, L.P. | 22,106 | 591,557 | ||||||
WEC Energy Group, Inc. | 6,150 | 496,674 | ||||||
1,572,495 | ||||||||
Total Common Stocks (Cost $18,906,601) | $ | 21,954,600 | ||||||
EXCHANGE-TRADED FUNDS - 2.2% | ||||||||
Global X Nasdaq 100 Covered Call ETF | 43,629 | $ | 768,743 | |||||
JPMorgan Nasdaq Equity Premium Income ETF | 26,353 | 1,355,335 | ||||||
Total Exchange-Traded Funds (Cost $1,946,128) | $ | 2,124,078 | ||||||
PREFERRED STOCKS - 0.5% | ||||||||
Real Estate - 0.5% | ||||||||
REITs - 0.5% | ||||||||
Vinebrook Homes Trust, Inc. - Series B, 9.50% (c) (Cost $500,000) | 20,000 | $ | 500,000 | |||||
Investments at Value - 98.3% (Cost $93,832,373) | $ | 95,070,069 | ||||||
Other Assets in Excess of Liabilities - 1.7% | 1,670,747 | |||||||
Net Assets - 100.0% | $ | 96,740,816 |
144A - Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of such securities is $34,384,781 as of January 31, 2024, representing 35.5% of net assets. |
ADR - American Depositary Receipt |
H15T5Y - U.S. Treasury Yield Curve T-Note Constant Maturity 5 Year |
N.V. - Naamloze Vennootschap |
plc - Public Limited Company |
S.A. - Societe Anonyme |
S.A.B. de C.V. - Societe Anonima Bursatil de Capital de Variable |
S.p.A. - Societa per Azioni |
SOFR - Secured Overnight Financing Rate |
TSFR - CME Term SOFR |
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of January 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. |
(b) | Security has a perpetual maturity date. |
(c) | Non-income producing security. |
WESTWOOD ALTERNATIVE INCOME FUND |
SCHEDULE OF INVESTMENTS |
January 31, 2024 (Unaudited) |
CONVERTIBLE BONDS - 74.7% | Coupon | Maturity | Par Value | Value | ||||||||
Communications - 1.7% | ||||||||||||
Liberty Broadband Corporation, 144A | 3.125% | 03/31/53 | $ | 1,000,000 | $ | 982,500 | ||||||
Liberty Media Corporation - Liberty Formula One, 144A | 2.250% | 08/15/27 | 1,000,000 | 1,052,093 | ||||||||
2,034,593 | ||||||||||||
Consumer Discretionary - 8.3% | ||||||||||||
Burlington Stores, Inc., 144A | 1.250% | 12/15/27 | 2,000,000 | 2,274,000 | ||||||||
Etsy, Inc. | 0.125% | 10/01/26 | 1,000,000 | 1,043,500 | ||||||||
Ford Motor Company | 0.000% | 03/15/26 | 2,000,000 | 1,948,700 | ||||||||
Live Nation Entertainment, Inc. * | 3.125% | 01/15/29 | 2,000,000 | 2,201,551 | ||||||||
Royal Caribbean Cruises Ltd. | 6.000% | 08/15/25 | 1,000,000 | 2,610,532 | ||||||||
10,078,283 | ||||||||||||
Consumer Staples - 3.5% | ||||||||||||
MGP Ingredients, Inc. | 1.875% | 11/15/41 | 2,000,000 | 2,130,000 | ||||||||
Post Holdings, Inc., 144A | 2.500% | 08/15/27 | 2,000,000 | 2,076,000 | ||||||||
4,206,000 | ||||||||||||
Energy - 5.8% | ||||||||||||
CMS Energy Corporation, 144A * | 3.375% | 05/01/28 | 2,000,000 | 1,959,000 | ||||||||
Enphase Energy, Inc. * | 0.000% | 03/01/28 | 1,500,000 | 1,262,850 | ||||||||
Northern Oil & Gas, Inc. | 3.625% | 04/15/29 | 3,500,000 | 3,874,500 | ||||||||
7,096,350 | ||||||||||||
Financials - 3.1% | ||||||||||||
Avolon Holdings Funding Ltd., 144A | 4.250% | 04/15/26 | 250,000 | 241,784 | ||||||||
PennyMac Mortgage Investment Trust * | 5.500% | 11/01/24 | 2,500,000 | 2,431,249 | ||||||||
Redwood Trust, Inc. | 5.625% | 07/15/24 | 1,097,000 | 1,080,544 | ||||||||
3,753,577 | ||||||||||||
Health Care - 15.1% | ||||||||||||
Alnylam Pharmaceuticals, Inc. | 1.000% | 09/15/27 | 2,000,000 | 1,922,600 | ||||||||
CONMED Corporation, 144A | 2.250% | 06/15/27 | 3,000,000 | 2,850,000 | ||||||||
Exact Sciences Corporation, 144A | 2.000% | 03/01/30 | 1,000,000 | 1,104,500 | ||||||||
Halozyme Therapeutics, Inc., 144A | 1.000% | 08/15/28 | 2,250,000 | 2,034,900 | ||||||||
Integer Holdings Corporation, 144A | 2.125% | 02/15/28 | 3,000,000 | 3,897,000 | ||||||||
Jazz Investments I Ltd. | 2.000% | 06/15/26 | 2,500,000 | 2,510,000 | ||||||||
Lantheus Holdings, Inc., 144A | 2.625% | 12/15/27 | 2,500,000 | 2,587,500 | ||||||||
Merit Medical Systems, Inc., 144A | 3.000% | 02/01/29 | 1,300,000 | 1,457,300 | ||||||||
18,363,800 |
WESTWOOD ALTERNATIVE INCOME FUND |
SCHEDULE OF INVESTMENTS (Continued) |
CONVERTIBLE BONDS - 74.7% (Continued) | Coupon | Maturity | Par Value | Value | ||||||||
Industrials - 7.4% | ||||||||||||
Advanced Energy Industries, Inc., 144A | 2.500% | 09/15/28 | $ | 3,000,000 | $ | 3,103,200 | ||||||
Axon Enterprise, Inc., 144A * | 0.500% | 12/15/27 | 1,500,000 | 1,838,250 | ||||||||
Bloom Energy Corporation, 144A | 3.000% | 06/01/28 | 1,000,000 | 923,100 | ||||||||
Fluor Corporation, 144A | 1.125% | 08/15/29 | 2,000,000 | 2,109,000 | ||||||||
Tetra Tech, Inc., 144A * | 2.250% | 08/15/28 | 1,000,000 | 1,016,300 | ||||||||
8,989,850 | ||||||||||||
Materials - 3.8% | ||||||||||||
MP Materials Corporation, 144A | 0.250% | 04/01/26 | 3,000,000 | 2,574,300 | ||||||||
ShockWave Medical, Inc., 144A | 1.000% | 08/15/28 | 2,000,000 | 2,096,000 | ||||||||
4,670,300 | ||||||||||||
Real Estate - 1.5% | ||||||||||||
Marriott Vacations Worldwide Corporation | 3.250% | 12/15/27 | 2,000,000 | 1,760,000 | ||||||||
Technology - 22.5% | ||||||||||||
Akamai Technologies, Inc. | 0.375% | 09/01/27 | 2,000,000 | 2,283,000 | ||||||||
Bentley Systems, Inc. | 0.125% | 01/15/26 | 2,000,000 | 1,958,800 | ||||||||
Digital Ocean Holdings, Inc. | 0.000% | 12/01/26 | 500,000 | 409,700 | ||||||||
Dropbox, Inc. | 0.000% | 03/01/28 | 2,000,000 | 2,090,000 | ||||||||
Envestnet Inc., 144A | 2.625% | 12/01/27 | 2,500,000 | 2,475,000 | ||||||||
InterDigital, Inc., 144A | 3.500% | 06/01/27 | 2,000,000 | 2,850,000 | ||||||||
Lumentum Holdings, Inc. * | 0.500% | 12/15/26 | 2,000,000 | 1,802,000 | ||||||||
MongoDB, Inc. | 0.250% | 01/15/26 | 1,900,000 | 3,669,850 | ||||||||
ON Semiconductor Corporation, 144A | 0.500% | 03/01/29 | 2,500,000 | 2,423,750 | ||||||||
Progress Software Corporation | 1.000% | 04/15/26 | 2,000,000 | 2,164,000 | ||||||||
Shift4 Payments, Inc. | 0.500% | 08/01/27 | 1,000,000 | 926,900 | ||||||||
Vishay Intertechnology, Inc., 144A | 2.250% | 09/15/30 | 500,000 | 469,700 | ||||||||
Workiva, Inc., 144A | 1.250% | 08/15/28 | 2,500,000 | 2,402,500 | ||||||||
Ziff Davis, Inc. | 1.750% | 11/01/26 | 1,500,000 | 1,413,750 | ||||||||
27,338,950 | ||||||||||||
Utilities - 2.0% | ||||||||||||
Ormat Technologies, Inc. | 2.500% | 07/15/27 | 1,000,000 | 958,500 |
WESTWOOD ALTERNATIVE INCOME FUND |
SCHEDULE OF INVESTMENTS (Continued) |
CONVERTIBLE BONDS - 74.7% (Continued) | Coupon | Maturity | Par Value | Value | ||||||||
Utilities - 2.0% (Continued) | ||||||||||||
PPL Capital Funding, Inc., 144A | 2.875% | 03/15/28 | $ | 1,500,000 | $ | 1,428,000 | ||||||
2,386,500 | ||||||||||||
Total Convertible Bonds (Cost $87,478,375) | $ | 90,678,203 | ||||||||||
CORPORATE BONDS - 22.7% | Coupon | Maturity | Par Value | Value | ||||||||
Consumer Discretionary - 5.0% | ||||||||||||
Ford Motor Credit Company, LLC * | 6.950% | 03/06/26 | $ | 1,000,000 | $ | 1,022,887 | ||||||
Nordstrom, Inc. | 2.300% | 04/08/24 | 2,000,000 | 1,980,000 | ||||||||
RLJ Lodging Trust, L.P., 144A | 3.750% | 07/01/26 | 2,000,000 | 1,890,002 | ||||||||
Royal Caribbean Cruises Ltd., 144A | 9.250% | 01/15/29 | 1,070,000 | 1,150,675 | ||||||||
6,043,564 | ||||||||||||
Consumer Staples - 2.4% | ||||||||||||
Vector Group Ltd., 144A * | 5.750% | 02/01/29 | 1,600,000 | 1,475,512 | ||||||||
Viterra Finance B.V., 144A * | 2.000% | 04/21/26 | 1,500,000 | 1,395,803 | ||||||||
2,871,315 | ||||||||||||
Energy - 1.4% | ||||||||||||
NGL Energy Operating, LLC, 144A | 7.500% | 02/01/26 | 1,225,000 | 1,248,272 | ||||||||
Phillips 66 * | 0.900% | 02/15/24 | 500,000 | 499,080 | ||||||||
1,747,352 | ||||||||||||
Financials - 8.6% | ||||||||||||
Aircastle Ltd., 144A | 5.250% | 08/11/25 | 1,200,000 | 1,189,111 | ||||||||
Ares Capital Corporation | 7.000% | 01/15/27 | 1,735,000 | 1,779,899 | ||||||||
Blackstone Private Credit Fund | 7.050% | 09/29/25 | 1,090,000 | 1,109,765 | ||||||||
Compass Group Diversified Holdings, LLC, 144A | 5.250% | 04/15/29 | 2,000,000 | 1,896,215 | ||||||||
MidCap Financial Investment Corporation | 5.250% | 03/03/25 | 1,000,000 | 980,514 | ||||||||
Mitsubishi UFJ Financial Group (Yield of U.S. T-Note with a constant maturity of 1 year + 170) (a) | 4.788% | 07/18/25 | 1,100,000 | 1,095,329 | ||||||||
Starwood Property Trust, Inc., 144A | 3.750% | 12/31/24 | 2,400,000 | 2,344,765 | ||||||||
10,395,598 | ||||||||||||
Industrials - 0.4% | ||||||||||||
Continental Airlines, Inc., Series 2-A | 4.000% | 10/29/24 | 502,797 | 494,839 |
WESTWOOD ALTERNATIVE INCOME FUND |
SCHEDULE OF INVESTMENTS (Continued) |
CORPORATE BONDS - 22.7% (Continued) | Coupon | Maturity | Par Value | Value | ||||||||||||
Materials - 0.8% | ||||||||||||||||
Celanese US Holdings, LLC | 6.350% | 11/15/28 | $ | 915,000 | $ | 952,793 | ||||||||||
Real Estate - 3.5% | ||||||||||||||||
Iron Mountain, Inc., 144A | 5.000% | 07/15/28 | 1,000,000 | 956,776 | ||||||||||||
Service Properties Trust | 7.500% | 09/15/25 | 2,500,000 | 2,537,703 | ||||||||||||
VICI Properties, Inc., 144A | 5.625% | 05/01/24 | 750,000 | 749,119 | ||||||||||||
4,243,598 | ||||||||||||||||
Technology - 0.6% | ||||||||||||||||
TIBCO Software, Inc., 144A | 6.500% | 03/31/29 | 825,000 | 769,979 | ||||||||||||
Total Corporate Bonds (Cost $26,981,448) | $ | 27,519,038 | ||||||||||||||
PURCHASED OPTION CONTRACTS - 0.0% (b) | Strike Price | Contracts | Notional Value | Value | ||||||||||||
Put Option Contracts - 0.0% (a) | ||||||||||||||||
S&P Dow Jones Index, 03/29/24 (Cost $31,655) | $ | 4,350.00 | 13 | $ | 6,299,345 | $ | 16,380 | |||||||||
MONEY MARKET FUNDS - 1.7% | Shares | Value | ||||||||||||||
First American Government Obligations Fund - Class U, 5.27% (c) (Cost $2,043,110) | 2,043,110 | $ | 2,043,110 | |||||||||||||
Investments at Value - 99.1% (Cost $116,534,588) | $ | 120,256,731 | ||||||||||||||
Other Assets in Excess of Liabilities - 0.9% | 1,080,973 | |||||||||||||||
Net Assets - 100.0% | $ | 121,337,704 | ||||||||||||||
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 $63,291,906 as of January 31, 2024, representing 52.2% of net assets. |
B.V. | - Besloten Vennootschap |
* | All or part of this security has been pledged as collateral for derivative instruments held by the Fund. |
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of January 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. |
(b) | Percentage rounds to less than 0.1%. |
(c) | The rate shown is the 7-day effective yield as of January 31, 2024. |
The average monthly notional value of purchased option contracts during the three months ended January 31, 2024 was $6,602,868.
WESTWOOD ALTERNATIVE INCOME FUND |
SCHEDULE OF INVESTMENTS |
January 31, 2024 (Unaudited) |
A list of open OTC swap agreements as of January 31, 2024, is as follows:
Total Return Swap Agreements | ||||||||||||||||||
Net Unrealized | ||||||||||||||||||
Number of | Notional | Termination | Appreciation / | |||||||||||||||
Shares | Reference Entity | Amount | Interest Rate Receivable (a) | Date | Counterparty | (Depreciation) | ||||||||||||
Short Positions | ||||||||||||||||||
(12,000 | ) | Advanced Energy Industries, Inc. | $ | (1,230,960 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | $ | (16,825 | ) | |||||||
(8,300 | ) | Akamai Technologies, Inc. | (983,301 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | (37,611 | ) | |||||||||
(2,800 | ) | Alnylam Pharmaceuticals, Inc. | (524,972 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 41,837 | ||||||||||
(5,200 | ) | Axon Enterprise, Inc. | (1,297,244 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 4,635 | ||||||||||
(13,700 | ) | Bentley Systems, Inc. | (666,642 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | (22,552 | ) | |||||||||
(32,100 | ) | Bloom Energy Corporation | (380,385 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 17,747 | ||||||||||
(6,700 | ) | Burlington Stores, Inc. | (1,295,579 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 17,373 | ||||||||||
(1,000 | ) | Charter Communications, Inc. | (373,166 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 2,847 | ||||||||||
(7,500 | ) | CMS Energy Corporation | (435,525 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 7,665 | ||||||||||
(7,300 | ) | CONMED Corporation | (806,504 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 110,180 | ||||||||||
(32,600 | ) | Dropbox, Inc. | (1,021,358 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | (9,440 | ) | |||||||||
(2,100 | ) | Enphase Energy, Inc. | (228,375 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 10,143 | ||||||||||
(14,400 | ) | Envestnet, Inc. | (718,560 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | (15,894 | ) | |||||||||
(8,300 | ) | Etsy, Inc. | (426,465 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 11,877 | ||||||||||
(8,300 | ) | Exact Sciences Corporation | (547,883 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 6,120 | ||||||||||
(23,500 | ) | Fluor Corporation | (873,025 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | (11,476 | ) | |||||||||
(52,800 | ) | Ford Motor Company | (605,088 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | (12,561 | ) | |||||||||
(22,100 | ) | Halozyme Therapeutics, Inc. | (803,556 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 57,021 | ||||||||||
(24,100 | ) | Integer Holdings Corporation | (2,518,450 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 81,496 | ||||||||||
(16,800 | ) | InterDigital, Inc. | (1,744,848 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | (16,626 | ) | |||||||||
(6,300 | ) | Jazz Pharmaceuticals plc | (750,519 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | (21,169 | ) | |||||||||
(18,800 | ) | Lantheus Holdings, Inc. | (1,039,640 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 65,362 | ||||||||||
(6,300 | ) | Liberty Media Corporation - Liberty Formula One | (397,593 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | (25,315 | ) | |||||||||
(11,300 | ) | Live Nation Entertainment, Inc. | (1,023,780 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 21,750 | ||||||||||
(5,562 | ) | Lumentum Holdings, Inc. | (292,839 | ) | 4.74% OBFR 5.31% minus 57bp | 05/17/2024 | BNP Paribas | (12,197 | ) | |||||||||
(2,100 | ) | Marriott Vacations Worldwide Corporation | (175,518 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | (312 | ) | |||||||||
(6,000 | ) | Merit Medical Systems, Inc. | (468,000 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | (897 | ) | |||||||||
(12,500 | ) | MGP Ingredients, Inc. | (1,145,000 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 85,334 | ||||||||||
(7,500 | ) | MongoDB, Inc. | (3,040,800 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 42,766 | ||||||||||
(16,900 | ) | MP Materials Corporation | (282,399 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 15,755 | ||||||||||
(59,500 | ) | Northern Oil & Gas, Inc. | (2,065,245 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 75,979 |
WESTWOOD ALTERNATIVE INCOME FUND |
SCHEDULE OF INVESTMENTS |
January 31, 2024 (Unaudited) |
Total Return Swap Agreements (Continued) | ||||||||||||||||||
Net Unrealized | ||||||||||||||||||
Number of | Notional | Termination | Appreciation / | |||||||||||||||
Shares | Reference Entity | Amount | Interest Rate Receivable (a) | Date | Counterparty | (Depreciation) | ||||||||||||
(13,200 | ) | ON Semiconductor Corporation | $ | (974,160 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | $ | 37,123 | ||||||||
(6,000 | ) | Ormat Technologies, Inc. | (402,240 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 14,936 | ||||||||||
(9,100 | ) | Post Holdings, Inc. | (845,572 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 2,086 | ||||||||||
(12,300 | ) | PPL Corporation | (329,763 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 8,139 | ||||||||||
(19,569 | ) | Progress Software Corporation | (1,049,094 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | (60,597 | ) | |||||||||
(18,000 | ) | Royal Caribbean Cruises Ltd. | (2,210,400 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | (80,336 | ) | |||||||||
(4,100 | ) | Shift4 Payments, Inc. | (305,655 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 11,824 | ||||||||||
(4,500 | ) | ShockWave Medical, Inc. | (986,203 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | (30,372 | ) | |||||||||
(2,500 | ) | Tetra Tech, Inc. | (404,425 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 9,755 | ||||||||||
(9,600 | ) | Vishay Intertechnology, Inc. | (213,984 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 5,789 | ||||||||||
(10,500 | ) | Workiva, Inc. | (1,001,805 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | 27,868 | ||||||||||
(4,200 | ) | Ziff Davis, Inc. | (274,680 | ) | 4.96% OBFR 5.31% minus 35bp | 05/17/2024 | BNP Paribas | (7,870 | ) | |||||||||
Total Short Positions | $ | 411,357 | ||||||||||||||||
Total swap agreements at value (assets) | $ | 793,407 | ||||||||||||||||
Total swap agreements at value (liabilities) | (382,050 | ) | ||||||||||||||||
Net swap agreements at value | $ | 411,357 |
OFBR - Overnight Bank Funding Rate
OTC - Over the Counter
(a) | Payment frequency is monthly. |
The average monthly notional value for Swap Agreements - appreciation during the three months ended January 31, 2024 was $0.
The average monthly notional value for Swap Agreements - depreciation during the three months ended January 31, 2024 was $(38,195,010).
WESTWOOD SALIENT GLOBAL REAL ESTATE FUND |
SCHEDULE OF INVESTMENTS |
January 31, 2024 (Unaudited) |
COMMON STOCKS - 93.0% | Shares | Value | ||||||
Australia - 4.6% | ||||||||
GPT Group (The) | 136,081 | $ | 411,227 | |||||
Scentre Group | 209,852 | 417,134 | ||||||
828,361 | ||||||||
Canada - 5.0% | ||||||||
Granite Real Estate Investment Trust | 16,600 | 894,410 | ||||||
France - 3.2% | ||||||||
Gecina S.A. | 5,219 | 575,478 | ||||||
Germany - 1.4% | ||||||||
Vonovia SE | 8,230 | 256,336 | ||||||
Hong Kong - 2.4% | ||||||||
Link REIT | 52,775 | 264,703 | ||||||
Sun Hung Kai Properties Ltd. | 17,422 | 162,607 | ||||||
427,310 | ||||||||
Japan - 11.7% | ||||||||
Mitsubishi Estate Company Ltd. | 68,096 | 943,591 | ||||||
Sumitomo Realty & Development Company Ltd. | 19,011 | 597,916 | ||||||
Tokyo Tatemono Company Ltd. | 37,076 | 571,448 | ||||||
2,112,955 | ||||||||
Singapore - 1.0% | ||||||||
CapitaLand Investment Ltd. | 83,198 | 182,673 | ||||||
Spain - 3.3% | ||||||||
Inmobiliaria Colonial Socimi S.A. | 30,208 | 181,586 | ||||||
Merlin Properties Socimi S.A. | 40,770 | 415,092 | ||||||
596,678 | ||||||||
Sweden - 1.6% | ||||||||
Hufvudstaden AB - Class A | 22,728 | 293,908 | ||||||
Switzerland - 4.4% | ||||||||
Swiss Prime Site AG | 7,857 | 795,975 |
WESTWOOD SALIENT GLOBAL REAL ESTATE FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 93.0% (Continued) | Shares | Value | ||||||
United Kingdom - 3.5% | ||||||||
Great Portland Estates plc | 76,797 | $ | 404,087 | |||||
Segro plc | 19,474 | 216,282 | ||||||
620,369 | ||||||||
United States - 50.9% | ||||||||
Alexandria Real Estate Equities, Inc. | 5,000 | 604,500 | ||||||
Americold Realty Trust, Inc. | 21,200 | 583,000 | ||||||
Apple Hospitality REIT, Inc. | 25,414 | 408,149 | ||||||
COPT Defense Properties | 21,436 | 505,032 | ||||||
Crown Castle, Inc. | 5,156 | 558,137 | ||||||
Digital Realty Trust, Inc. | 5,750 | 807,645 | ||||||
Equinix, Inc. | 900 | 746,793 | ||||||
Equity Residential | 8,927 | 537,316 | ||||||
Federal Realty Investment Trust | 5,500 | 559,515 | ||||||
Gaming and Leisure Properties, Inc. | 13,400 | 611,710 | ||||||
Host Hotels & Resorts, Inc. | 33,198 | 638,066 | ||||||
Monarch Casino & Resort, Inc. | 2,638 | 181,837 | ||||||
Phillips Edison & Company, Inc. | 19,500 | 676,845 | ||||||
Prologis, Inc. | 5,200 | 658,788 | ||||||
VICI Properties, Inc. | 19,400 | 584,328 | ||||||
Welltower, Inc. | 6,000 | 519,060 | ||||||
9,180,721 | ||||||||
Total Common Stocks (Cost $15,991,684) | $ | 16,765,174 |
WESTWOOD SALIENT GLOBAL REAL ESTATE FUND |
SCHEDULE OF INVESTMENTS (Continued) |
MONEY MARKET FUNDS - 4.1% | Shares | Value | ||||||
First American Government Obligations Fund - Class U, 5.27% (a) (Cost $739,118) | 739,118 | $ | 739,118 | |||||
Investments at Value - 97.1% (Cost $16,730,802) | $ | 17,504,292 | ||||||
Other Assets in Excess of Liabilities - 2.9% | 520,606 | |||||||
Net Assets - 100.0% | $ | 18,024,898 |
AB - Aktiebolag | |
AG - Aktiengesellschaft | |
plc - Public Limited Company | |
REIT - Real Estate Investment Trust | |
S.A. - Societe Anonyme | |
SE - Societe Europaea |
(a) | The rate shown is the 7-day effective yield as of January 31, 2024. |
WESTWOOD SALIENT SELECT INCOME FUND |
SCHEDULE OF INVESTMENTS |
January 31, 2024 (Unaudited) |
COMMON STOCKS - 28.3% | Shares | Value | ||||||
Consumer Discretionary - 0.9% | ||||||||
Leisure Facilities & Services - 0.9% | ||||||||
Monarch Casino & Resort, Inc. | 35,000 | $ | 2,412,550 | |||||
Real Estate Investment Trusts (REITs) - 27.4% | ||||||||
Data Centers - 2.4% | ||||||||
Digital Realty Trust, Inc. | 46,105 | 6,475,908 | ||||||
Diversified - 2.4% | ||||||||
VICI Properties, Inc. | 210,000 | 6,325,200 | ||||||
Hotels - 4.0% | ||||||||
Gaming and Leisure Properties, Inc. | 150,000 | 6,847,500 | ||||||
Park Hotels & Resorts, Inc. | 250,000 | 3,770,000 | ||||||
10,617,500 | ||||||||
Industrial - 2.3% | ||||||||
Americold Realty Trust, Inc. | 220,000 | 6,050,000 | ||||||
Office - 2.2% | ||||||||
COPT Defense Properties | 250,000 | 5,890,000 | ||||||
Residential - 3.9% | ||||||||
Centerspace | 90,000 | 4,928,400 | ||||||
Equity Residential | 92,073 | 5,541,874 | ||||||
10,470,274 | ||||||||
Retail - 2.9% | ||||||||
Federal Realty Investment Trust | 74,846 | 7,614,084 | ||||||
Shopping Centers - 1.8% | ||||||||
Phillips Edison & Company, Inc. | 136,500 | 4,737,915 |
WESTWOOD SALIENT SELECT INCOME FUND |
SCHEDULE OF INVESTMENTS (Continued) |
COMMON STOCKS - 28.3% (Continued) | Shares | Value | ||||||
Real Estate Investment Trusts (REITs) - 27.4% (Continued) | ||||||||
Specialized - 5.5% | ||||||||
Crown Castle, Inc. | 52,652 | 5,699,579 | ||||||
Outfront Media, Inc. | 699,455 | 9,106,904 | ||||||
14,806,483 | ||||||||
Total Common Stocks (Cost $77,155,094) | $ | 75,399,914 | ||||||
PREFERRED STOCKS - 69.0% | ||||||||
Financials - 1.4% | ||||||||
Banking - 1.4% | ||||||||
Associated Banc-Corp - Series E, 5.88% | 62,206 | $ | 1,321,255 | |||||
Associated Banc-Corp - Series F, 5.63% | 125,000 | 2,521,250 | ||||||
3,842,505 | ||||||||
Real Estate Investment Trusts (REITs) - 67.6% | ||||||||
Apartments - 3.4% | ||||||||
Centerspace - Series C, 6.63% | 180,400 | 4,408,976 | ||||||
Vinebrook Homes Trust, Inc. - Series B, 9.50% (a) | 180,000 | 4,500,000 | ||||||
8,908,976 | ||||||||
Data Centers - 3.9% | ||||||||
DigitalBridge Group, Inc. - Series H, 7.13% | 240,000 | 5,527,200 | ||||||
DigitalBridge Group, Inc. - Series I, 7.15% | 182,664 | 4,192,139 | ||||||
DigitalBridge Group, Inc. - Series J, 7.13% | 28,283 | 649,095 | ||||||
10,368,434 | ||||||||
Diversified - 5.1% | ||||||||
Armada Hoffler Properties, Inc. - Series A, 6.75% | 320,000 | 7,395,200 | ||||||
CTO Realty Growth, Inc. - Series A, 6.38% | 297,333 | 6,190,473 | ||||||
13,585,673 | ||||||||
Healthcare - 2.9% | ||||||||
Global Medical REIT, Inc. - Series A, 7.50% | 311,134 | 7,685,010 | ||||||
Hotels - 18.4% | ||||||||
Chatham Lodging Trust - Series A, 6.63% | 190,000 | 4,104,000 | ||||||
DiamondRock Hospitality Company - Series A, 8.25% | 66,410 | 1,686,814 | ||||||
Pebblebrook Hotel Trust - Series E, 6.38% | 68,567 | 1,476,248 | ||||||
Pebblebrook Hotel Trust - Series F, 6.30% | 242,066 | 5,122,117 | ||||||
Pebblebrook Hotel Trust - Series G, 6.38% | 250,000 | 5,200,000 | ||||||
Pebblebrook Hotel Trust - Series H, 5.70% | 489,548 | 9,325,889 | ||||||
RLJ Lodging Trust - Series A, 7.80% | 375,000 | 9,375,000 |
WESTWOOD SALIENT SELECT INCOME FUND |
SCHEDULE OF INVESTMENTS (Continued) |
PREFERRED STOCKS - 69.0% (Continued) | Shares | Value | ||||||
Real Estate Investment Trusts (REITs) - 67.6% (Continued) | ||||||||
Hotels - 18.4% (Continued) | ||||||||
Summit Hotel Properties, Inc. - Series E, 6.25% | 283,000 | $ | 6,050,540 | |||||
Summit Hotel Properties, Inc. - Series F, 5.88% | 158,938 | 3,178,760 | ||||||
Sunstone Hotel Investors, Inc. - Series H, 6.13% | 166,508 | 3,579,922 | ||||||
49,099,290 | ||||||||
Industrial - 3.3% | ||||||||
LXP Industrial Trust - Series C, 6.50% | 190,000 | 8,797,000 | ||||||
Manufactured Homes - 1.0% | ||||||||
UMH Properties, Inc., 6.38% | 111,895 | 2,574,704 | ||||||
Mortgage - 2.6% | ||||||||
KKR Real Estate Finance Trust, Inc. - Series A, 6.50% | 358,285 | 6,846,826 | ||||||
Residential - 3.7% | ||||||||
American Homes 4 Rent - Series G, 5.88% | 345,000 | 8,124,750 | ||||||
American Homes 4 Rent - Series H, 6.25% | 71,000 | 1,740,210 | ||||||
9,864,960 | ||||||||
Retail - 4.7% | ||||||||
Regency Centers Corporation - Series A, 6.25% | 322,000 | 7,889,000 | ||||||
Regency Centers Corporation - Series B, 5.88% | 190,000 | 4,712,000 | ||||||
12,601,000 | ||||||||
Shopping Centers - 9.7% | ||||||||
Realty Income Corporation - Series A, 6.00% (a) | 130,000 | 3,237,000 | ||||||
RPT Realty - Series D, 7.25% | 180,000 | 10,386,000 | ||||||
Saul Centers, Inc. - Series D, 6.13% | 381,000 | 8,724,214 | ||||||
Saul Centers, Inc. - Series E, 6.00% | 125,000 | 2,855,000 | ||||||
SITE Centers Corporation - Series A, 6.38% | 25,000 | 585,000 | ||||||
25,787,214 | ||||||||
Specialized - 5.7% | ||||||||
EPR Properties - Series C, 5.75% | 31,000 | 615,040 | ||||||
EPR Properties - Series E, 9.00% | 280,000 | 7,828,800 |
WESTWOOD SALIENT SELECT INCOME FUND |
SCHEDULE OF INVESTMENTS (Continued) |
PREFERRED STOCKS - 69.0% (Continued) | Shares | Value | ||||||
Real Estate Investment Trusts (REITs) - 67.6% (Continued) | ||||||||
Specialized - 5.7% (Continued) | ||||||||
EPR Properties - Series G, 5.75% | 107,775 | $ | 2,107,001 | |||||
IQHQ, Inc. (a)(b) | 5,000 | 4,750,000 | ||||||
15,300,841 | ||||||||
Storage - 3.2% | ||||||||
National Storage Affiliates Trust - Series A, 6.00% | 370,000 | 8,632,100 | ||||||
Total Preferred Stocks (Cost $179,285,748) | $ | 183,894,533 | ||||||
MONEY MARKET FUNDS - 2.6% | ||||||||
First American Government Obligations Fund - Class U, 5.27% (c) (Cost $6,970,587) | 6,970,587 | $ | 6,970,587 | |||||
Investments at Value - 99.9% (Cost $263,411,429) | $ | 266,265,034 | ||||||
Other Assets in Excess of Liabilities - 0.1% | 199,354 | |||||||
Net Assets - 100.0% | $ | 266,464,388 |
REIT - Real Estate Investment Trust
(a) | Non-income producing security. |
(b) | Level 3 security in accordance with fair value hierarachy. |
(c) | The rate shown is the 7-day effective yield as of January 31, 2024. |
WESTWOOD BROADMARK TACTICAL GROWTH FUND |
SCHEDULE OF INVESTMENTS |
January 31, 2024 (Unaudited) |
EXCHANGE-TRADED FUNDS - 32.2% | Shares | Value | ||||||
Invesco S&P 500 Equal Weight ETF (Cost $69,299,077) | 450,474 | $ | 70,481,162 | |||||
MONEY MARKET FUNDS - 66.9% | ||||||||
First American Government Obligations Fund - Class U, 5.27% (a) (Cost $146,584,036) | 146,584,036 | $ | 146,584,036 | |||||
Investments at Value - 99.1% (Cost $215,883,113) | $ | 217,065,198 | ||||||
Other Assets in Excess of Liabilities - 0.9% | 1,945,942 | |||||||
Net Assets - 100.0% | $ | 219,011,140 | ||||||
ETF - Exchange-Traded Funds
S&P - Standard & Poor
(a) | The rate shown is the 7-day effective yield as of January 31, 2024. |
WESTWOOD BROADMARK TACTICAL GROWTH FUND |
SCHEDULE OF FUTURES CONTRACTS SOLD SHORT |
January 31, 2024 (Unaudited) |
FUTURES CONTRACTS | Contracts | Expiration Date | Notional Value | Value/Unrealized (Depreciation) | ||||||||
Index Futures | ||||||||||||
E-Mini S&P 500® Futures | 90 | 03/23/2024 | $ | 21,917,250 | $ | (944,111 | ) |
The average monthly notional value of futures sold short during the three months ended January 31, 2024 was $40,507,600.
WESTWOOD BROADMARK TACTICAL PLUS FUND |
SCHEDULE OF INVESTMENTS |
January 31, 2024 (Unaudited) |
EXCHANGE-TRADED FUNDS - 12.7% | Shares | Value | ||||||||||||||
Invesco S&P 500 Equal Weight ETF (Cost $9,359,391) | 60,056 | $ | 9,396,361 | |||||||||||||
PURCHASED OPTION CONTRACTS - 0.3% | Strike Price | Contracts | Notional Value | Value | ||||||||||||
Call Option Contracts - 0.3% | ||||||||||||||||
E-Mini S&P® 500 European Style Weekly | ||||||||||||||||
Future Option, 02/02/24 (Cost $42,156) | $ | 4,835.00 | 105 | $ | 25,570,125 | $ | 64,312 | |||||||||
E-Mini S&P® 500 European Style Weekly | ||||||||||||||||
Future Option, 02/9/24 (Cost $46,619) | 4,840.00 | 105 | 25,570,125 | 141,750 | ||||||||||||
Total Call Option Contracts (Cost $88,775) | $ | 206,062 | ||||||||||||||
MONEY MARKET FUNDS - 86.8% | Shares | Value | ||||||||||||||
First American Government Obligations Fund - Class U, 5.27% (a) (Cost $64,399,852) | 64,399,852 | $ | 64,399,852 | |||||||||||||
Investments at Value - 99.8% (Cost $73,848,018) | $ | 74,002,276 | ||||||||||||||
Other Assets in Excess of Liabilities - 0.2% | 192,324 | |||||||||||||||
Net Assets - 100.0% | $ | 74,194,600 |
ETF - Exchange-Traded Funds
(a) | The rate shown is the 7-day effective yield as of January 31, 2024. |
The average monthly notional value of purchased option contracts during the three months ended January 31, 2024 was $25,481,750.