WESTWOOD MULTI-ASSET INCOME FUND
SCHEDULE OF INVESTMENTS
January 31, 2026 (Unaudited)
 
U.S. GOVERNMENT & AGENCIES - 11.2% Coupon Maturity Par Value Value
U.S. Treasury Bills (a) - 8.3%  
U.S. Treasury Bills 3.670% 03/19/26 $ 2,500,000   $ 2,488,638  
U.S. Treasury Bills 3.702% 03/24/26 4,000,000   3,979,803  
U.S. Treasury Bills 3.653% 04/16/26 2,500,000   2,481,826  
        8,950,267  
U.S. Treasury Notes - 2.9%  
U.S. Treasury Notes 4.000% 03/31/30 1,035,000   1,045,592  
U.S. Treasury Notes 3.875% 07/31/30 1,000,000   1,004,922  
U.S. Treasury Notes 4.625% 02/15/35 1,035,000   1,068,799  
        3,119,313  
   
Total U.S. Government & Agencies (Cost $12,089,140) $ 12,069,580  
         
         
COLLATERALIZED MORTGAGE
OBLIGATIONS - 2.1%
Coupon Maturity Par Value Value
Federal Home Loan Mortgage Corporation - 1.7%  
FHLMC, Series 2021-HQA1, Class B-2, 144A (b) 8.697% 08/25/33 $ 460,000   $ 542,506  
FHLMC, Pool #SD8275 4.500% 12/01/52 444,347   436,423  
FHLMC, Pool #SD8288 5.000% 01/01/53 431,561   433,182  
FHLMC, Pool #SD2605 5.500% 04/01/53 425,586   433,718  
        1,845,829  
Federal National Mortgage Association - 0.4%  
FNMA, Pool #FS3394 4.000% 10/01/52 478,422   459,826  
       
 
Total Collateralized Mortgage Obligations (Cost $2,268,511) $ 2,305,655  
         
         
CONVERTIBLE BONDS - 4.8% Coupon Maturity Par Value Value
Financials - 1.9%    
Blackstone Mortgage Trust, Inc.   5.500% 03/15/27 $ 1,000,000   $ 985,500  
Redwood Trust, Inc.   7.750% 06/15/27 1,000,000   1,010,000  
        1,995,500  
 
 

 

WESTWOOD MULTI-ASSET INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
 
CONVERTIBLE BONDS - 4.8% (Continued) Coupon Maturity Par Value Value
Industrials - 0.5%    
BWX Technologies, Inc., 144A   0.000% 11/01/30 $ 500,000   $ 515,500  
       
 
Real Estate - 0.7%    
Boston Properties Ltd., L.P., 144A   2.000% 10/01/30 815,000   773,842  
       
 
Technology - 1.7%    
BlackLine, Inc.   1.000% 06/01/29 1,000,000   992,800  
Sabre Global, Inc., 144A   10.750% 11/15/29 1,082,000   883,107  
        1,875,907  
       
Total Convertible Bonds (Cost $5,273,320) $ 5,160,749  
         
         
CORPORATE BONDS - 53.7% Coupon Maturity Par Value Value
Communications - 9.2%    
Alphabet, Inc.   5.300% 05/15/65 $ 460,000   $ 431,170  
América Móvil S.A.B. de C.V., 144A   5.375% 04/04/32 360,000   363,079  
Charter Communications Operating, LLC   6.384% 10/23/35 1,000,000   1,026,590  
Clear Channel Outdoor Holdings, Inc., 144A   7.875% 04/01/30 1,000,000   1,052,811  
CSC Holdings, LLC, 144A   11.250% 05/15/28 1,000,000   801,502  
E.W. Scripps Company (The), 144A   9.875% 08/15/30 1,000,000   996,258  
Enbridge, Inc.   7.200% 06/27/54 525,000   559,793  
Getty Images, Inc., 144A   11.250% 02/21/30 1,000,000   894,125  
Gray Media, Inc., 144A   7.250% 08/15/33 1,000,000   1,023,728  
iHeartCommunications, Inc., 144A   7.750% 08/15/30 1,000,000   856,150  
Muvico, LLC, 144A   15.000% 02/19/29 1,023,500   1,008,529  
Sinclair Television Group, Inc., 144A   8.125% 02/15/33 919,000   950,632  
        9,964,367  
Consumer Discretionary - 5.0%    
Aptiv plc / Aptiv Global Financing DAC 6.875% 12/15/54 1,000,000   1,044,310  
Century Communities, Inc., 144A   6.625% 09/15/33 691,000   699,825  
Ford Motor Credit Company, LLC   7.450% 07/16/31 1,000,000   1,111,431  
Shutterfly Finance, LLC, 144A   8.500% 10/01/27 1,021,250   991,491  
Six Flags Entertainment Corporation /
Six Flags Theme Parks, Inc., 144A  
6.625% 05/01/32 1,000,000   1,021,848  
 
 

 

WESTWOOD MULTI-ASSET INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
 
CORPORATE BONDS - 53.7% (Continued) Coupon Maturity Par Value Value
Consumer Discretionary - 5.0% (Continued)    
Staples, Inc., 144A   10.750% 09/01/29 $ 500,000   $ 491,315  
        5,360,220  
Consumer Staples - 1.7%    
Arko Corporation, 144A   5.125% 11/15/29 1,000,000   870,761  
BAT Capital Corporation   7.750% 10/19/32 552,000   644,584  
Mars, Inc., 144A   5.700% 05/01/55 320,000   319,792  
        1,835,137  
Energy - 9.0%    
CVR Energy, Inc., 144A   8.500% 01/15/29 1,000,000   1,043,101  
Diamondback Energy, Inc.   5.900% 04/18/64 460,000   440,579  
Energy Transfer, L.P. (H15T5Y + 531) (b)(c) 7.125% 05/15/65 525,000   542,249  
Golar LNG Ltd., 144A   7.750% 09/19/29 1,000,000   998,696  
Martin Midstream Partners, L.P., 144A   11.500% 02/15/28 1,000,000   1,040,000  
NGL Energy Operating, LLC / NGL Energy Finance Corporation, 144A   8.125% 02/15/29 1,000,000   1,037,661  
Northern Oil & Gas, Inc., 144A   7.875% 10/15/33 1,333,000   1,345,150  
PBF Holding Company, LLC /
PBF Finance Corporation, 144A  
9.875% 03/15/30 1,000,000   1,060,540  
Phillips 66 Company, Series B 6.200% 03/15/56 385,000   387,096  
Plains All American Pipeline, L.P. /
PAA Finance Corporation  
5.600% 01/15/36 40,000   40,601  
Sempra Energy (c) 6.400% 10/01/54 450,000   455,210  
Sunoco, L.P., 144A, Series A 7.875% 03/18/45 315,000   325,345  
TransCanada Trust   5.600% 03/07/82 478,000   475,868  
W&T Offshore, Inc., 144A   10.750% 02/01/29 500,000   491,800  
        9,683,896  
Financials - 11.7%    
Ally Financial, Inc.   6.992% 06/13/29 590,000   622,285  
Ares Capital Corporation   7.000% 01/15/27 735,000   754,498  
Aviation Group PTE Ltd., 144A, Series 1   8.500% 05/15/31 1,000,000   983,457  
Bank of America Corporation 6.250% 10/15/35 650,000   660,642  
Bank of America Corporation 5.518% 10/25/35 635,000   648,633  
Barclays plc   7.385% 11/02/28 515,000   543,435  
Blue Owl Credit Income Corporation   5.800% 03/15/30 500,000   496,069  
First Citizens BancShares, Inc., Series D (c) 7.000% 12/31/49 430,000   439,623  
Golub Capital Private Credit Fund   5.875% 05/01/30 890,000   900,115  
 
 

 

WESTWOOD MULTI-ASSET INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
 
CORPORATE BONDS - 53.7% (Continued) Coupon Maturity Par Value Value
Financials - 11.7% (Continued)    
HSBC Holdings plc (c) 8.000% 12/31/49 $ 615,000   $ 647,204  
Icahn Enterprises, L.P. / Icahn Enterprises Financial Corporation, 144A   10.000% 11/15/29 1,250,000   1,260,981  
Intesa Sanpaolo S.p.A., 144A   7.778% 06/20/54 360,000   435,605  
Morgan Stanley, Series F (SOFR + 262) (b) 5.942% 02/07/39 450,000   471,104  
Old National Bancorp   5.768% 02/15/36 540,000   543,114  
Queen MergerCo, Inc., 144A   6.750% 04/30/32 1,000,000   1,030,454  
SBL Holdings, Inc., 144A   7.200% 10/30/34 725,000   699,402  
Sixth Street Lending Partners   5.750% 01/15/30 500,000   505,656  
SouthState Corporation   7.000% 06/13/35 535,000   560,582  
State Street Corporation (b)(c) 6.700% 12/31/49 475,000   492,558  
        12,695,417  
Health Care - 2.6%    
1261229 BC Ltd., 144A   10.000% 04/15/32 1,000,000   1,027,116  
Community Health Systems, Inc., 144A   10.875% 01/15/32 905,000   974,237  
Flex Ltd.   6.000% 01/15/28 745,000   769,584  
        2,770,937  
Industrials - 4.8%    
CoreCivic, Inc.   8.250% 04/15/29 500,000   523,669  
Donnelley RR & Sons Company, 144A   9.500% 08/01/29 750,000   780,498  
GEO Group, Inc.   8.625% 04/15/29 1,000,000   1,045,733  
GEO Group, Inc.   10.250% 04/15/31 667,000   727,771  
GrafTech Global Enterprises, Inc., 144A   9.875% 12/23/29 500,000   425,306  
Scorpio Tankers, Inc.   7.500% 01/30/30 625,000   643,425  
XPO, Inc., 144A   6.250% 06/01/28 1,000,000   1,017,381  
        5,163,783  
Materials - 1.8%    
Ardagh Group S.A., 144A   12.000% 12/01/30 1,000,000   940,000  
LYB International Finance III, LLC   5.125% 01/15/31 35,000   35,184  
Mativ Holdings, Inc., 144A   8.000% 10/01/29 1,000,000   1,006,981  
        1,982,165  
Real Estate - 6.2%    
American Homes 4 Rent, L.P.   4.300% 04/15/52 1,000,000   789,435  
Hudson Pacific Properties, L.P.   3.250% 01/15/30 1,000,000   848,545  
Iron Mountain, Inc., 144A   7.000% 02/15/29 1,000,000   1,027,516  
MPT Operating Partnership, L.P., 144A   8.500% 02/15/32 1,000,000   1,071,363  
 
 

 

WESTWOOD MULTI-ASSET INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
 
CORPORATE BONDS - 53.7% (Continued) Coupon Maturity Par Value Value
Real Estate - 6.2% (Continued)    
New Residential Investment
Corporation, 144A  
8.000% 04/01/29 $ 1,000,000   $ 1,021,361  
Service Properties Trust   8.875% 06/15/32 1,000,000   994,040  
VICI Properties, L.P.   5.125% 05/15/32 1,000,000   1,006,519  
        6,758,779  
Technology - 1.7%    
Dell International, LLC / EMC Corporation   8.350% 07/15/46 342,000   431,882  
HP, Inc.   6.100% 04/25/35 295,000   310,705  
Oracle Corporation   6.900% 11/09/52 320,000   315,396  
Xerox Corporation, 144A   10.250% 10/15/30 1,000,000   824,447  
        1,882,430  
       
Total Corporate Bonds (Cost $57,181,497) $ 58,097,131  
         
         
FOREIGN GOVERNMENTS - 1.4% Coupon Maturity Par Value Value
Mexico Government International Bonds 7.375% 05/13/55 $ 750,000   $ 802,575  
Republic of South Africa Government Bonds 5.875% 04/20/32 695,000   712,364  
Total Foreign Governments (Cost $1,433,255) $ 1,514,939  
         
         
COMMON STOCKS - 20.0% Shares Value
Communications - 1.9%    
Entertainment Content - 0.5%    
Walt Disney Company (The) 4,272   $ 481,882  
       
 
Internet Media & Services - 1.4%    
Alphabet, Inc. - Class A 4,533   1,532,154  
       
 
Consumer Discretionary - 1.2%    
Retail - Discretionary - 1.2%    
Home Depot, Inc. (The) 1,277   478,351  
TJX Companies, Inc. (The) 5,734   859,011  
        1,337,362  
 
 

 

WESTWOOD MULTI-ASSET INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 20.0% (Continued) Shares Value
Consumer Staples - 1.0%    
Tobacco & Cannabis - 1.0%    
Altria Group, Inc. 9,100   $ 564,109  
Philip Morris International, Inc. 2,736   490,948  
        1,055,057  
Energy - 1.2%    
Oil & Gas Producers - 1.2%    
Devon Energy Corporation 5,780   232,414  
Energy Transfer, L.P. 38,174   704,310  
Kinder Morgan, Inc. 11,940   364,051  
        1,300,775  
Financials - 2.0%    
Banking - 2.0%    
PNC Financial Services Group, Inc. (The) 2,443   545,522  
SouthState Bank Corporation 3,280   335,642  
Sumitomo Mitsui Financial Group, Inc. - ADR 32,755   687,527  
Wells Fargo & Company 6,771   612,708  
        2,181,399  
Health Care - 1.9%    
Biotech & Pharma - 1.9%    
Amgen, Inc. 1,088   371,965  
Gilead Sciences, Inc. 6,948   986,269  
Johnson & Johnson 3,253   739,244  
        2,097,478  
Industrials - 2.8%    
Aerospace & Defense - 2.3%    
General Dynamics Corporation 2,439   856,309  
Kratos Defense & Security Solutions, Inc. (d)(e) 9,000   927,090  
Lockheed Martin Corporation 1,088   690,031  
        2,473,430  
Transportation & Logistics - 0.5%    
FedEx Corporation 1,553   500,454  
       
 
Materials - 0.8%    
Metals & Mining - 0.8%    
Barrick Mining Corporation 18,621   852,656  
       
 
 
 

 

WESTWOOD MULTI-ASSET INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 20.0% (Continued) Shares Value
Real Estate - 2.1%    
REITs - 2.1%    
Essex Property Trust, Inc. 1,309   $ 329,698  
Prologis, Inc. 4,127   538,821  
Public Storage 1,468   405,447  
Urban Edge Properties 23,164   450,076  
Ventas, Inc. 7,019   545,166  
        2,269,208  
Technology - 3.8%    
Semiconductors - 1.5%    
Intel Corporation (d)(e) 15,613   725,536  
NVIDIA Corporation 4,600   879,198  
        1,604,734  
Software - 0.6%    
Microsoft Corporation 1,634   703,094  
       
 
Technology Hardware - 0.8%    
Cisco Systems, Inc. 10,435   817,269  
       
 
Technology Services - 0.9%    
International Business Machines Corporation 3,060   938,502  
       
 
Utilities - 1.3%    
Electric Utilities - 1.3%    
Alliant Energy Corporation 6,822   449,638  
Enterprise Products Partners, L.P. 15,152   502,895  
WEC Energy Group, Inc. 4,217   466,695  
        1,419,228  
   
Total Common Stocks (Cost $14,229,805) $ 21,564,682  
       
 
         
 
 

 

 

WESTWOOD MULTI-ASSET INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
 
EXCHANGE-TRADED FUNDS - 2.6% Shares Value
JPMorgan Equity Premium Income ETF 9,048   $ 529,851  
JPMorgan Nasdaq Equity Premium Income ETF 16,648   989,390  
Westwood Enhanced Income Opportunity ETF (f) 35,853   910,645  
Westwood Salient Enhanced Energy Income ETF (f) 16,752   381,527  
Total Exchange-Traded Funds (Cost $2,516,336) $ 2,811,413  
         
         
PREFERRED STOCKS - 2.2% Shares Value
Industrials - 0.9%    
Aerospace & Defense - 0.9%    
Boeing Company (The), 6.00%, 10/15/2027 13,350   $ 997,512  
       
 
Real Estate - 0.4%    
Apartments - 0.4%    
Vinebrook Homes Trust, Inc., 9.50% - Series B (g) 20,000   500,000  
       
 
Technology - 0.9%    
Technology Hardware - 0.7%    
Hewlett Packard Enterprise Company, 7.63%, 09/01/2027 11,850   717,755  
       
 
Technology Services - 0.2%    
Shift4 Payments, Inc., 6.00%, 05/01/2028 - Series A 2,400   180,336  
       
 
Total Preferred Stocks (Cost $2,050,575) $ 2,395,603  
         
         
WARRANT - 0.0% (h) Shares Value
Communications - 0.0% (h)    
Publishing & Broadcasting - 0.0% (h)    
Audacy 2nd Lien Warrants (g) 906   $ 0  
Audacy 2nd Lien Warrants (g) 5,433   0  
Audacy Special Warrants (g) 4,483   35,864  
Total Warrant (Cost $103,500) $ 35,864  
         
 
 

 

WESTWOOD MULTI-ASSET INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
 
MONEY MARKET FUNDS - 4.1% Shares Value
First American Government Obligations Fund - Class U, 3.63% (i)
(Cost $4,442,928)
4,442,928   $ 4,442,928  
         
Investments at Value - 102.1% (Cost $101,588,867) $ 110,398,544  
       
Liabilities in Excess of Other Assets - (2.1%)     (2,275,420 )
       
Net Assets - 100.0% $ 108,123,124  
 

 

 

 

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 $36,925,199 as of January 31, 2026, representing 34.2% of net assets.
ADR - American Depositary Receipt
H15T1Y - U.S. Treasury yield curve rate for U.S. Treasury note with a constant maturity of 1 year.
plc - Public Limited Company
S.A. - Societe Anonyme
S.A.B. de C.V. - Societe Anonima Bursatil de Capital Variable
SOFR - Secured Overnight Financing Rate.
   
 

 

 

 

(a) The rate shown is the annualized yield at time of purchase.
(b) Variable rate security.  Interest rate resets periodically.  The rate shown is the effective interest rate as of January 31, 2026.  For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.  Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.  These securities, therefore, do not indicate a reference rate and spread.
(c) Security has a perpetual maturity date.  
(d) All or a portion of the security covers a written call option. The total value of these securities as of January 31, 2026 was $1,652,626.
(e) Non-income producing security.
(f) Affiliated fund.
(g) Level 3 security in accordance with fair value hierarchy.
(h) Percentage rounds to less than 0.1%.
(i) The rate shown is the 7-day effective yield as of January 31, 2026.

 

 

 

 
 
WESTWOOD MULTI-ASSET INCOME FUND
SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS
January 31, 2026 (Unaudited)    
     
WRITTEN OPTION CONTRACTS Strike Price Contracts Notional Value Value of Options
Call Option Contracts
Kratos Defense & Security Solutions, Inc., 05/18/26 $ 140 .00 90   $ 927,090   $ 65,700  
NVIDIA Corporation, 02/23/26 210 .00 46   879,198   5,336  
Total Written Option Contracts (Premiums $111,707)     $ 1,806,288   $ 71,036  
 
The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $1,868,843.
 
           

 

 

WESTWOOD MULTI-ASSET INCOME FUND  
SCHEDULE OF FUTURES CONTRACTS  
January 31, 2026 (Unaudited)  
   
FUTURES CONTRACTS Contracts Expiration Date Notional Value Value/Unrealized Appreciation (Depreciation)
Currency Futures  
CME Euro Foreign Exchange Currency Future 15 3/17/2026 $   2,229,938   $   35,005  
     
 
 
Interest Rate Futures  
10-Year U.S. Treasury Note Future 37 3/20/2026 4,223,781   (46,943)  
CME Ultra Long Term U.S. Treasury Bond Future 63 3/20/2026 7,398,563   (151,794)  
  11,622,344   (198,737)  
     
Total Futures Contracts     $   13,852,282   $   (163,732)  
 
The average monthly notional value of futures contracts during the three months ended January 31, 2026 was $13,948,781.