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

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

Westwood Quality Value Fund

Institutional Shares (WHGLX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Westwood Quality Value Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://westwoodgroup.com/product/quality-value-fund/. You can also request this information by contacting us at (877) 386-3944.

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$32	0.63%

How did the Fund perform during the reporting period?

The Westwood Quality Value Fund underperformed its representative benchmark, the Russell 1000^® Value Index, in the reporting period. Equity markets experienced increased volatility from geopolitical risks and equity-market shocks, while earnings strength among artificial intelligence (AI)-linked mega-cap technology firms remained a key area of support for equities, especially in the U.S. market. An increase in market breadth that began in late 2025 continued throughout early 2026, as value stocks, small caps and non-U.S. equities experienced periodic leadership as investors sought broader participation and downside resilience.

The top-performing sectors on a relative basis were Utilities and Health Care, driven by strong selection and an underweight allocation relative to the benchmark, respectively. Technology and Financials were the worst performers on a relative basis, primarily due to stock selection in each sector.

Texas Instruments, Inc. (TXN) was the top contributor to performance for the trailing period, benefiting from AI/data center demand, industrial segment recovery and strong forward guidance above expectations. Shares of Qnity Electronics, Inc. (Q) gained as the company completed its spin-off into a standalone company positioned as a pure-play semiconductor materials and solutions provider.

Alphabet, Inc. - Class A (GOOGL) advanced after reporting AI product breakthroughs relating to the company’s cross-product implementation of its Gemini platform and announcing a strategic partnership to power Apple’s AI features with Gemini.

Salesforce, Inc. (CRM) was the largest detractor from performance for the period, falling after guidance disappointments and workforce reductions tied to restructuring and execution risk. Shares of LPL Financial Holdings, Inc. (LPLA) declined due to mixed earnings, AI-driven disruption concerns and regulatory penalties.

Microsoft Corporation (MSFT) fell due to workforce reductions tied to restructuring, in addition to concerns about AI capital spending.

How has the Fund performed over the last ten years?

Total Return Based on $100,000 Investment

Table Summary
	Westwood Quality Value Fund - Institutional Shares	Russell 1000^® Value Index	Russell 3000^® Index
Apr-2016	$100,000	$100,000	$100,000
Apr-2017	$113,858	$116,551	$118,583
Apr-2018	$129,454	$125,296	$134,055
Apr-2019	$140,148	$136,651	$151,056
Apr-2020	$132,540	$121,602	$149,482
Apr-2021	$179,809	$177,447	$225,597
Apr-2022	$186,243	$179,786	$218,571
Apr-2023	$190,720	$181,967	$221,856
Apr-2024	$212,560	$206,390	$271,332
Apr-2025	$220,317	$224,037	$302,268
Apr-2026	$253,360	$289,578	$396,008

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Quality Value Fund - Institutional Shares	15.00%	7.10%	9.74%
Russell 1000^® Value Index	29.25%	10.29%	11.22%
Russell 3000^® Index	31.01%	11.91%	14.75%

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

Fund Statistics

Net Assets$178,247,585
Number of Portfolio Holdings52
Advisory Fee (net of waivers)$360,291
Portfolio Turnover32%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	99.5%
Money Market Funds	0.5%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.6%
Money Market Funds	0.5%
Real Estate	2.1%
Energy	5.4%
Consumer Staples	5.4%
Health Care	7.3%
Utilities	7.4%
Materials	7.7%
Communications	8.7%
Consumer Discretionary	9.3%
Financials	14.4%
Industrials	14.8%
Technology	17.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Amazon.com, Inc.	3.7%
Texas Instruments, Inc.	2.9%
Alphabet, Inc. - Class A	2.9%
Qnity Electronics, Inc.	2.9%
NextEra Energy, Inc.	2.7%
CSX Corporation	2.6%
Entergy Corporation	2.5%
RB Global, Inc.	2.5%
Berkshire Hathaway, Inc. - Class B	2.4%
Thermo Fisher Scientific, Inc.	2.3%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Quality Value Fund - Institutional Shares (WHGLX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/quality-value-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WHGLX

Westwood Quality Value Fund

A Class Shares (WWLAX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A Class Shares	$42	0.81%

How did the Fund perform during the reporting period?

Microsoft Corporation (MSFT) fell due to workforce reductions tied to restructuring, in addition to concerns about AI capital spending.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Westwood Quality Value Fund - A Class Shares	Russell 1000^® Value Index	Russell 3000^® Index
Apr-2016	$9,699	$10,000	$10,000
Apr-2017	$11,020	$11,655	$11,858
Apr-2018	$12,492	$12,530	$13,406
Apr-2019	$13,489	$13,665	$15,106
Apr-2020	$12,718	$12,160	$14,948
Apr-2021	$17,227	$17,745	$22,560
Apr-2022	$17,788	$17,979	$21,857
Apr-2023	$18,184	$18,197	$22,186
Apr-2024	$20,223	$20,639	$27,133
Apr-2025	$20,925	$22,404	$30,227
Apr-2026	$24,028	$28,958	$39,601

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Quality Value Fund - A Class Shares
Without Load	14.83%	6.88%	9.50%
With Load^{Footnote Reference*}	11.37%	6.23%	9.16%
Russell 1000^® Value Index	29.25%	10.29%	11.22%
Russell 3000^® Index	31.01%	11.91%	14.75%

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

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

Fund Statistics

Net Assets$178,247,585
Number of Portfolio Holdings52
Advisory Fee (net of waivers)$360,291
Portfolio Turnover32%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	99.5%
Money Market Funds	0.5%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.6%
Money Market Funds	0.5%
Real Estate	2.1%
Energy	5.4%
Consumer Staples	5.4%
Health Care	7.3%
Utilities	7.4%
Materials	7.7%
Communications	8.7%
Consumer Discretionary	9.3%
Financials	14.4%
Industrials	14.8%
Technology	17.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Amazon.com, Inc.	3.7%
Texas Instruments, Inc.	2.9%
Alphabet, Inc. - Class A	2.9%
Qnity Electronics, Inc.	2.9%
NextEra Energy, Inc.	2.7%
CSX Corporation	2.6%
Entergy Corporation	2.5%
RB Global, Inc.	2.5%
Berkshire Hathaway, Inc. - Class B	2.4%
Thermo Fisher Scientific, Inc.	2.3%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Quality Value Fund - A Class Shares (WWLAX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/quality-value-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WWLAX

Westwood Quality Value Fund

Ultra Shares (WHGQX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Ultra Shares	$29	0.56%

How did the Fund perform during the reporting period?

Microsoft Corporation (MSFT) fell due to workforce reductions tied to restructuring, in addition to concerns about AI capital spending.

How has the Fund performed since inception?

Total Return Based on $1,000,000 Investment

Table Summary
	Westwood Quality Value Fund - Ultra Shares	Russell 1000^® Value Index	Russell 3000^® Index
Nov-2022	$1,000,000	$1,000,000	$1,000,000
Apr-2023	$968,668	$983,948	$1,019,796
Apr-2024	$1,077,318	$1,116,013	$1,247,221
Apr-2025	$1,115,812	$1,211,435	$1,389,423
Apr-2026	$1,283,924	$1,565,831	$1,820,315

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	Since Inception (November 30, 2022)
Westwood Quality Value Fund - Ultra Shares	15.07%	7.60%
Russell 1000^® Value Index	29.25%	14.04%
Russell 3000^® Index	31.01%	19.18%

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

Fund Statistics

Net Assets$178,247,585
Number of Portfolio Holdings52
Advisory Fee (net of waivers)$360,291
Portfolio Turnover32%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	99.5%
Money Market Funds	0.5%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.6%
Money Market Funds	0.5%
Real Estate	2.1%
Energy	5.4%
Consumer Staples	5.4%
Health Care	7.3%
Utilities	7.4%
Materials	7.7%
Communications	8.7%
Consumer Discretionary	9.3%
Financials	14.4%
Industrials	14.8%
Technology	17.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Amazon.com, Inc.	3.7%
Texas Instruments, Inc.	2.9%
Alphabet, Inc. - Class A	2.9%
Qnity Electronics, Inc.	2.9%
NextEra Energy, Inc.	2.7%
CSX Corporation	2.6%
Entergy Corporation	2.5%
RB Global, Inc.	2.5%
Berkshire Hathaway, Inc. - Class B	2.4%
Thermo Fisher Scientific, Inc.	2.3%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Quality Value Fund - Ultra Shares (WHGQX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/quality-value-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WHGQX

Westwood Quality SMidCap Fund

Institutional Shares (WHGMX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Westwood Quality SMidCap Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://westwoodgroup.com/product/quality-smidcap-fund/. You can also request this information by contacting us at (877) 386-3944.

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$47	0.88%

How did the Fund perform during the reporting period?

The Westwood Quality SMidCap Fund underperformed its representative benchmark, the Russell 2500^® Value Index, in the reporting period. Equity markets experienced increased volatility from geopolitical risks and equity-market shocks, while earnings strength among artificial intelligence-linked mega-cap technology firms remained a key area of support for equities, especially in the U.S. market. An increase in market breadth that began in late 2025 continued throughout early 2026, as value stocks, small caps and non-U.S. equities experienced periodic leadership as investors sought broader participation and downside resilience.

On a relative basis, the top-performing sectors were Financials and Industrials, with outperformance in each sector primarily driven by strong selection. The Technology and Communications sectors were the largest detractors from relative performance, with underperformance driven by selection and partially mitigated by the interaction between allocation and selection decisions.

Modine Manufacturing Company (MOD) was the top contributor to performance, gaining on data center demand, capacity expansion investments and a backlog with multi-year visibility. Shares of Permian Resources Corporation - Class A (PR) advanced after reporting record results, strong free cash flow generation and large-scale acquisitions.

Marex Group plc (MRX) rose after high client activity and trading volumes across asset classes driven by elevated market volatility translated into higher trading revenue.

Pegasystems, Inc. (PEGA) was the largest detractor from performance, falling due to ongoing Appian litigation and macro headwinds from the federal government shutdown and conflicts in Europe and the Middle East. Shares of Verra Mobility Corporation (VRRM) declined due to margin compression, declining free cash flow and rising capital intensity.

Kratos Defense & Security Solutions, Inc. (KTOS) retreated as the government shutdown caused delays in contract funding and execution that persisted into 2026.

How has the Fund performed over the last ten years?

Total Return Based on $100,000 Investment

Table Summary
	Westwood Quality SMidCap Fund - Institutional Shares	Russell 2500^® Value Index	Russell 3000^® Index
Apr-2016	$100,000	$100,000	$100,000
Apr-2017	$117,598	$120,663	$118,583
Apr-2018	$126,119	$129,079	$134,055
Apr-2019	$131,403	$134,600	$151,056
Apr-2020	$113,284	$105,118	$149,482
Apr-2021	$175,434	$181,521	$225,597
Apr-2022	$164,560	$174,799	$218,571
Apr-2023	$168,717	$165,530	$221,856
Apr-2024	$197,845	$190,750	$271,332
Apr-2025	$199,159	$194,752	$302,268
Apr-2026	$262,109	$277,616	$396,008

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Quality SMidCap Fund - Institutional Shares	31.61%	8.36%	10.12%
Russell 2500^® Value Index	42.55%	8.87%	10.75%
Russell 3000^® Index	31.01%	11.91%	14.75%

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

Fund Statistics

Net Assets$106,608,469
Number of Portfolio Holdings61
Advisory Fee (net of waivers)$263,897
Portfolio Turnover35%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	97.1%
Money Market Funds	2.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.1%
Communications	1.6%
Money Market Funds	2.9%
Health Care	3.3%
Energy	4.5%
Consumer Staples	4.7%
Utilities	6.4%
Real Estate	6.9%
Technology	9.7%
Consumer Discretionary	11.4%
Materials	12.2%
Industrials	17.3%
Financials	19.2%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Cullen/Frost Bankers, Inc.	2.6%
SouthState Bank Corporation	2.5%
IDACORP, Inc.	2.5%
Sensient Technologies Corporation	2.3%
Marex Group plc	2.2%
Modine Manufacturing Company	2.1%
Glacier Bancorp, Inc.	2.1%
Lattice Semiconductor Corporation	2.0%
EastGroup Properties, Inc.	2.0%
BJ's Wholesale Club Holdings, Inc.	2.0%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Quality SMidCap Fund - Institutional Shares (WHGMX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/quality-smidcap-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WHGMX

Westwood Quality SMidCap Fund

Ultra Shares (WWSMX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Ultra Shares	$37	0.68%

How did the Fund perform during the reporting period?

Marex Group plc (MRX) rose after high client activity and trading volumes across asset classes driven by elevated market volatility translated into higher trading revenue.

Kratos Defense & Security Solutions, Inc. (KTOS) retreated as the government shutdown caused delays in contract funding and execution that persisted into 2026.

How has the Fund performed since inception?

Total Return Based on $1,000,000 Investment

Table Summary
	Westwood Quality SMidCap Fund - Ultra Shares	Russell 2500^® Value Index	Russell 3000^® Index
Jul-2020	$1,000,000	$1,000,000	$1,000,000
Apr-2021	$1,431,258	$1,573,894	$1,325,302
Apr-2022	$1,346,616	$1,515,618	$1,284,027
Apr-2023	$1,382,270	$1,435,244	$1,303,326
Apr-2024	$1,623,651	$1,653,919	$1,593,982
Apr-2025	$1,637,635	$1,688,615	$1,775,719
Apr-2026	$2,159,784	$2,407,103	$2,326,410

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	Since Inception (July 31, 2020)
Westwood Quality SMidCap Fund - Ultra Shares	31.88%	8.58%	14.33%
Russell 2500^® Value Index	42.55%	8.87%	16.51%
Russell 3000^® Index	31.01%	11.91%	15.82%

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

Fund Statistics

Net Assets$106,608,469
Number of Portfolio Holdings61
Advisory Fee (net of waivers)$263,897
Portfolio Turnover35%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	97.1%
Money Market Funds	2.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.1%
Communications	1.6%
Money Market Funds	2.9%
Health Care	3.3%
Energy	4.5%
Consumer Staples	4.7%
Utilities	6.4%
Real Estate	6.9%
Technology	9.7%
Consumer Discretionary	11.4%
Materials	12.2%
Industrials	17.3%
Financials	19.2%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Cullen/Frost Bankers, Inc.	2.6%
SouthState Bank Corporation	2.5%
IDACORP, Inc.	2.5%
Sensient Technologies Corporation	2.3%
Marex Group plc	2.2%
Modine Manufacturing Company	2.1%
Glacier Bancorp, Inc.	2.1%
Lattice Semiconductor Corporation	2.0%
EastGroup Properties, Inc.	2.0%
BJ's Wholesale Club Holdings, Inc.	2.0%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Quality SMidCap Fund - Ultra Shares (WWSMX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/quality-smidcap-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WWSMX

Westwood Quality SmallCap Fund

Institutional Shares (WHGSX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Westwood Quality SmallCap Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://westwoodgroup.com/product/quality-smallcap-fund/. You can also request this information by contacting us at (877) 386-3944.

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$49	0.92%

How did the Fund perform during the reporting period?

The Westwood Quality SmallCap Fund underperformed its representative benchmark, the Russell 2000^® Value Index, in the reporting period. Equity markets experienced increased volatility from geopolitical risks and equity-market shocks, while earnings strength among artificial intelligence (AI)-linked mega-cap technology firms remained a key area of support for equities, especially in the U.S. market. An increase in market breadth that began in late 2025 continued throughout early 2026, as value stocks, small caps and non-U.S. equities experienced periodic leadership as investors sought broader participation and downside resilience.

On a relative basis, the top sectors were Financials and Industrials, with stock selection as the primary driver of outperformance for each sector. The Technology and Communications sectors were the worst relative performers for the period, with underperformance in each sector primarily driven by stock selection and mitigated by the interaction between selection and allocation decisions.

The top contributor to performance was Veeco Instruments, Inc. (VECO), which advanced due to rapid order growth and backlog expansion and accelerating AI-driven demand in photonics, packaging and optics. Shares of Everus Construction Group, Inc. (ECG) gained after record financial performance and a strategic acquisition of SE&M Constructors.

MYR Group, Inc. (MYRG) rose during the period due to significant margin expansion and massive demand tailwinds from grid modernization and data centers.

BlackLine, Inc. (BL) was the largest detractor from performance for the period, retreating due to margin compression, weak guidance and slowing revenue growth. Shares of Verra Mobility Corporation (VRRM) also fell due to margin compression, in addition to declining free cash flow and rising capital intensity.

Merit Medical Systems, Inc. (MMSI) rounded out the largest detractors, declining due to tariff-driven margin pressure and an earnings miss late in the period.

How has the Fund performed over the last ten years?

Total Return Based on $100,000 Investment

Table Summary
	Westwood Quality SmallCap Fund - Institutional Shares	Russell 2000^® Index	Russell 2000^® Value Index	Russell 3000^® Index
Apr-2016	$100,000	$100,000	$100,000	$100,000
Apr-2017	$129,710	$125,628	$127,182	$118,583
Apr-2018	$145,334	$140,123	$135,488	$134,055
Apr-2019	$148,983	$146,585	$138,455	$151,056
Apr-2020	$119,275	$122,560	$105,441	$149,482
Apr-2021	$196,727	$214,374	$188,700	$225,597
Apr-2022	$175,469	$178,210	$176,273	$218,571
Apr-2023	$180,271	$171,714	$162,194	$221,856
Apr-2024	$202,944	$194,587	$184,949	$271,332
Apr-2025	$193,829	$196,290	$183,684	$302,268
Apr-2026	$247,666	$283,467	$268,805	$396,008

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Quality SmallCap Fund - Institutional Shares	27.78%	4.71%	9.49%
Russell 2000^® Index	44.41%	5.75%	10.98%
Russell 2000^® Value Index	46.34%	7.33%	10.39%
Russell 3000^® Index	31.01%	11.91%	14.75%

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

Fund Statistics

Net Assets$909,270,383
Number of Portfolio Holdings68
Advisory Fee (net of waivers)$3,358,625
Portfolio Turnover32%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	99.6%
Money Market Funds	0.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.3%
Money Market Funds	0.4%
Consumer Staples	3.7%
Utilities	4.2%
Health Care	4.7%
Energy	5.1%
Materials	8.6%
Technology	9.1%
Real Estate	9.2%
Consumer Discretionary	11.9%
Industrials	19.4%
Financials	23.4%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Veeco Instruments, Inc.	2.2%
Standex International Corporation	2.2%
Urban Edge Properties	2.1%
Sensient Technologies Corporation	2.1%
MYR Group, Inc.	2.1%
Knife River Corporation	2.1%
Hayward Holdings Inc.	2.1%
Nicolet Bankshares, Inc.	2.1%
Atmus Filtration Technologies, Inc.	2.1%
MDU Resources Group, Inc.	2.1%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Quality SmallCap Fund - Institutional Shares (WHGSX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/quality-smallcap-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WHGSX

Westwood Quality SmallCap Fund

A Class Shares (WHGAX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A Class Shares	$55	1.04%

How did the Fund perform during the reporting period?

MYR Group, Inc. (MYRG) rose during the period due to significant margin expansion and massive demand tailwinds from grid modernization and data centers.

Merit Medical Systems, Inc. (MMSI) rounded out the largest detractors, declining due to tariff-driven margin pressure and an earnings miss late in the period.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Westwood Quality SmallCap Fund - A Class Shares	Russell 2000^® Index	Russell 2000^® Value Index	Russell 3000^® Index
Sep-2019	$9,599	$10,000	$10,000	$10,000
Apr-2020	$8,115	$8,992	$8,349	$10,021
Apr-2021	$13,373	$15,728	$14,941	$15,123
Apr-2022	$11,913	$13,075	$13,957	$14,652
Apr-2023	$12,226	$12,598	$12,842	$14,873
Apr-2024	$13,748	$14,276	$14,644	$18,189
Apr-2025	$13,108	$14,401	$14,544	$20,263
Apr-2026	$16,733	$20,797	$21,283	$26,547

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	Since Inception (September 3, 2019)
Westwood Quality SmallCap Fund - A Class Shares
Without Load	27.65%	4.58%	8.71%
With Load^{Footnote Reference*}	22.53%	3.73%	8.04%
Russell 2000^® Index	44.41%	5.75%	11.63%
Russell 2000^® Value Index	46.34%	7.33%	12.01%
Russell 3000^® Index	31.01%	11.91%	15.80%

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

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

Fund Statistics

Net Assets$909,270,383
Number of Portfolio Holdings68
Advisory Fee (net of waivers)$3,358,625
Portfolio Turnover32%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	99.6%
Money Market Funds	0.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.3%
Money Market Funds	0.4%
Consumer Staples	3.7%
Utilities	4.2%
Health Care	4.7%
Energy	5.1%
Materials	8.6%
Technology	9.1%
Real Estate	9.2%
Consumer Discretionary	11.9%
Industrials	19.4%
Financials	23.4%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Veeco Instruments, Inc.	2.2%
Standex International Corporation	2.2%
Urban Edge Properties	2.1%
Sensient Technologies Corporation	2.1%
MYR Group, Inc.	2.1%
Knife River Corporation	2.1%
Hayward Holdings Inc.	2.1%
Nicolet Bankshares, Inc.	2.1%
Atmus Filtration Technologies, Inc.	2.1%
MDU Resources Group, Inc.	2.1%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Quality SmallCap Fund - A Class Shares (WHGAX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/quality-smallcap-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WHGAX

Westwood Quality SmallCap Fund

C Class Shares (WHGCX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C Class Shares	$95	1.79%

How did the Fund perform during the reporting period?

MYR Group, Inc. (MYRG) rose during the period due to significant margin expansion and massive demand tailwinds from grid modernization and data centers.

Merit Medical Systems, Inc. (MMSI) rounded out the largest detractors, declining due to tariff-driven margin pressure and an earnings miss late in the period.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Westwood Quality SmallCap Fund - C Class Shares	Russell 2000^® Index	Russell 2000^® Value Index	Russell 3000^® Index
Sep-2019	$10,000	$10,000	$10,000	$10,000
Apr-2020	$8,420	$8,992	$8,349	$10,021
Apr-2021	$13,773	$15,728	$14,941	$15,123
Apr-2022	$12,180	$13,075	$13,957	$14,652
Apr-2023	$12,405	$12,598	$12,842	$14,873
Apr-2024	$13,846	$14,276	$14,644	$18,189
Apr-2025	$13,106	$14,401	$14,544	$20,263
Apr-2026	$16,599	$20,797	$21,283	$26,547

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	Since Inception (September 3, 2019)
Westwood Quality SmallCap Fund - C Class Shares
Without CDSC	26.65%	3.80%	7.91%
With CDSC	25.65%	3.80%	7.91%
Russell 2000^® Index	44.41%	5.75%	11.63%
Russell 2000^® Value Index	46.34%	7.33%	12.01%
Russell 3000^® Index	31.01%	11.91%	15.80%

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

Fund Statistics

Net Assets$909,270,383
Number of Portfolio Holdings68
Advisory Fee (net of waivers)$3,358,625
Portfolio Turnover32%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	99.6%
Money Market Funds	0.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.3%
Money Market Funds	0.4%
Consumer Staples	3.7%
Utilities	4.2%
Health Care	4.7%
Energy	5.1%
Materials	8.6%
Technology	9.1%
Real Estate	9.2%
Consumer Discretionary	11.9%
Industrials	19.4%
Financials	23.4%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Veeco Instruments, Inc.	2.2%
Standex International Corporation	2.2%
Urban Edge Properties	2.1%
Sensient Technologies Corporation	2.1%
MYR Group, Inc.	2.1%
Knife River Corporation	2.1%
Hayward Holdings Inc.	2.1%
Nicolet Bankshares, Inc.	2.1%
Atmus Filtration Technologies, Inc.	2.1%
MDU Resources Group, Inc.	2.1%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Quality SmallCap Fund - C Class Shares (WHGCX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/quality-smallcap-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WHGCX

Westwood Quality SmallCap Fund

Ultra Shares (WWSYX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Ultra Shares	$42	0.79%

How did the Fund perform during the reporting period?

MYR Group, Inc. (MYRG) rose during the period due to significant margin expansion and massive demand tailwinds from grid modernization and data centers.

Merit Medical Systems, Inc. (MMSI) rounded out the largest detractors, declining due to tariff-driven margin pressure and an earnings miss late in the period.

How has the Fund performed since inception?

Total Return Based on $1,000,000 Investment

Table Summary
	Westwood Quality SmallCap Fund - Ultra Shares	Russell 2000^® Index	Russell 2000^® Value Index	Russell 3000^® Index
Mar-2020	$1,000,000	$1,000,000	$1,000,000	$1,000,000
Apr-2020	$1,126,280	$1,137,354	$1,123,356	$1,132,439
Apr-2021	$1,860,826	$1,989,379	$2,010,391	$1,709,066
Apr-2022	$1,661,728	$1,653,783	$1,877,988	$1,655,839
Apr-2023	$1,709,594	$1,593,498	$1,728,000	$1,680,725
Apr-2024	$1,927,694	$1,805,760	$1,970,423	$2,055,546
Apr-2025	$1,842,372	$1,821,559	$1,956,945	$2,289,909
Apr-2026	$2,358,145	$2,630,562	$2,863,816	$3,000,061

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	Since Inception (March 31, 2020)
Westwood Quality SmallCap Fund - Ultra Shares	28.00%	4.85%	15.15%
Russell 2000^® Index	44.41%	5.75%	17.24%
Russell 2000^® Value Index	46.34%	7.33%	18.89%
Russell 3000^® Index	31.01%	11.91%	19.80%

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

Fund Statistics

Net Assets$909,270,383
Number of Portfolio Holdings68
Advisory Fee (net of waivers)$3,358,625
Portfolio Turnover32%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	99.6%
Money Market Funds	0.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.3%
Money Market Funds	0.4%
Consumer Staples	3.7%
Utilities	4.2%
Health Care	4.7%
Energy	5.1%
Materials	8.6%
Technology	9.1%
Real Estate	9.2%
Consumer Discretionary	11.9%
Industrials	19.4%
Financials	23.4%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Veeco Instruments, Inc.	2.2%
Standex International Corporation	2.2%
Urban Edge Properties	2.1%
Sensient Technologies Corporation	2.1%
MYR Group, Inc.	2.1%
Knife River Corporation	2.1%
Hayward Holdings Inc.	2.1%
Nicolet Bankshares, Inc.	2.1%
Atmus Filtration Technologies, Inc.	2.1%
MDU Resources Group, Inc.	2.1%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Quality SmallCap Fund - Ultra Shares (WWSYX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/quality-smallcap-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WWSYX

Westwood Income Opportunity Fund

Institutional Shares (WHGIX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Westwood Income Opportunity Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://westwoodgroup.com/product/income-opportunity-fund/. You can also request this information by contacting us at (877) 386-3944.

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$41	0.81%

How did the Fund perform during the reporting period?

For the trailing period, the Westwood Income Opportunity Fund outperformed its representative benchmark. Equity markets experienced increased volatility from geopolitical risks and equity-market shocks, while earnings strength among artificial intelligence-linked mega-cap technology firms remained a key area of support for equities, especially in the U.S. market. An increase in market breadth that began in late 2025 continued throughout early 2026, as value stocks, small caps and non-U.S. equities experienced periodic leadership as investors sought broader participation and downside resilience. In the fixed income market, returns were dominated by changing expectations for gradual monetary easing rather than aggressive rate cuts. Cooling headline inflation helped bond prices, but sticky core inflation limited gains and kept real yields elevated, reinforcing a “higher for longer” bond environment. Spikes in oil prices complicated inflation expectations, reducing the durability of safe-haven rallies in U.S. Treasuries and core sovereign bonds.

Within the equity sleeve, stock selection was the largest contributor to relative outperformance, followed by strong allocation. Off-benchmark allocations to ADRs, MLPs and REITs all contributed positively to relative performance for the period, with the allocation to convertibles modestly detracting from performance.

Within the fixed income sleeve, the portfolio benefited from both its relative underweight allocation to the asset class overall and positioning within the sleeve itself, with corporate bond spread exposure contributing positively to relative performance during the trailing period. Selection within the asset class mitigated a portion of the fixed income sleeve’s outperformance, with the allocation to Treasuries serving as the largest detractor from relative performance due to a combination of selection, changes in spreads and shifts in the yield curve during the period.

How has the Fund performed over the last ten years?

Total Return Based on $100,000 Investment

Table Summary
	Westwood Income Opportunity Fund - Institutional Shares	Bloomberg U.S. Aggregate Bond Index	Russell 3000^® Index	S&P 500^® Index	Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index
Apr-2016	$100,000	$100,000	$100,000	$100,000	$100,000
Apr-2017	$108,536	$100,829	$118,583	$117,918	$107,434
Apr-2018	$112,621	$100,507	$134,055	$133,562	$112,827
Apr-2019	$120,354	$105,824	$151,056	$151,585	$122,802
Apr-2020	$122,443	$117,297	$149,482	$152,893	$131,904
Apr-2021	$152,123	$116,984	$225,597	$223,196	$153,733
Apr-2022	$140,442	$107,026	$218,571	$223,672	$146,185
Apr-2023	$139,858	$106,569	$221,856	$229,631	$147,790
Apr-2024	$148,896	$105,004	$271,332	$281,669	$159,221
Apr-2025	$159,562	$113,426	$302,268	$315,741	$174,761
Apr-2026	$187,970	$118,027	$396,008	$413,787	$199,885

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Income Opportunity Fund - Institutional Shares	17.80%	4.32%	6.51%
Bloomberg U.S. Aggregate Bond Index	4.06%	0.18%	1.67%
Russell 3000^® Index	31.01%	11.91%	14.75%
S&P 500^® Index	31.05%	13.14%	15.26%
Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index	14.38%	5.39%	7.17%

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

Fund Statistics

Net Assets$599,012,095
Number of Portfolio Holdings156
Advisory Fee (net of waivers)$1,827,165
Portfolio Turnover24%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateralized Mortgage Obligations	2.3%
Common Stocks	44.2%
Convertible Bonds	4.6%
Corporate Bonds	27.8%
Exchange-Traded Funds	4.8%
Foreign Governments	0.7%
Preferred Stocks	1.9%
U.S. Government & Agencies	13.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	1.1%
Foreign Governments	0.7%
Consumer Discretionary	2.0%
Collateralized Mortgage Obligations	2.2%
Materials	2.2%
Consumer Staples	3.2%
Utilities	4.5%
Exchange-Traded Funds	4.7%
Real Estate	4.8%
Health Care	5.1%
Communications	5.1%
Industrials	7.9%
Energy	8.9%
Technology	13.2%
U.S. Government & Agencies	13.5%
Financials	20.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Alphabet, Inc. - Class A	2.5%
NVIDIA Corporation	2.0%
Westwood Enhanced Income Opportunity ETF	1.8%
Gilead Sciences, Inc.	1.8%
Microsoft Corporation	1.5%
Wells Fargo & Company	1.3%
Barrick Mining Corporation	1.3%
Johnson & Johnson	1.2%
JPMorgan Nasdaq Equity Premium Income ETF	1.2%
JPMorgan Chase & Company	1.2%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Income Opportunity Fund - Institutional Shares (WHGIX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/income-opportunity-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WHGIX

Westwood Income Opportunity Fund

A Class Shares (WWIAX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A Class Shares	$50	0.98%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Westwood Income Opportunity Fund - A Class Shares	Bloomberg U.S. Aggregate Bond Index	Russell 3000^® Index	S&P 500^® Index	Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index
Apr-2016	$9,697	$10,000	$10,000	$10,000	$10,000
Apr-2017	$10,499	$10,083	$11,858	$11,792	$10,743
Apr-2018	$10,866	$10,051	$13,406	$13,356	$11,283
Apr-2019	$11,583	$10,582	$15,106	$15,158	$12,280
Apr-2020	$11,744	$11,730	$14,948	$15,289	$13,190
Apr-2021	$14,560	$11,698	$22,560	$22,320	$15,373
Apr-2022	$13,407	$10,703	$21,857	$22,367	$14,618
Apr-2023	$13,320	$10,657	$22,186	$22,963	$14,779
Apr-2024	$14,168	$10,500	$27,133	$28,167	$15,922
Apr-2025	$15,163	$11,343	$30,227	$31,574	$17,476
Apr-2026	$17,817	$11,803	$39,601	$41,379	$19,989

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Income Opportunity Fund - A Class Shares
Without Load	17.51%	4.12%	6.27%
With Load*	13.99%	3.49%	5.95%
Bloomberg U.S. Aggregate Bond Index	4.06%	0.18%	1.67%
Russell 3000^® Index	31.01%	11.91%	14.75%
S&P 500^® Index	31.05%	13.14%	15.26%
Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index	14.38%	5.39%	7.17%

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

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

Fund Statistics

Net Assets$599,012,095
Number of Portfolio Holdings156
Advisory Fee (net of waivers)$1,827,165
Portfolio Turnover24%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateralized Mortgage Obligations	2.3%
Common Stocks	44.2%
Convertible Bonds	4.6%
Corporate Bonds	27.8%
Exchange-Traded Funds	4.8%
Foreign Governments	0.7%
Preferred Stocks	1.9%
U.S. Government & Agencies	13.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	1.1%
Foreign Governments	0.7%
Consumer Discretionary	2.0%
Collateralized Mortgage Obligations	2.2%
Materials	2.2%
Consumer Staples	3.2%
Utilities	4.5%
Exchange-Traded Funds	4.7%
Real Estate	4.8%
Health Care	5.1%
Communications	5.1%
Industrials	7.9%
Energy	8.9%
Technology	13.2%
U.S. Government & Agencies	13.5%
Financials	20.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Alphabet, Inc. - Class A	2.5%
NVIDIA Corporation	2.0%
Westwood Enhanced Income Opportunity ETF	1.8%
Gilead Sciences, Inc.	1.8%
Microsoft Corporation	1.5%
Wells Fargo & Company	1.3%
Barrick Mining Corporation	1.3%
Johnson & Johnson	1.2%
JPMorgan Nasdaq Equity Premium Income ETF	1.2%
JPMorgan Chase & Company	1.2%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Income Opportunity Fund - A Class Shares (WWIAX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/income-opportunity-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WWIAX

Westwood Income Opportunity Fund

C Class Shares (WWICX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C Class Shares	$88	1.73%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Westwood Income Opportunity Fund - C Class Shares	Bloomberg U.S. Aggregate Bond Index	Russell 3000^® Index	S&P 500^® Index	Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index
Sep-2019	$10,000	$10,000	$10,000	$10,000	$10,000
Apr-2020	$9,812	$10,442	$10,021	$10,148	$10,374
Apr-2021	$12,067	$10,414	$15,123	$14,814	$12,091
Apr-2022	$11,033	$9,528	$14,652	$14,846	$11,498
Apr-2023	$10,878	$9,487	$14,873	$15,241	$11,624
Apr-2024	$11,477	$9,348	$18,189	$18,695	$12,523
Apr-2025	$12,196	$10,097	$20,263	$20,957	$13,745
Apr-2026	$14,217	$10,507	$26,547	$27,464	$15,721

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	Since Inception (September 3, 2019)
Westwood Income Opportunity Fund - C Class Shares
Without CDSC	16.57%	3.33%	5.43%
With CDSC	15.57%	3.33%	5.43%
Bloomberg U.S. Aggregate Bond Index	4.06%	0.18%	0.75%
Russell 3000^® Index	31.01%	11.91%	15.80%
S&P 500^® Index	31.05%	13.14%	16.39%
Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index	14.38%	5.39%	7.00%

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

Fund Statistics

Net Assets$599,012,095
Number of Portfolio Holdings156
Advisory Fee (net of waivers)$1,827,165
Portfolio Turnover24%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateralized Mortgage Obligations	2.3%
Common Stocks	44.2%
Convertible Bonds	4.6%
Corporate Bonds	27.8%
Exchange-Traded Funds	4.8%
Foreign Governments	0.7%
Preferred Stocks	1.9%
U.S. Government & Agencies	13.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	1.1%
Foreign Governments	0.7%
Consumer Discretionary	2.0%
Collateralized Mortgage Obligations	2.2%
Materials	2.2%
Consumer Staples	3.2%
Utilities	4.5%
Exchange-Traded Funds	4.7%
Real Estate	4.8%
Health Care	5.1%
Communications	5.1%
Industrials	7.9%
Energy	8.9%
Technology	13.2%
U.S. Government & Agencies	13.5%
Financials	20.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Alphabet, Inc. - Class A	2.5%
NVIDIA Corporation	2.0%
Westwood Enhanced Income Opportunity ETF	1.8%
Gilead Sciences, Inc.	1.8%
Microsoft Corporation	1.5%
Wells Fargo & Company	1.3%
Barrick Mining Corporation	1.3%
Johnson & Johnson	1.2%
JPMorgan Nasdaq Equity Premium Income ETF	1.2%
JPMorgan Chase & Company	1.2%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Income Opportunity Fund - C Class Shares (WWICX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/income-opportunity-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WWICX

Westwood Income Opportunity Fund

Ultra Shares (WHGOX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Ultra Shares	$37	0.73%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $1,000,000 Investment

Table Summary
	Westwood Income Opportunity Fund - Ultra Shares	Bloomberg U.S. Aggregate Bond Index	Russell 3000^® Index	S&P 500^® Index	Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index
Nov-2022	$1,000,000	$1,000,000	$1,000,000	$1,000,000	$1,000,000
Apr-2023	$1,016,087	$1,031,190	$1,019,796	$1,028,849	$1,030,766
Apr-2024	$1,083,408	$1,016,049	$1,247,221	$1,262,003	$1,110,498
Apr-2025	$1,162,350	$1,097,541	$1,389,423	$1,414,657	$1,218,878
Apr-2026	$1,369,408	$1,142,064	$1,820,315	$1,853,948	$1,394,111

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	Since Inception (November 30, 2022)
Westwood Income Opportunity Fund - Ultra Shares	17.81%	9.65%
Bloomberg U.S. Aggregate Bond Index	4.06%	3.97%
Russell 3000^® Index	31.01%	19.18%
S&P 500^® Index	31.05%	19.82%
Westwood - 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index	14.38%	10.74%

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

Fund Statistics

Net Assets$599,012,095
Number of Portfolio Holdings156
Advisory Fee (net of waivers)$1,827,165
Portfolio Turnover24%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateralized Mortgage Obligations	2.3%
Common Stocks	44.2%
Convertible Bonds	4.6%
Corporate Bonds	27.8%
Exchange-Traded Funds	4.8%
Foreign Governments	0.7%
Preferred Stocks	1.9%
U.S. Government & Agencies	13.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	1.1%
Foreign Governments	0.7%
Consumer Discretionary	2.0%
Collateralized Mortgage Obligations	2.2%
Materials	2.2%
Consumer Staples	3.2%
Utilities	4.5%
Exchange-Traded Funds	4.7%
Real Estate	4.8%
Health Care	5.1%
Communications	5.1%
Industrials	7.9%
Energy	8.9%
Technology	13.2%
U.S. Government & Agencies	13.5%
Financials	20.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Alphabet, Inc. - Class A	2.5%
NVIDIA Corporation	2.0%
Westwood Enhanced Income Opportunity ETF	1.8%
Gilead Sciences, Inc.	1.8%
Microsoft Corporation	1.5%
Wells Fargo & Company	1.3%
Barrick Mining Corporation	1.3%
Johnson & Johnson	1.2%
JPMorgan Nasdaq Equity Premium Income ETF	1.2%
JPMorgan Chase & Company	1.2%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Income Opportunity Fund - Ultra Shares (WHGOX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/income-opportunity-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WHGOX

Westwood Multi-Asset Income Fund

Institutional Shares (WHGHX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Westwood Multi-Asset Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://westwoodgroup.com/product/multi-asset-income-fund/. You can also request this information by contacting us at (877) 386-3944.

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$35	0.69%

How did the Fund perform during the reporting period?

For the trailing period, the Westwood Multi-Asset Income Fund outperformed its representative benchmark. Equity markets experienced increased volatility from geopolitical risks and equity-market shocks, while earnings strength among artificial intelligence-linked mega-cap technology firms remained a key area of support for equities, especially in the U.S. market. An increase in market breadth that began in late 2025 continued throughout early 2026, as value stocks, small caps and non-U.S. equities experienced periodic leadership as investors sought broader participation and downside resilience. In the fixed income market, returns were dominated by changing expectations for gradual monetary easing rather than aggressive rate cuts. Cooling headline inflation helped bond prices, but sticky core inflation limited gains and kept real yields elevated, reinforcing a “higher for longer” bond environment. Spikes in oil prices complicated inflation expectations, reducing the durability of safe-haven rallies in U.S. Treasuries and core sovereign bonds.

Within the equity sleeve, stock selection in common equity was the largest contributor to relative outperformance, followed by allocation to off-benchmark ADRs, REITs and MLPs. The Fund’s allocation to convertible securities mitigated a portion of the outperformance within the sleeve.

The fixed income sleeve also contributed to the Fund’s relative outperformance, primarily driven by strong allocation within the asset class, aided by the effect of shifts in the yield curve on corporate bonds during the trailing period. The largest detractor from performance within the asset class was the effect that changes in spreads had on corporate bonds during the period, with high-yield corporate bonds serving as the largest detractor from relative performance.

How has the Fund performed over the last ten years?

Total Return Based on $100,000 Investment

Table Summary
	Westwood Multi-Asset Income Fund - Institutional Shares	Bloomberg U.S. Aggregate Bond Index	Russell 3000^® Index	S&P 500^® Index	Westwood -80%Bloom US Agg/20%S&P500TR
Apr-2016	$100,000	$100,000	$100,000	$100,000	$100,000
Apr-2017	$107,186	$100,829	$118,583	$117,918	$104,093
Apr-2018	$110,056	$100,507	$134,055	$133,562	$106,524
Apr-2019	$115,638	$105,824	$151,056	$151,585	$114,094
Apr-2020	$114,059	$117,297	$149,482	$152,893	$124,619
Apr-2021	$143,572	$116,984	$225,597	$223,196	$134,436
Apr-2022	$135,940	$107,026	$218,571	$223,672	$125,437
Apr-2023	$136,277	$106,569	$221,856	$229,631	$125,916
Apr-2024	$146,728	$105,004	$271,332	$281,669	$129,770
Apr-2025	$158,648	$113,426	$302,268	$315,741	$141,329
Apr-2026	$180,717	$118,027	$396,008	$413,787	$154,244

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Multi-Asset Income Fund - Institutional Shares	13.91%	4.71%	6.10%
Bloomberg U.S. Aggregate Bond Index	4.06%	0.18%	1.67%
Russell 3000^® Index	31.01%	11.91%	14.75%
S&P 500^® Index	31.05%	13.14%	15.26%
Westwood -80%Bloom US Agg/20%S&P500TR	9.14%	2.79%	4.43%

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

Fund Statistics

Net Assets$109,828,121
Number of Portfolio Holdings154
Advisory Fee (net of waivers)$239,986
Portfolio Turnover17%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateralized Mortgage Obligations	2.1%
Common Stocks	21.4%
Convertible Bonds	3.0%
Corporate Bonds	60.5%
Exchange-Traded Funds	3.6%
Foreign Governments	1.4%
Money Market Funds	1.1%
Preferred Stocks	2.2%
U.S. Government & Agencies	4.7%
Warrant	0.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	1.6%
Utilities	0.9%
Money Market Funds	1.1%
Foreign Governments	1.4%
Collateralized Mortgage Obligations	2.0%
Consumer Staples	2.4%
Materials	2.8%
Exchange-Traded Funds	3.5%
U.S. Government & Agencies	4.6%
Health Care	4.7%
Consumer Discretionary	8.3%
Technology	8.5%
Real Estate	8.7%
Industrials	9.9%
Energy	10.8%
Communications	11.9%
Financials	16.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
CME Ultra Long-Term U.S. Treasury Bond Future	6.6%
10-Year U.S. Treasury Note Future	3.8%
CME Euro Foreign Exchange Currency Future	2.0%
U.S. Treasury Bill, 3.656%, due 05/21/26	1.8%
Westwood Enhanced Income Opportunity ETF	1.8%
Alphabet, Inc.	1.6%
Northern Oil and Gas, Inc., 7.875%, due 10/15/33	1.3%
NVIDIA Corporation	1.2%
Icahn Enterprises, L.P. / Icahn Enterprises Financial Corporation, 10.000%, due 11/15/29	1.1%
Ford Motor Credit Company, LLC, 7.450%, due 07/16/31	1.0%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

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

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/multi-asset-income-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WHGHX

Westwood Multi-Asset Income Fund

A Class Shares (WSDAX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A Class Shares	$45	0.90%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Westwood Multi-Asset Income Fund - A Class Shares	Bloomberg U.S. Aggregate Bond Index	Russell 3000^® Index	S&P 500^® Index	Westwood -80%Bloom US Agg/20%S&P500TR
Apr-2016	$9,704	$10,000	$10,000	$10,000	$10,000
Apr-2017	$10,375	$10,083	$11,858	$11,792	$10,409
Apr-2018	$10,633	$10,051	$13,406	$13,356	$10,652
Apr-2019	$11,162	$10,582	$15,106	$15,158	$11,409
Apr-2020	$10,995	$11,730	$14,948	$15,289	$12,462
Apr-2021	$13,806	$11,698	$22,560	$22,320	$13,444
Apr-2022	$13,032	$10,703	$21,857	$22,367	$12,544
Apr-2023	$13,035	$10,657	$22,186	$22,963	$12,592
Apr-2024	$13,997	$10,500	$27,133	$28,167	$12,977
Apr-2025	$15,102	$11,343	$30,227	$31,574	$14,133
Apr-2026	$17,168	$11,803	$39,601	$41,379	$15,424

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Multi-Asset Income Fund - A Class Shares	13.68%	4.46%	5.87%
With Load^{Footnote Reference*}	10.25%	3.82%	5.55%
Bloomberg U.S. Aggregate Bond Index	4.06%	0.18%	1.67%
Russell 3000^® Index	31.01%	11.91%	14.75%
S&P 500^® Index	31.05%	13.14%	15.26%
Westwood -80%Bloom US Agg/20%S&P500TR	9.14%	2.79%	4.43%

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

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

Fund Statistics

Net Assets$109,828,121
Number of Portfolio Holdings154
Advisory Fee (net of waivers)$239,986
Portfolio Turnover17%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateralized Mortgage Obligations	2.1%
Common Stocks	21.4%
Convertible Bonds	3.0%
Corporate Bonds	60.5%
Exchange-Traded Funds	3.6%
Foreign Governments	1.4%
Money Market Funds	1.1%
Preferred Stocks	2.2%
U.S. Government & Agencies	4.7%
Warrant	0.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	1.6%
Utilities	0.9%
Money Market Funds	1.1%
Foreign Governments	1.4%
Collateralized Mortgage Obligations	2.0%
Consumer Staples	2.4%
Materials	2.8%
Exchange-Traded Funds	3.5%
U.S. Government & Agencies	4.6%
Health Care	4.7%
Consumer Discretionary	8.3%
Technology	8.5%
Real Estate	8.7%
Industrials	9.9%
Energy	10.8%
Communications	11.9%
Financials	16.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
CME Ultra Long-Term U.S. Treasury Bond Future	6.6%
10-Year U.S. Treasury Note Future	3.8%
CME Euro Foreign Exchange Currency Future	2.0%
U.S. Treasury Bill, 3.656%, due 05/21/26	1.8%
Westwood Enhanced Income Opportunity ETF	1.8%
Alphabet, Inc.	1.6%
Northern Oil and Gas, Inc., 7.875%, due 10/15/33	1.3%
NVIDIA Corporation	1.2%
Icahn Enterprises, L.P. / Icahn Enterprises Financial Corporation, 10.000%, due 11/15/29	1.1%
Ford Motor Credit Company, LLC, 7.450%, due 07/16/31	1.0%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

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

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/multi-asset-income-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WSDAX

Westwood Alternative Income Fund

Institutional Shares (WMNIX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Westwood Alternative Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://westwoodgroup.com/product/alternative-income-fund/. You can also request this information by contacting us at (877) 386-3944. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$49	0.98%

How did the Fund perform during the reporting period?

For the trailing period, the Westwood Alternative Income Fund outperformed its representative benchmark. The U.S. convertible bond market was supported by a constructive though more volatile equity environment, declining interest rate uncertainty and improving technicals, as the Federal Reserve shifted from late-2025 easing to holding rates steady through the end of the period. Equity markets entered 2026 at elevated valuation levels following strong 2025 gains, but experienced increased dispersion and drawdowns in the first quarter amid geopolitical tensions and sector-specific rotation, reinforcing the appeal of the convertible securities asymmetric return profile.

Issuance activity in the convertible market remained robust, driven by refinancing needs, artificial intelligence-infrastructure related investment and issuers’ continued preference for flexible capital structures in an environment of still-elevated absolute yields. Credit conditions remained generally stable, with investment-grade and high-yield spreads holding near historically tight levels despite intermittent volatility, sustaining demand for higher-quality convertible issuers and limiting compensation in lower-quality credit segments. Against this backdrop, convertible securities generated attractive risk-adjusted returns, benefiting from equity participation during rallies while demonstrating resilience during periods of market stress and consolidation.

The Fund’s outperformance was driven primarily by strong results from the convertible arbitrage sleeve. Performance also benefited from a net long equity exposure, rising convertible valuations and favorable credit spread positioning.

Within the yield bucket, the Fund allowed bonds to roll off without replacement, as compressed credit spreads did not present attractive risk-reward opportunities relative to other allocations.

How has the Fund performed over the last ten years?

Total Return Based on $100,000 Investment

Table Summary
	Westwood Alternative Income Fund - Institutional Shares	Bloomberg U.S. Aggregate Bond Index	FTSE 1-Month Treasury Bill Index
Apr-2016	$100,000	$100,000	$100,000
Apr-2017	$106,059	$100,829	$100,320
Apr-2018	$105,578	$100,507	$101,439
Apr-2019	$108,755	$105,824	$103,618
Apr-2020	$113,120	$117,297	$105,455
Apr-2021	$125,048	$116,984	$105,538
Apr-2022	$124,134	$107,026	$105,596
Apr-2023	$127,723	$106,569	$108,732
Apr-2024	$134,589	$105,004	$114,662
Apr-2025	$145,319	$113,426	$120,386
Apr-2026	$156,797	$118,027	$125,358

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Alternative Income Fund - Institutional Shares	7.90%	4.63%	4.60%
Bloomberg U.S. Aggregate Bond Index	4.06%	0.18%	1.67%
FTSE 1-Month Treasury Bill Index	4.13%	3.50%	2.29%

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

Fund Statistics

Net Assets$158,834,530
Number of Portfolio Holdings132
Advisory Fee (net of waivers)$151,089
Portfolio Turnover27%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	0.2%
Convertible Bonds	88.9%
Corporate Bonds	5.9%
Money Market Funds	4.4%
Preferred Stocks	0.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-4.7%
Utilities	2.3%
Consumer Staples	2.8%
Financials	3.0%
Materials	3.4%
Real Estate	3.6%
Money Market Funds	4.5%
Communications	5.2%
Energy	5.9%
Consumer Discretionary	10.0%
Health Care	12.3%
Industrials	20.1%
Technology	31.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Advanced Energy Industries, Inc., 2.500%, due 09/15/28	4.0%
5-Year U.S. Treasury Note Future	3.9%
Seagate HDD Cayman, 3.500%, due 06/1/28	3.6%
DigitalOcean Holdings, Inc., 0.000%, due 08/15/30	3.2%
MKS Instruments, Inc., 1.250%, due 06/1/30	2.7%
ON Semiconductor Corporation, 0.500%, due 03/1/29	2.7%
OSI Systems, Inc., 2.250%, due 08/1/29	2.6%
Microchip Technology, Inc., 0.000%, due 02/15/30	2.5%
Akamai Technologies, Inc., 0.250%, due 05/15/33	2.5%
Solaris Energy Infrastructure, Inc., 0.250%, due 10/1/31	2.4%

Material Fund Changes

Effective February 28, 2026, the 1.00% redemption fee applied to redemptions of Fund shares that had been held for 30 days or less has been eliminated.

Westwood Alternative Income Fund - Institutional Shares (WMNIX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/alternative-income-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WMNIX

Westwood Alternative Income Fund

A Class Shares (WMNAX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A Class Shares	$56	1.11%

How did the Fund perform during the reporting period?

Within the yield bucket, the Fund allowed bonds to roll off without replacement, as compressed credit spreads did not present attractive risk-reward opportunities relative to other allocations.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Westwood Alternative Income Fund - A Class Shares	Bloomberg U.S. Aggregate Bond Index	FTSE 1-Month Treasury Bill Index
Mar-2020	$9,702	$10,000	$10,000
Apr-2020	$9,871	$10,178	$10,000
Apr-2021	$10,888	$10,151	$10,008
Apr-2022	$10,797	$9,287	$10,014
Apr-2023	$11,092	$9,247	$10,311
Apr-2024	$11,679	$9,111	$10,873
Apr-2025	$12,591	$9,842	$11,416
Apr-2026	$13,570	$10,241	$11,888

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	Since Inception (March 31, 2020)
Westwood Alternative Income Fund - A Class Shares
Without Load	7.77%	4.50%	5.67%
With Load^{Footnote Reference*}	4.58%	3.86%	5.15%
Bloomberg U.S. Aggregate Bond Index	4.06%	0.18%	0.39%
FTSE 1-Month Treasury Bill Index	4.13%	3.50%	2.88%

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

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

Fund Statistics

Net Assets$158,834,530
Number of Portfolio Holdings132
Advisory Fee (net of waivers)$151,089
Portfolio Turnover27%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	0.2%
Convertible Bonds	88.9%
Corporate Bonds	5.9%
Money Market Funds	4.4%
Preferred Stocks	0.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-4.7%
Utilities	2.3%
Consumer Staples	2.8%
Financials	3.0%
Materials	3.4%
Real Estate	3.6%
Money Market Funds	4.5%
Communications	5.2%
Energy	5.9%
Consumer Discretionary	10.0%
Health Care	12.3%
Industrials	20.1%
Technology	31.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Advanced Energy Industries, Inc., 2.500%, due 09/15/28	4.0%
5-Year U.S. Treasury Note Future	3.9%
Seagate HDD Cayman, 3.500%, due 06/1/28	3.6%
DigitalOcean Holdings, Inc., 0.000%, due 08/15/30	3.2%
MKS Instruments, Inc., 1.250%, due 06/1/30	2.7%
ON Semiconductor Corporation, 0.500%, due 03/1/29	2.7%
OSI Systems, Inc., 2.250%, due 08/1/29	2.6%
Microchip Technology, Inc., 0.000%, due 02/15/30	2.5%
Akamai Technologies, Inc., 0.250%, due 05/15/33	2.5%
Solaris Energy Infrastructure, Inc., 0.250%, due 10/1/31	2.4%

Material Fund Changes

Effective February 28, 2026, the 1.00% redemption fee applied to redemptions of Fund shares that had been held for 30 days or less has been eliminated.

Westwood Alternative Income Fund - A Class Shares (WMNAX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/alternative-income-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WMNAX

Westwood Alternative Income Fund

Ultra Shares (WMNUX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Ultra Shares	$43	0.86%

How did the Fund perform during the reporting period?

Within the yield bucket, the Fund allowed bonds to roll off without replacement, as compressed credit spreads did not present attractive risk-reward opportunities relative to other allocations.

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

Table Summary
	Westwood Alternative Income Fund - Ultra Shares	Bloomberg U.S. Aggregate Bond Index	FTSE 1-Month Treasury Bill Index
Apr-2016	$1,000,000	$1,000,000	$1,000,000
Apr-2017	$1,061,916	$1,008,286	$1,003,196
Apr-2018	$1,058,475	$1,005,067	$1,014,392
Apr-2019	$1,092,174	$1,058,241	$1,036,181
Apr-2020	$1,135,938	$1,172,975	$1,054,554
Apr-2021	$1,256,420	$1,169,841	$1,055,376
Apr-2022	$1,248,431	$1,070,262	$1,055,960
Apr-2023	$1,285,804	$1,065,688	$1,087,319
Apr-2024	$1,356,643	$1,050,040	$1,146,622
Apr-2025	$1,466,963	$1,134,258	$1,203,861
Apr-2026	$1,583,587	$1,180,271	$1,253,575

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Alternative Income Fund - Ultra Shares	7.95%	4.74%	4.70%
Bloomberg U.S. Aggregate Bond Index	4.06%	0.18%	1.67%
FTSE 1-Month Treasury Bill Index	4.13%	3.50%	2.29%

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

Fund Statistics

Net Assets$158,834,530
Number of Portfolio Holdings132
Advisory Fee (net of waivers)$151,089
Portfolio Turnover27%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	0.2%
Convertible Bonds	88.9%
Corporate Bonds	5.9%
Money Market Funds	4.4%
Preferred Stocks	0.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-4.7%
Utilities	2.3%
Consumer Staples	2.8%
Financials	3.0%
Materials	3.4%
Real Estate	3.6%
Money Market Funds	4.5%
Communications	5.2%
Energy	5.9%
Consumer Discretionary	10.0%
Health Care	12.3%
Industrials	20.1%
Technology	31.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Advanced Energy Industries, Inc., 2.500%, due 09/15/28	4.0%
5-Year U.S. Treasury Note Future	3.9%
Seagate HDD Cayman, 3.500%, due 06/1/28	3.6%
DigitalOcean Holdings, Inc., 0.000%, due 08/15/30	3.2%
MKS Instruments, Inc., 1.250%, due 06/1/30	2.7%
ON Semiconductor Corporation, 0.500%, due 03/1/29	2.7%
OSI Systems, Inc., 2.250%, due 08/1/29	2.6%
Microchip Technology, Inc., 0.000%, due 02/15/30	2.5%
Akamai Technologies, Inc., 0.250%, due 05/15/33	2.5%
Solaris Energy Infrastructure, Inc., 0.250%, due 10/1/31	2.4%

Material Fund Changes

Effective February 28, 2026, the 1.00% redemption fee applied to redemptions of Fund shares that had been held for 30 days or less has been eliminated.

Westwood Alternative Income Fund - Ultra Shares (WMNUX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/alternative-income-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WMNUX

Westwood Salient MLP & Energy Infrastructure Fund

Institutional Shares (SMLPX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Westwood Salient MLP & Energy Infrastructure Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://westwoodgroup.com/product/energy-infrastructure-fund/. You can also request this information by contacting us at (877) 386-3944.

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$59	1.05%

How did the Fund perform during the reporting period?

For the trailing period, the Westwood Salient MLP and Energy Infrastructure Fund underperformed its representative benchmark, despite delivering a strong absolute return. The midstream energy sector provided strong performance in the trailing period, as oil and gas volatility increased due to geopolitical shocks in Venezuela and Iran, sending crude oil prices over $100. In this environment, midstream performance was anchored by long-term, fee-based contracts that insulated cash flows. Rising U.S. LNG exports and continued artificial intelligence/data-center electricity demand increased volumes across pipeline, gathering, processing and storage assets. Volumes remained resilient throughout geopolitically induced volatility in oil markets, as production declines were modest and pipelines remained highly contracted. Capital discipline, ongoing debt reduction and continued commitment to dividend growth and buybacks remained defining themes across the industry, helping to anchor investor confidence amid broader energy market fluctuations.

Stock selection for the trailing period was the largest contributor to relative underperformance, with the interaction between allocation and selection decisions mitigating a portion of the underperformance. On an absolute basis, the Gathering and Processing and Natural Gas Pipelines subsectors were the largest contributors to performance, both generating strong returns during the period, though security selection within each subsector detracted from relative performance.

The LNG and Utilities subsectors were the largest detractors from performance for the trailing period. An underweight allocation to the strong performing LNG subsector was the primary driver of relative performance, while allocation to Utilities, a subsector not represented in the benchmark, drove relative underperformance as the subsector provided the lowest absolute returns for the period.

How has the Fund performed over the last ten years?

Total Return Based on $100,000 Investment

Table Summary
	Westwood Salient MLP & Energy Infrastructure Fund - Institutional Shares	Alerian Midstream Energy Select Index	Alerian MLP Index Trust	S&P 500^® Index
Apr-2016	$100,000	$100,000	$100,000	$100,000
Apr-2017	$126,757	$123,161	$114,081	$117,918
Apr-2018	$109,419	$112,261	$99,845	$133,562
Apr-2019	$115,543	$122,294	$104,913	$151,585
Apr-2020	$82,201	$82,876	$62,123	$152,893
Apr-2021	$110,775	$121,245	$90,373	$223,196
Apr-2022	$137,216	$158,652	$115,075	$223,672
Apr-2023	$139,064	$163,208	$134,382	$229,631
Apr-2024	$176,232	$205,055	$180,689	$281,669
Apr-2025	$213,091	$265,284	$205,087	$315,741
Apr-2026	$279,962	$354,561	$267,670	$413,787

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Salient MLP & Energy Infrastructure Fund - Institutional Shares	31.38%	20.37%	10.84%
Alerian Midstream Energy Select Index	33.65%	23.94%	13.49%
Alerian MLP Index Trust	30.52%	24.25%	10.35%
S&P 500^® Index	31.05%	13.14%	15.26%

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

Fund Statistics

Net Assets$1,442,177,080
Number of Portfolio Holdings53
Advisory Fee (net of waivers)$5,595,856
Portfolio Turnover15%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Affiliated Exchange-Traded Funds	4.0%
Master Limited Partnerships	24.4%
MLP Related Companies	71.3%
Money Market Funds	0.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Money Market Funds	0.3%
Renewable Energy Infrastructure	0.9%
Independent Power Producers	2.5%
Power Equipment	2.7%
Affiliated Exchange-Traded Funds	4.0%
Pipelines	89.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Energy Transfer, L.P.	10.3%
Williams Companies, Inc. (The)	8.2%
DT Midstream, Inc.	7.7%
Kinder Morgan, Inc.	6.9%
Enbridge, Inc.	6.6%
TC Energy Corporation	4.9%
Enterprise Products Partners, L.P.	4.9%
Cheniere Energy, Inc.	4.8%
Keyera Corporation	4.5%
MPLX, L.P.	4.2%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

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

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/energy-infrastructure-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-SMLPX

Westwood Salient MLP & Energy Infrastructure Fund

A Class Shares (SMAPX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A Class Shares	$73	1.30%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment*

Table Summary
	Westwood Salient MLP & Energy Infrastructure Fund - A Class Shares	Alerian Midstream Energy Select Index	Alerian MLP Index Trust	S&P 500^® Index
Apr-2016	$9,454	$10,000	$10,000	$10,000
Apr-2017	$11,970	$12,316	$11,408	$11,792
Apr-2018	$10,315	$11,226	$9,985	$13,356
Apr-2019	$10,867	$12,229	$10,491	$15,158
Apr-2020	$7,709	$8,288	$6,212	$15,289
Apr-2021	$10,377	$12,124	$9,037	$22,320
Apr-2022	$12,815	$15,865	$11,508	$22,367
Apr-2023	$12,969	$16,321	$13,438	$22,963
Apr-2024	$16,392	$20,505	$18,069	$28,167
Apr-2025	$19,768	$26,528	$20,509	$31,574
Apr-2026	$25,913	$35,456	$26,767	$41,379

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Salient MLP & Energy Infrastructure Fund - A Class Shares
Without Load	31.09%	20.09%	10.61%
With Load^{Footnote Reference*}	25.83%	18.74%	9.99%
Alerian Midstream Energy Select Index	33.65%	23.94%	13.49%
Alerian MLP Index Trust	30.52%	24.25%	10.35%
S&P 500^® Index	31.05%	13.14%	15.26%

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

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

Fund Statistics

Net Assets$1,442,177,080
Number of Portfolio Holdings53
Advisory Fee (net of waivers)$5,595,856
Portfolio Turnover15%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Affiliated Exchange-Traded Funds	4.0%
Master Limited Partnerships	24.4%
MLP Related Companies	71.3%
Money Market Funds	0.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Money Market Funds	0.3%
Renewable Energy Infrastructure	0.9%
Independent Power Producers	2.5%
Power Equipment	2.7%
Affiliated Exchange-Traded Funds	4.0%
Pipelines	89.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Energy Transfer, L.P.	10.3%
Williams Companies, Inc. (The)	8.2%
DT Midstream, Inc.	7.7%
Kinder Morgan, Inc.	6.9%
Enbridge, Inc.	6.6%
TC Energy Corporation	4.9%
Enterprise Products Partners, L.P.	4.9%
Cheniere Energy, Inc.	4.8%
Keyera Corporation	4.5%
MPLX, L.P.	4.2%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

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

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/energy-infrastructure-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-SMAPX

Westwood Salient MLP & Energy Infrastructure Fund

C Class Shares (SMFPX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C Class Shares	$115	2.05%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Westwood Salient MLP & Energy Infrastructure Fund - C Class Shares	Alerian Midstream Energy Select Index	Alerian MLP Index Trust	S&P 500^® Index
Apr-2016	$10,000	$10,000	$10,000	$10,000
Apr-2017	$12,565	$12,316	$11,408	$11,792
Apr-2018	$10,743	$11,226	$9,985	$13,356
Apr-2019	$11,229	$12,229	$10,491	$15,158
Apr-2020	$7,911	$8,288	$6,212	$15,289
Apr-2021	$10,555	$12,124	$9,037	$22,320
Apr-2022	$12,933	$15,865	$11,508	$22,367
Apr-2023	$12,992	$16,321	$13,438	$22,963
Apr-2024	$16,296	$20,505	$18,069	$28,167
Apr-2025	$19,511	$26,528	$20,509	$31,574
Apr-2026	$25,375	$35,456	$26,767	$41,379

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Salient MLP & Energy Infrastructure Fund - C Class Shares
Without CDSC	30.05%	19.17%	9.76%
With CDSC	29.05%	19.17%	9.76%
Alerian Midstream Energy Select Index	33.65%	23.94%	13.49%
Alerian MLP Index Trust	30.52%	24.25%	10.35%
S&P 500^® Index	31.05%	13.14%	15.26%

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

Fund Statistics

Net Assets$1,442,177,080
Number of Portfolio Holdings53
Advisory Fee (net of waivers)$5,595,856
Portfolio Turnover15%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Affiliated Exchange-Traded Funds	4.0%
Master Limited Partnerships	24.4%
MLP Related Companies	71.3%
Money Market Funds	0.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Money Market Funds	0.3%
Renewable Energy Infrastructure	0.9%
Independent Power Producers	2.5%
Power Equipment	2.7%
Affiliated Exchange-Traded Funds	4.0%
Pipelines	89.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Energy Transfer, L.P.	10.3%
Williams Companies, Inc. (The)	8.2%
DT Midstream, Inc.	7.7%
Kinder Morgan, Inc.	6.9%
Enbridge, Inc.	6.6%
TC Energy Corporation	4.9%
Enterprise Products Partners, L.P.	4.9%
Cheniere Energy, Inc.	4.8%
Keyera Corporation	4.5%
MPLX, L.P.	4.2%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

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

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/energy-infrastructure-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-SMFPX

Westwood Salient MLP & Energy Infrastructure Fund

Ultra Shares (SMRPX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Ultra Shares	$54	0.95%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

Table Summary
	Westwood Salient MLP & Energy Infrastructure Fund - Ultra Shares	Alerian Midstream Energy Select Index	Alerian MLP Index Trust	S&P 500^® Index
Jan-2016	$1,000,000	$1,000,000	$1,000,000	$1,000,000
Apr-2016	$1,092,745	$1,168,838	$1,047,455	$1,032,981
Apr-2017	$1,387,615	$1,439,557	$1,194,947	$1,218,076
Apr-2018	$1,198,787	$1,312,148	$1,045,832	$1,379,665
Apr-2019	$1,268,510	$1,429,422	$1,098,914	$1,565,844
Apr-2020	$901,945	$968,686	$650,712	$1,579,357
Apr-2021	$1,216,222	$1,417,154	$946,615	$2,305,577
Apr-2022	$1,507,810	$1,854,389	$1,205,364	$2,310,488
Apr-2023	$1,529,288	$1,907,642	$1,407,588	$2,372,046
Apr-2024	$1,939,676	$2,396,757	$1,892,632	$2,909,591
Apr-2025	$2,347,151	$3,100,741	$2,148,197	$3,261,540
Apr-2026	$3,086,567	$4,144,239	$2,803,724	$4,274,341

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Salient MLP & Energy Infrastructure Fund - Ultra Shares	31.50%	20.47%	10.94%
Alerian Midstream Energy Select Index	33.65%	23.94%	13.49%
Alerian MLP Index Trust	30.52%	24.25%	10.35%
S&P 500^® Index	31.05%	13.14%	15.26%

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

Fund Statistics

Net Assets$1,442,177,080
Number of Portfolio Holdings53
Advisory Fee (net of waivers)$5,595,856
Portfolio Turnover15%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Affiliated Exchange-Traded Funds	4.0%
Master Limited Partnerships	24.4%
MLP Related Companies	71.3%
Money Market Funds	0.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Money Market Funds	0.3%
Renewable Energy Infrastructure	0.9%
Independent Power Producers	2.5%
Power Equipment	2.7%
Affiliated Exchange-Traded Funds	4.0%
Pipelines	89.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Energy Transfer, L.P.	10.3%
Williams Companies, Inc. (The)	8.2%
DT Midstream, Inc.	7.7%
Kinder Morgan, Inc.	6.9%
Enbridge, Inc.	6.6%
TC Energy Corporation	4.9%
Enterprise Products Partners, L.P.	4.9%
Cheniere Energy, Inc.	4.8%
Keyera Corporation	4.5%
MPLX, L.P.	4.2%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

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

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/energy-infrastructure-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-SMRPX

Westwood Real Estate Income Fund

Institutional Shares (KIFYX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Westwood Real Estate Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://westwoodgroup.com/product/real-estate-income-fund/. You can also request this information by contacting us at (877) 386-3944.

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$44	0.87%

How did the Fund perform during the reporting period?

For the trailing period, the Westwood Real Estate Income Fund outperformed its representative benchmark. U.S. REIT markets operated in a transitional environment, amid moderating—though still volatile—interest rates, widening performance dispersion across property types and improving visibility into economic growth as monetary policy moved from late-2025 easing toward a holding pattern in early 2026. REIT equities faced episodic volatility tied to fluctuations in Treasuries and geopolitical developments yet demonstrated resilience relative to broader equities during periods of market stress in the first quarter of 2026.

Office properties continued to face structural headwinds stemming from elevated vacancies, subdued leasing activity and shifts in workplace utilization, resulting in underperformance within the sector. Industrial REITs saw mixed results as new supply deliveries weighed on near-term fundamentals in select markets, partially offset by longer-term logistics and data-infrastructure demand. In contrast, Residential and Retail sectors showed comparatively stronger fundamentals, supported by steady occupancy, moderating supply pipelines and resilient consumer spending, contributing to improved relative stability during the trailing period.

The Fund’s allocation to off-benchmark equity and convertible allocation was the largest contributor to relative performance, while REIT preferred securities remained comparatively stable despite broader sector uncertainty and also contributed meaningfully to the Fund’s relative outperformance. Preferreds benefited from their senior capital position and contractual income streams, which helped dampen volatility relative to common equity and supported attractive risk-adjusted returns in a range-bound rate environment. Strong selection within preferred holdings drove returns and contributed meaningfully to the Fund’s outperformance.

How has the Fund performed over the last ten years?

Total Return Based on $100,000 Investment

Table Summary
	Westwood Real Estate Income Fund - Institutional Shares	Bloomberg U.S. Aggregate Bond Index	ICE BofA Fixed Rate Preferred Securities Index
Apr-2016	$100,000	$100,000	$100,000
Apr-2017	$112,716	$100,829	$106,500
Apr-2018	$106,292	$100,507	$108,601
Apr-2019	$116,610	$105,824	$116,059
Apr-2020	$95,600	$117,297	$120,466
Apr-2021	$128,889	$116,984	$133,291
Apr-2022	$131,153	$107,026	$119,835
Apr-2023	$123,209	$106,569	$121,967
Apr-2024	$131,833	$105,004	$130,297
Apr-2025	$140,025	$113,426	$135,345
Apr-2026	$151,156	$118,027	$145,415

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Real Estate Income Fund - Institutional Shares	7.95%	3.24%	4.22%
Bloomberg U.S. Aggregate Bond Index	4.06%	0.18%	1.67%
ICE BofA Fixed Rate Preferred Securities Index	7.44%	1.76%	3.82%

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

Fund Statistics

Net Assets$242,562,764
Number of Portfolio Holdings46
Advisory Fee $859,442
Portfolio Turnover33%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	27.8%
Money Market Funds	1.7%
Preferred Stocks	70.5%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.5%
Other Industries	6.4%
Specialty Finance	3.0%
Multi-Asset Class	3.0%
Banking	3.0%
Industrial	3.6%
Infrastructure	3.7%
Mortgage	3.9%
Shopping Centers	4.3%
Home Construction	4.4%
Specialized	5.6%
Residential	5.7%
Retail	5.9%
Diversified	6.7%
Storage	7.0%
Healthcare	7.0%
Office	8.8%
Hotels	18.5%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Hovnanian Enterprises, Inc., 7.63% - Series A	4.4%
KKR Real Estate Finance Trust, Inc., 6.50% - Series A	3.9%
RLJ Lodging Trust, 7.80% - Series A	3.9%
COPT Defense Properties	3.9%
CTO Realty Growth, Inc., 6.38% - Series A	3.9%
Crown Castle, Inc.	3.7%
Pebblebrook Hotel Trust, 5.70% - Series H	3.6%
LXP Industrial Trust, 6.50% - Series C	3.6%
National Storage Affiliates Trust, 6.00% - Series A	3.5%
Saul Centers, Inc., 6.13% - Series D	3.2%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Real Estate Income Fund - Institutional Shares (KIFYX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/real-estate-income-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-KIFYX

Westwood Real Estate Income Fund

A Class Shares (KIFAX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A Class Shares	$59	1.17%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Westwood Real Estate Income Fund - A Class Shares	Bloomberg U.S. Aggregate Bond Index	ICE BofA Fixed Rate Preferred Securities Index
Apr-2016	$9,426	$10,000	$10,000
Apr-2017	$10,585	$10,083	$10,650
Apr-2018	$9,940	$10,051	$10,860
Apr-2019	$10,871	$10,582	$11,606
Apr-2020	$8,874	$11,730	$12,047
Apr-2021	$11,925	$11,698	$13,329
Apr-2022	$12,084	$10,703	$11,984
Apr-2023	$11,302	$10,657	$12,197
Apr-2024	$12,077	$10,500	$13,030
Apr-2025	$12,784	$11,343	$13,535
Apr-2026	$13,762	$11,803	$14,542

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Real Estate Income Fund - A Class Shares
Without Load	7.65%	2.91%	3.86%
With Load^{Footnote Reference*}	4.44%	1.70%	3.24%
Bloomberg U.S. Aggregate Bond Index	4.06%	0.18%	1.67%
ICE BofA Fixed Rate Preferred Securities Index	7.44%	1.76%	3.82%

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

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

Fund Statistics

Net Assets$242,562,764
Number of Portfolio Holdings46
Advisory Fee $859,442
Portfolio Turnover33%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	27.8%
Money Market Funds	1.7%
Preferred Stocks	70.5%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.5%
Other Industries	6.4%
Specialty Finance	3.0%
Multi-Asset Class	3.0%
Banking	3.0%
Industrial	3.6%
Infrastructure	3.7%
Mortgage	3.9%
Shopping Centers	4.3%
Home Construction	4.4%
Specialized	5.6%
Residential	5.7%
Retail	5.9%
Diversified	6.7%
Storage	7.0%
Healthcare	7.0%
Office	8.8%
Hotels	18.5%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Hovnanian Enterprises, Inc., 7.63% - Series A	4.4%
KKR Real Estate Finance Trust, Inc., 6.50% - Series A	3.9%
RLJ Lodging Trust, 7.80% - Series A	3.9%
COPT Defense Properties	3.9%
CTO Realty Growth, Inc., 6.38% - Series A	3.9%
Crown Castle, Inc.	3.7%
Pebblebrook Hotel Trust, 5.70% - Series H	3.6%
LXP Industrial Trust, 6.50% - Series C	3.6%
National Storage Affiliates Trust, 6.00% - Series A	3.5%
Saul Centers, Inc., 6.13% - Series D	3.2%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

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

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/real-estate-income-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-KIFAX

Westwood Broadmark Tactical Growth Fund

Institutional Shares (FTGWX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Westwood Broadmark Tactical Growth Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://westwoodgroup.com/product/tactical-growth-fund/. You can also request this information by contacting us at (877) 386-3944.

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$66	1.28%

How did the Fund perform during the reporting period?

The Westwood Broadmark Tactical Growth Fund outperformed its representative benchmark, the HFRX Equity Hedge Index, in the reporting period. Equity markets experienced increased volatility from geopolitical risks and equity-market shocks, while earnings strength among artificial intelligence-linked mega-cap technology firms remained a key area of support for equities, especially in the U.S. market. An increase in market breadth that began in late 2025 continued throughout early 2026, as value stocks, small caps and non-U.S. equities experienced periodic leadership as investors sought broader participation and downside resilience.

From the beginning of the period through January 2026, exposure to the market was increased as the investment team added positions in response to improving relative strength. Exposure was reduced as monetary policy, momentum and market breadth deteriorated in the middle of the period. The team increased exposure in the last month of the period as momentum, market breadth, sentiment and volume showed improvement.

With regard to our four-pillar investment process, for much of the period, the valuation pillar pointed to equity valuations being elevated compared to historical norms, as stock market capitalization as a percentage of gross domestic product reached new all-time highs. Monetary factors and credit conditions remained positive for the majority of the period, before turning neutral to end the period as conflict in the Middle East sent oil and other commodity prices upward.

The investor sentiment pillar was negative for most of the period, turning positive during March from our contrarian point of view. The momentum pillar was more dynamic, remaining positive but deteriorating until March, when it turned negative, and rebounding to positive territory in April.

The team would increase exposure if interest rates declined and if momentum improved further. The team would decrease exposure if our breadth and volume momentum models deteriorated.

How has the Fund performed over the last ten years?

Total Return Based on $100,000 Investment

Table Summary
	Westwood Broadmark Tactical Growth Fund - Institutional Shares	HFRX Equity Hedge Index	S&P 500^® Index
Apr-2016	$100,000	$100,000	$100,000
Apr-2017	$108,504	$106,638	$117,918
Apr-2018	$114,581	$114,082	$133,562
Apr-2019	$117,929	$109,558	$151,585
Apr-2020	$122,586	$102,980	$152,893
Apr-2021	$140,545	$125,745	$223,196
Apr-2022	$135,617	$130,664	$223,672
Apr-2023	$131,597	$130,953	$229,631
Apr-2024	$135,124	$141,590	$281,669
Apr-2025	$143,032	$149,160	$315,741
Apr-2026	$165,794	$170,153	$413,787

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Broadmark Tactical Growth Fund - Institutional Shares	15.91%	3.36%	5.19%
HFRX Equity Hedge Index	14.07%	6.24%	5.46%
S&P 500^® Index	31.05%	13.14%	15.26%

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

Fund Statistics

Net Assets$184,361,891
Number of Portfolio Holdings10
Advisory Fee $960,187
Portfolio Turnover66%

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	55.8%
Money Market Funds	44.2%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Broadmark Tactical Growth Fund - Institutional Shares (FTGWX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/tactical-growth-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-FTGWX

Westwood Broadmark Tactical Growth Fund

A Class Shares (FTAGX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A Class Shares	$81	1.58%

How did the Fund perform during the reporting period?

The team would increase exposure if interest rates declined and if momentum improved further. The team would decrease exposure if our breadth and volume momentum models deteriorated.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Westwood Broadmark Tactical Growth Fund - A Class Shares	HFRX Equity Hedge Index	S&P 500^® Index
Apr-2016	$9,426	$10,000	$10,000
Apr-2017	$10,175	$10,664	$11,792
Apr-2018	$10,694	$11,408	$13,356
Apr-2019	$10,961	$10,956	$15,158
Apr-2020	$11,348	$10,298	$15,289
Apr-2021	$12,957	$12,575	$22,320
Apr-2022	$12,451	$13,066	$22,367
Apr-2023	$12,038	$13,095	$22,963
Apr-2024	$12,331	$14,159	$28,167
Apr-2025	$13,017	$14,916	$31,574
Apr-2026	$15,041	$17,015	$41,379

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Broadmark Tactical Growth Fund - A Class Shares
Without Load	15.55%	3.03%	4.78%
With Load^{Footnote Reference*}	10.91%	1.81%	4.17%
HFRX Equity Hedge Index	14.07%	6.24%	5.46%
S&P 500^® Index	31.05%	13.14%	15.26%

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

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

Fund Statistics

Net Assets$184,361,891
Number of Portfolio Holdings10
Advisory Fee $960,187
Portfolio Turnover66%

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	55.8%
Money Market Funds	44.2%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

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

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/tactical-growth-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-FTAGX

Westwood Broadmark Tactical Growth Fund

C Class Shares (FTGOX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
C Class Shares	$114	2.23%

How did the Fund perform during the reporting period?

The team would increase exposure if interest rates declined and if momentum improved further. The team would decrease exposure if our breadth and volume momentum models deteriorated.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Westwood Broadmark Tactical Growth Fund - C Class Shares	HFRX Equity Hedge Index	S&P 500^® Index
Apr-2016	$10,000	$10,000	$10,000
Apr-2017	$10,745	$10,664	$11,792
Apr-2018	$11,244	$11,408	$13,356
Apr-2019	$11,441	$10,956	$15,158
Apr-2020	$11,783	$10,298	$15,289
Apr-2021	$13,378	$12,575	$22,320
Apr-2022	$12,787	$13,066	$22,367
Apr-2023	$12,291	$13,095	$22,963
Apr-2024	$12,501	$14,159	$28,167
Apr-2025	$13,108	$14,916	$31,574
Apr-2026	$15,049	$17,015	$41,379

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Broadmark Tactical Growth Fund - C Class Shares
Without CDSC	14.81%	2.38%	4.17%
With CDSC	13.81%	2.38%	4.17%
HFRX Equity Hedge Index	14.07%	6.24%	5.46%
S&P 500^® Index	31.05%	13.14%	15.26%

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

Fund Statistics

Net Assets$184,361,891
Number of Portfolio Holdings10
Advisory Fee $960,187
Portfolio Turnover66%

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	55.8%
Money Market Funds	44.2%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

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

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/tactical-growth-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-FTGOX

Westwood Broadmark Tactical Plus Fund

Institutional Shares (SBTIX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Westwood Broadmark Tactical Plus Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://westwoodgroup.com/product/tactical-plus-fund/. You can also request this information by contacting us at (877) 386-3944.

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$60	1.20%

How did the Fund perform during the reporting period?

The Westwood Broadmark Tactical Plus Fund underperformed its representative benchmark, the HFRX Equity Hedge Index, in the reporting period. Equity markets experienced increased volatility from geopolitical risks and equity-market shocks, while earnings strength among artificial intelligence-linked mega-cap technology firms remained a key area of support for equities, especially in the U.S. market. An increase in market breadth that began in late 2025 continued throughout early 2026, as value stocks, small caps and non-U.S. equities experienced periodic leadership as investors sought broader participation and downside resilience.

Through January 2026, exposure to the market was increased as the Investment team added positions in response to improving relative strength. Exposure was reduced as monetary policy, momentum and market breadth deteriorated in the middle of the period. The team increased exposure in April as momentum, market breadth, sentiment and volume showed improvement. Relative to the Tactical Growth Fund, the Tactical Plus Fund maintained higher exposure to the market throughout the period.

With regard to our four-pillar investment process, for much of the period, the valuation pillar pointed to equity valuations being elevated compared to historical norms, as stock market capitalization as a percentage of gross domestic product reached new all-time highs. Monetary factors and credit conditions remained positive before turning neutral to end the period as conflict in the Middle East sent commodity prices upward.

The team would increase exposure if interest rates declined and if momentum improved further. The team would decrease exposure if our breadth and volume momentum models deteriorated.

How has the Fund performed over the last ten years?

Total Return Based on $100,000 Investment

Table Summary
	Westwood Broadmark Tactical Plus Fund - Institutional Shares	HFRX Equity Hedge Index	S&P 500^® Index
Apr-2016	$100,000	$100,000	$100,000
Apr-2017	$108,742	$106,638	$117,918
Apr-2018	$116,789	$114,082	$133,562
Apr-2019	$126,591	$109,558	$151,585
Apr-2020	$127,562	$102,980	$152,893
Apr-2021	$144,138	$125,745	$223,196
Apr-2022	$144,378	$130,664	$223,672
Apr-2023	$144,153	$130,953	$229,631
Apr-2024	$150,748	$141,590	$281,669
Apr-2025	$146,558	$149,160	$315,741
Apr-2026	$155,203	$170,153	$413,787

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Broadmark Tactical Plus Fund - Institutional Shares	5.90%	1.49%	4.49%
HFRX Equity Hedge Index	14.07%	6.24%	5.46%
S&P 500^® Index	31.05%	13.14%	15.26%

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

Fund Statistics

Net Assets$64,382,681
Number of Portfolio Holdings7
Advisory Fee (net of waivers)$249,378
Portfolio Turnover23%

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	28.3%
Money Market Funds	71.7%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Broadmark Tactical Plus Fund - Institutional Shares (SBTIX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/tactical-plus-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-SBTIX

Westwood Broadmark Tactical Plus Fund

A Class Shares (SBTAX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
A Class Shares	$73	1.45%

How did the Fund perform during the reporting period?

With regard to our four-pillar investment process, for much of the period, the valuation pillar pointed to equity valuations being elevated compared to historical norms, as stock market capitalization as a percentage of gross domestic product reached new all-time highs. Monetary factors and credit conditions remained positive before turning neutral to end the period as conflict in the Middle East sent commodity prices upward.

The team would increase exposure if interest rates declined and if momentum improved further. The team would decrease exposure if our breadth and volume momentum models deteriorated.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Westwood Broadmark Tactical Plus Fund - A Class Shares	HFRX Equity Hedge Index	S&P 500^® Index
Apr-2016	$9,447	$10,000	$10,000
Apr-2017	$10,257	$10,664	$11,792
Apr-2018	$10,992	$11,408	$13,356
Apr-2019	$11,879	$10,956	$15,158
Apr-2020	$11,952	$10,298	$15,289
Apr-2021	$13,466	$12,575	$22,320
Apr-2022	$13,455	$13,066	$22,367
Apr-2023	$13,406	$13,095	$22,963
Apr-2024	$13,988	$14,159	$28,167
Apr-2025	$13,552	$14,916	$31,574
Apr-2026	$14,325	$17,015	$41,379

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Broadmark Tactical Plus Fund - A Class Shares
Without Load	5.70%	1.24%	4.25%
With Load*	2.52%	0.11%	3.66%
HFRX Equity Hedge Index	14.07%	6.24%	5.46%
S&P 500^® Index	31.05%	13.14%	15.26%

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

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

Fund Statistics

Net Assets$64,382,681
Number of Portfolio Holdings7
Advisory Fee (net of waivers)$249,378
Portfolio Turnover23%

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	28.3%
Money Market Funds	71.7%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

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

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/tactical-plus-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-SBTAX

Westwood Broadmark Tactical Plus Fund

F Class Shares (BTPIX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
F Class Shares	$45	0.89%

How did the Fund perform during the reporting period?

With regard to our four-pillar investment process, for much of the period, the valuation pillar pointed to equity valuations being elevated compared to historical norms, as stock market capitalization as a percentage of gross domestic product reached new all-time highs. Monetary factors and credit conditions remained positive before turning neutral to end the period as conflict in the Middle East sent commodity prices upward.

The team would increase exposure if interest rates declined and if momentum improved further. The team would decrease exposure if our breadth and volume momentum models deteriorated.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Westwood Broadmark Tactical Plus Fund - F Class Shares	HFRX Equity Hedge Index	S&P 500^® Index
Apr-2016	$10,000	$10,000	$10,000
Apr-2017	$10,907	$10,664	$11,792
Apr-2018	$11,756	$11,408	$13,356
Apr-2019	$12,776	$10,956	$15,158
Apr-2020	$12,910	$10,298	$15,289
Apr-2021	$14,641	$12,575	$22,320
Apr-2022	$14,713	$13,066	$22,367
Apr-2023	$14,730	$13,095	$22,963
Apr-2024	$15,464	$14,159	$28,167
Apr-2025	$15,065	$14,916	$31,574
Apr-2026	$16,000	$17,015	$41,379

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	5 Years	10 Years
Westwood Broadmark Tactical Plus Fund - F Class Shares	6.21%	1.79%	4.81%
HFRX Equity Hedge Index	14.07%	6.24%	5.46%
S&P 500^® Index	31.05%	13.14%	15.26%

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

Fund Statistics

Net Assets$64,382,681
Number of Portfolio Holdings7
Advisory Fee (net of waivers)$249,378
Portfolio Turnover23%

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	28.3%
Money Market Funds	71.7%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Broadmark Tactical Plus Fund - F Class Shares (BTPIX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/tactical-plus-fund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-BTPIX

Westwood Salient Enhanced Midstream Income ETF

(MDST) NYSE

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Westwood Salient Enhanced Midstream Income ETF (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://westwoodgroup.com/product/westwood-salient-enhanced-midstream-income/. You can also request this information by contacting us at (800) 994-0755.

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Westwood Salient Enhanced Midstream Income ETF	$44	0.80%

How did the Fund perform during the reporting period?

During the trailing period, the Westwood Salient Enhanced Midstream Income ETF underperformed its representative benchmark, despite delivering a strong absolute return. The midstream energy sector provided strong performance in the trailing period, as oil and gas volatility increased due to geopolitical shocks in Venezuela and Iran, sending crude oil prices over $100. In this environment, midstream performance was anchored by long-term, fee-based contracts that insulated cash flows. Rising U.S. LNG exports and continued AI/data-center electricity demand increased volumes across pipeline, gathering, processing and storage assets. Volumes remained resilient throughout geopolitically induced volatility in oil markets, as production declines were modest and pipelines remained highly contracted. Capital discipline, ongoing debt reduction and continued commitment to dividend growth and buybacks remained defining themes across the industry, helping to anchor investor confidence amid broader energy market fluctuations.

The Fund’s underperformance relative to the benchmark was primarily driven by the impact of the covered call overlay, which, by design, limits participation in sharp, short-term rallies in exchange for consistent premium income. On a subsector basis, an underweight allocation to the strong performing LNG subsector led to it being the largest detractor from relative performance for the period, while an overweight allocation to the Gathering & Processing subsector mitigated a portion of the subsector’s relative underperformance stemming from selection.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Westwood Salient Enhanced Midstream Income ETF - NAV	S&P 500^® Index	Alerian Midstream Energy Select Index
04/08/24	$10,000	$10,000	$10,000
04/30/24	$9,837	$9,685	$9,904
04/30/25	$11,551	$10,857	$12,813
04/30/26	$14,482	$14,228	$17,125

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	Since Inception (April 8, 2024)
Westwood Salient Enhanced Midstream Income ETF - NAV	25.37%	19.69%
S&P 500^® Index	31.05%	18.67%
Alerian Midstream Energy Select Index	33.65%	29.84%

Past performance does not guarantee future results. Call (800) 994-0755 or visit https://westwoodgroup.com/product/westwood-salient-enhanced-midstream-income/ for current month-end performance.

Fund Statistics

Net Assets$247,229,761
Number of Portfolio Holdings119
Advisory Fee $765,690
Portfolio Turnover7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-1.3%
Pipelines	101.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Energy Transfer, L.P.	9.1%
Enbridge, Inc.	8.9%
Williams Companies, Inc. (The)	8.7%
Enterprise Products Partners, L.P.	7.0%
DT Midstream, Inc.	6.5%
Kinder Morgan, Inc.	5.7%
Cheniere Energy, Inc.	5.1%
ONEOK, Inc.	5.1%
South Bow Corporation	5.0%
TC Energy Corporation	5.0%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Salient Enhanced Midstream Income ETF - Fund (MDST)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/westwood-salient-enhanced-midstream-income/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-MDST

Westwood Salient Enhanced Energy Income ETF

(WEEI) NASDAQ Stock Market, LLC

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Westwood Salient Enhanced Energy Income ETF (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://westwoodgroup.com/product/salient-enhanced-energy-income/. You can also request this information by contacting us at (800) 994-0755.

What were the Fund’s annualized costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Westwood Salient Enhanced Energy Income ETF	$47	0.85%

How did the Fund perform during the reporting period?

For the trailing period, the Westwood Salient Enhanced Energy Income ETF underperformed its representative benchmark, despite delivering a strong absolute return. Performance in the broader energy sector closely tracked oil price movements, which were volatile but largely range-bound through late 2025 as markets repeatedly priced in surplus conditions and global supply growth capped sustained upside for crude prices and upstream equities entering 2026. Geopolitical risk escalated meaningfully in early 2026, including tensions involving Iran, Venezuela and Middle Eastern shipping routes. These developments introduced short-term risk premiums into oil prices, with energy equities experiencing sharp but uneven rallies. Energy equities also served as a macro hedge amid inflation uncertainty and geopolitical instability, attracting tactical flows during periods of broader market stress.

The Fund’s underperformance relative to its benchmark was primarily driven by the covered call overlay, which, by design, limits participation in sharp, short-term rallies in exchange for consistent premium income. The Fund’s common equity holdings outperformed the benchmark on a relative basis, primarily driven by selection in the E&P subsector. An overweight allocation to the Gathering & Processing and Refining subsectors, both of which provided strong absolute returns for the period, also mitigated a portion of the underperformance from the covered call overlay.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Westwood Salient Enhanced Energy Income ETF - NAV	S&P 500^® Index	S&P Energy Select Sector Index
04/30/24	$10,000	$10,000	$10,000
04/30/25	$9,091	$11,210	$8,897
04/30/26	$12,637	$14,691	$13,613

Average Annual Total Returns as of 4/30/2026

Table Summary
	1 Year	Since Inception (April 30, 2024)
Westwood Salient Enhanced Energy Income ETF - NAV	39.01%	12.41%
S&P 500^® Index	31.05%	21.20%
S&P Energy Select Sector Index	53.01%	16.68%

Past performance does not guarantee future results. Call (800) 994-0755 or visit https://westwoodgroup.com/product/salient-enhanced-energy-income/ for current month-end performance.

Fund Statistics

Net Assets$73,255,243
Number of Portfolio Holdings156
Advisory Fee $184,602
Portfolio Turnover3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-1.3%
U.S. Oil Royalty Trusts	1.4%
Oilfield Services & Equipment	11.9%
Refining & Marketing	12.7%
Pipelines	15.9%
Exploration & Production	22.0%
Integrated Oil Companies	37.4%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Exxon Mobil Corporation	23.6%
Chevron Corporation	13.8%
ConocoPhillips	6.3%
Valero Energy Corporation	5.4%
SLB Ltd.	5.2%
Williams Companies, Inc. (The)	5.1%
Baker Hughes Company	4.2%
Phillips 66	4.0%
EOG Resources, Inc.	3.9%
Kinder Morgan, Inc.	3.8%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Salient Enhanced Energy Income ETF - Fund (WEEI)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/salient-enhanced-energy-income/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-WEEI

Westwood Enhanced Income Opportunity ETF

(YLDW) NASDAQ Stock Market, LLC

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Westwood Enhanced Income Opportunity ETF (the "Fund") for the period of December 11, 2025 to April 30, 2026. You can find additional information about the Fund at https://westwoodgroup.com/product/enhanced-income/. You can also request this information by contacting us at (800) 994-0755.

What were the Fund’s annualized costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Westwood Enhanced Income Opportunity ETF	$31	0.79%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Westwood Enhanced Income Opportunity ETF - NAV	Russell 3000^® Index
Dec-2025	$10,000	$10,000
Apr-2026	$10,392	$10,475

Average Annual Total Returns as of 4/30/2026

Table Summary
	Since Inception (December 11, 2025)
Westwood Enhanced Income Opportunity ETF - NAV	3.92%
Russell 3000^® Index	4.75%

Past performance does not guarantee future results. Call (800) 994-0755 or visit https://westwoodgroup.com/product/enhanced-income/ for current month-end performance.

Fund Statistics

Net Assets$22,751,931
Number of Portfolio Holdings139
Advisory Fee $43,251
Portfolio Turnover15%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.4%
Materials	1.6%
Consumer Discretionary	3.2%
Consumer Staples	3.9%
Utilities	4.5%
Communications	4.7%
Real Estate	4.7%
Health Care	7.1%
Industrials	7.5%
Energy	8.2%
Exchange-Traded Funds	8.8%
U.S. Government & Agencies	9.3%
Financials	16.8%
Technology	20.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
iShares iBoxx USD High Yield Corporate Bond ETF	4.4%
iShares Broad USD High Yield Corporate Bond ETF	4.4%
Alphabet, Inc. - Class A	3.1%
Gilead Sciences, Inc.	2.5%
NVIDIA Corporation	2.1%
Microsoft Corporation	2.0%
Broadcom, Inc.	1.9%
Oracle Corporation	1.9%
Wells Fargo & Company	1.9%
JPMorgan Chase & Company	1.9%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Westwood Enhanced Income Opportunity ETF - Fund (YLDW)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://westwoodgroup.com/product/enhanced-income/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-YLDW

(a) The Registrant’s schedule of investments is included in the Financial Statements under Item 7 of this form.

The average monthly notional value of written option contracts during the six months ended April 30, 2026 was $189,578,379.

The average monthly notional value of written option contracts during the six months ended April 30, 2026 was $47,269,593.

The average monthly notional value of written option contracts during the period ended April 30, 2026 was $9,298,525.

SELECTED PER SHARE DATA & RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

Amounts designated as “–” are either $0.00 or have been rounded to $0.00.

SELECTED PER SHARE DATA & RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

Amounts designated as “–” are either $0.00 or have been rounded to $0.00.

SELECTED PER SHARE DATA & RATIOS FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD

Amounts designated as “–” are either $0.00 or have been rounded to $0.00.

Westwood Salient Enhanced Midstream Income ETF (“Midstream Income ETF”), Westwood Salient Enhanced Energy Income ETF (“Energy Income ETF”) and Westwood Enhanced Income Opportunity ETF (“Income Opportunity ETF”) (individually, a “Fund” and collectively, the “Funds”) are each a series of Ultimus Managers Trust (the “Trust”), an open-end investment company established as an Ohio business trust under a Declaration of Trust dated February 28, 2012. The Trust is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”). Other series of the Trust are not included in this report. The Midstream Income ETF commenced operations on April 8, 2024, the Energy Income ETF commenced operations on April 30, 2024 and the Income Opportunity ETF commenced operations on December 11, 2025.

The Midstream Income ETF and Energy Income ETF are non-diversified, exchange-traded funds (“ETF”) that seek to provide current income and capital appreciation. The Income Opportunity ETF is a diversified ETF that seeks to provide current income and capital appreciation.

Shares of the Midstream Income ETF are listed and traded on the New York Stock Exchange (“NYSE”). Shares of the Energy Income ETF are listed and traded on the Nasdaq Stock Market (“Nasdaq”). Shares of the Income Opportunity ETF are listed and traded on the New York Stock Exchange Arca (“NYSE Arca”). Market prices for the Shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares solely to certain financial institutions such as registered broker-dealers and banks (“Authorized Participants” or “APs”) that have entered into agreements with the Funds’ distributor on a continuous basis at the NAV per share in aggregations of a specified number of shares called “Creation Units.” Creation Units generally are issued in exchange for a basket of securities (“Deposit Securities”), together with the deposit of a specified cash payment (“Balancing Amount”). Shares are not individually redeemable, but are redeemable only in Creation Unit aggregations, and generally in exchange for portfolio securities and a specified cash payment. A Creation Unit of the Funds consists of a block of shares.

Westwood Management Corporation (the “Adviser”) serves as investment advisor to the Funds. The Adviser is wholly owned subsidiary of Westwood Holdings Group, Inc., an institutional asset management company.

The Adviser has retained Vident Asset Management (the “Sub-Adviser”) to serve as the trading sub-adviser for the Funds. The Sub-Adviser is responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions, subject to supervision of the Adviser and the Board of Trustees of the Trust (the “Board”).

Other series of the Trust, that are also managed by the Adviser, invest in the Funds, therefore making them affiliates of the other series.

The following is a summary of the Funds’ significant accounting policies. The policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The Funds follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services – Investment Companies,” Including Accounting Standard Update 2013-08.

Segment reporting – The management team of the Adviser, acts as each Fund’s chief operating decision maker (“CODM”). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and each Fund’s long-term strategic asset allocation is predetermined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the

Adviser. The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in each Fund’s Schedules of Investments, Statements of Changes in Net Assets and Financial Highlights.

Accounting Pronouncement – In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Fund management concludes that there is no material impact on the Funds’ financial statements.

Securities valuation – Each Fund values its portfolio securities at market value as of the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4:00 p.m. Eastern time) on each business day the NYSE is open for business. The Funds value their listed securities on the basis of the security’s last sale price on the security’s primary exchange, if available, otherwise at the exchange’s most recently quoted mean price. NASDAQ-listed securities are valued at the NASDAQ Official Closing Price. Investments representing shares of other open-end investment companies, other than ETFs, if any, but including money market funds, are valued at their NAV as reported by such companies. Option contracts are valued at the closing price on the exchange on which they are primarily traded; if no closing price is available at the time of valuation, the option will be valued at the mean of the closing bid and ask prices for that day. When using a quoted price and when the market is considered active, these securities will be classified as Level 1 within the fair value hierarchy (see below). Fixed income securities, if any, are generally valued using prices provided by an independent pricing service approved by the Board. The independent pricing service uses information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities, and various relationships between securities in determining these prices. In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Funds value its securities and other assets at fair value as determined by the Adviser, as the Funds’ valuation designee, in accordance with procedures adopted by the Board pursuant to Rule 2a-5 under the 1940 Act. Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Unavailable or unreliable market quotes may be due to the following factors: a substantial bid-ask spread; infrequent sales resulting in stale prices; insufficient trading volume; small trade sizes; a temporary lapse in any reliable pricing source; and actions of the securities or futures markets, such as the suspension or limitation of trading. As a result, the prices of securities used to calculate the Funds’ NAV may differ from quoted or published prices for the same securities. Securities traded on foreign exchanges, if any, are fair valued by an independent pricing service and translated from the local currency into U.S. dollars using currency exchange rates supplied by an independent pricing service.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements.

Various inputs are used in determining the value of a Fund’s investments. These inputs are summarized in the three broad levels listed below:

The inputs or methods used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The following is a summary of each Fund’s investments and the inputs used to value the investments as of April 30, 2026:

Refer to the Schedules of Investments for a listing of securities by sector and industry type. The Funds did not hold any derivative instruments or any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the period ended April 30, 2026.

Cash – The Funds’ cash, if any, is held in a bank account with balances which may exceed the Federal Deposit Insurance Corporation (FDIC) limit of $250,000. The cash balances reflected on the Statements of Assets and Liabilities for the Funds represent the amount held as of April 30, 2026.

Share valuation – The NAV per share of each Fund is calculated daily by dividing the total value of the assets, less the liabilities, by the number of shares outstanding. The offering price and redemption price per share is equal to the NAV per share.

Investment income – Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the security received. Interest income is accrued as earned. Withholding taxes on foreign dividends, if any, have been recorded in accordance with the Funds’ understanding of

the applicable country’s tax rules and rates. The Funds may invest in real estate investment trusts (“REITs”) that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REIT’s taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. Distributions received for the Funds’ investments in Master Limited Partnerships (“MLPs”) may be comprised of both income and return of capital. The Funds record investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded.

Investment transactions – Investment transactions are accounted for on the trade date. Realized gains and losses on investments sold are determined on a specific identification basis.

Common expenses – Common expenses of the Trust are allocated among the Funds and the other series of the Trust based on the relative net assets of each series, the number of series in the Trust, or the nature of the services performed and the relative applicability to each series.

Options written/purchased – The Funds may utilize longer maturity options for stock replacement when and as price and volatility relationships become more favorable for options versus underlying stocks or for tax and liquidity management purposes. The Funds are authorized to write (sell) and purchase put and call options. The risk in writing a call option is that the Funds give up the opportunity to profit if the market price of the security increases. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

Foreign currency translation – Securities and other assets and liabilities denominated in or expected to settle in foreign currencies are translated into U.S. dollars based on exchange rates on the following basis:

A. The fair values of investment securities and other assets and liabilities are translated as of the close of the NYSE each day.

B. Purchases and sales of investment securities and income and expenses are translated at the rate of exchange prevailing as of 4:00 p.m. Eastern Time on the respective date of such transactions.

C. The Funds do not isolate that portion of the results of operations caused by changes in foreign exchange rates on investments from those caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments.

Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies, 2) currency gains or losses realized between the trade and settlement dates on securities transactions and 3) the difference between the amounts of dividends and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities that result from changes in exchange rates.

interpretation of country specific taxation of accrued income and interest income, which may be subject to change due to changes in country-specific tax regulations regarding amounts reclaimable or each Fund’s interpretation of country-specific taxation of dividend income and related amounts reclaimable.

Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of change in net assets from operations during the reporting period. Actual results could differ from those estimates.

Distributions to shareholders – Each Fund distributes substantially all of its net income to shareholders on a monthly basis and its net capital gains to shareholders at least annually in December. The amount of such dividends and distributions is determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends and distributions to shareholders are recorded on the ex-dividend date.

The character of dividends paid to shareholders of the Funds for federal income tax purposes during the periods ended April 30, 2026 and October 31, 2025 was as follows:

Federal income tax – Each Fund has qualified and intends to continue to qualify as regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”). Qualification generally will relieve the Funds of liability for federal income taxes to the extent 100% of their net investment income and net realized capital gains are distributed in accordance with the Code.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The following information is computed on a tax basis for each item as of November 30, 2025. The Midstream Income ETF and Energy Income ETF have a tax year end of November 30, 2025, which is different than the fiscal year end of October 31, 2025.

The difference between the federal income tax cost of investments and the financial statement cost of investments are due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These “book/tax” differences are temporary in nature and are primarily due to the tax deferral on losses on wash sales, partnership adjustments, options mark to market adjustments, and C-corp basis adjustments.

As of November 30, 2025, the Midstream Income ETF had short-term and long-term capital loss carryforwards for federal income tax purposes, which may be carried forward indefinitely. These capital loss carryforwards are available to offset net realized capital gains in the current and future years, thereby reducing future taxable gains distributions, if any.

For the tax year ended November 30, 2025, the Midstream Income ETF utilized the following capital loss carryforwards:

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under current income tax regulations. These permanent differences that are credited or charged to Paid-in capital and Distributable earnings as of November 30, 2025 are primarily related to adjustments for publicly traded partnerships, return of capital distributions and/or redemptions in-kind.

The Funds recognize the tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” of being sustained assuming examination by tax authorities. Management has reviewed the Funds’ tax positions for the current and open periods and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. The Funds identify its major tax jurisdiction as U.S. Federal.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the period ended April 30, 2026, the Funds did not incur any interest or penalties.

During period ended April 30, 2026, cost of purchases and proceeds from sales and maturities of investment securities and long-term U.S. government securities, excluding in-kind transactions and short-term investments were as follows:

Purchases and sales of in-kind transactions for the period ended April 30, 2026 were as follows:

The Funds’ investments are managed by the Adviser pursuant to the terms of an investment management agreement (the “Agreement”). The Midstream Income ETF, Energy Income ETF and Income Opportunity ETF, each pay the Adviser an investment management fee, computed and accrued daily and paid monthly, at the annual rate of 0.80%, 0.85%, and 0.79% of average daily net assets, respectively. Pursuant to its Agreement, the Adviser is required to pay all other expenses of the Funds (other than interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, and litigation expenses, and other non-routine or extraordinary expenses) so that total annual fund operating expenses remain at 0.80%, 0.85%, and 0.79% of the Midstream Income ETF, Energy Income ETF and Income Opportunity ETF average daily net assets, respectively. During the period ended April 30, 2026, the Adviser earned $765,690, $184,602 and $43,251 of fees from the Midstream Income ETF, Energy Income ETF, and Income Opportunity ETF, respectively, under the Agreement. At April 30, 2026, the Midstream Income ETF, Energy Income ETF, and Income Opportunity ETF owed the Adviser $154,567, $49,745 and $14,593, respectively, relating to the investment management fee.

For its services, the Sub-Adviser is paid by the Adviser, which fee is calculated daily and paid monthly, at an annual rate based on the average daily net assets of each Fund 0.05% (subject to a minimum of $35,000 per year per Fund).

Ultimus Fund Solutions, LLC (“Ultimus”) provides administration and fund accounting services to the Funds. The Adviser pays Ultimus fees in accordance with the agreements for such services.

Under the terms of a Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC (“NLCS”) provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the agreement, NLCS receives fees from the Adviser. NLCS is a wholly-owned subsidiary of Ultimus.

Under the terms of a Distribution Agreement with the Trust, Northern Lights Distributors, LLC (the “Distributor”) serves as the principal underwriter to the Funds. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser for acting as principal underwriter.

Certain officers of the Trust are also officers of Ultimus and are not paid by the Funds for servicing in such capacities.

Each member of the Board (a “Trustee”) who is not an “interested person” (as defined by the 1940 Act, as amended) of the Trust receives an annual retainer and meeting fees, plus reimbursement for travel and other meeting-related expenses.

The following is a summary of the fair value of derivative instruments held by the Funds listed below as of April 30, 2026, presented on the Statements of Assets and Liabilities.

The following summary of the effect of derivatives instruments for the Funds on the Statements of Operations for the period ended April 30, 2026:

The Funds are required to disclose the impact of offsetting assets and liabilities represented on the Statements of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of setoff criteria: the amounts owed by the Funds to another party are determinable, the Funds have the right to set off the amounts owed with the amounts owed by the other party, the Funds intend to set off, and the Funds’ right of setoff is enforceable at law.

A fund is subject to various netting arrangements with select counterparties (“Master Agreements” or “MNAs”). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at prearranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

As of April 30, 2026, derivative assets and liabilities by type by Fund are as follows:

Certain derivative contracts are executed under either standardized netting agreements or, for exchange-traded derivatives, the relevant contracts for a particular exchange that contain enforceable netting provisions. A derivative netting arrangement creates an enforceable right of set-off that becomes effective and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early termination. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract.

Only certain financial institutions such as registered broker-dealers and banks that have entered into agreements with the APs may acquire shares directly from the Funds and tender their shares for redemption directly to the Funds. Such purchases and redemptions are made at NAV per share and only in large blocks, or Creation Units, of shares. Purchases and redemptions directly with the Funds must follow the Funds’ procedures, which are described in the Funds’ Statement of Additional Information.

A creation transaction, which is subject to acceptance by the Distributor and the Funds, generally takes place when an AP deposits into the Funds a designated portfolio of securities (“Deposit Securities”) (including any portion of such securities for which cash may be substituted) and a specified amount of cash approximating the holdings of the Funds in exchange for a specified number of Creation Units. The composition of such portfolio generally corresponds pro rata to the holdings of the Funds. However, the Funds may, in certain circumstances, offer Creation Units partially or solely for cash. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) held by the Funds and a specified amount of cash. Except when aggregated in Creation Units, shares are not redeemable. The prices at which

creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is received in an acceptable form under the AP agreement. Realized gains (losses) resulting from in-kind redemption of shares, if any, are reflected separately on the Statements of Operations.

The Funds charge APs standard creation and redemption transaction fees (“Transaction Fees”) to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. The standard creation and redemption transaction fees are set forth in the table below. The standard creation transaction fee is charged to the AP on the day such AP creates a Creation Unit, and is the same regardless of the number of Creation Units purchased by the AP on the applicable business day. Similarly, the standard redemption transaction fee is charged to the AP on the day such AP redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by the AP on the applicable business day. Creations and redemptions for cash (when cash creations and redemptions (in whole or in part) are available or specified) are also subject to an additional charge (up to the maximum amounts shown in the table below). This charge is intended to compensate for brokerage, tax, foreign exchange, execution, price movement and other costs and expenses related to cash transactions (which may, in certain instances, be based on a good faith estimate of transaction costs). For the period ended April 30, 2026, the Midstream Income ETF, Energy Income ETF and Income Opportunity ETF received $24,000, $16,500 and $5,400, respectively, in transaction fees.

If the Funds have significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Funds than would be the case if the Funds did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Funds and increase the volatility of the Funds’ NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Funds’ portfolio would be adversely affected. As of April 30, 2026, the Midstream Income ETF had 101.3% of the value of its net assets invested in securities in the Pipelines sector and the Energy Income ETF had 37.4% of the value of its net assets in securities in the Integrated Oil Companies sector.

The Midstream Income ETF and Energy Income ETF are non-diversified funds. Because each Fund may invest in securities of a smaller number of issuers, each Fund may be more exposed to the risks associated with and developments affecting and individual issuer than a fund that invests more widely, which may, therefore, have a greater impact on each Funds’ performance.

The Funds indemnify the Trust’s officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events except for the following:

The following Funds paid distributions to shareholders subsequent to April 30, 2026:

There were no changes in and/or disagreements with accountants during the period covered by this report.

The Board of Trustees (the “Board”), including the Independent Trustees voting separately, has reviewed and approved the continuance of the: (i) Investment Advisory Agreement with Westwood Management Corp. (the “Adviser” or “Westwood”) with respect to the Westwood Salient Enhanced Midstream Income ETF (“Midstream Income ETF”) and the Westwood Salient Enhanced Energy Income ETF (“Energy Income ETF”) (the “Westwood Advisory Agreement”) and (ii) Sub-Advisory Agreement between Westwood and Vident Advisors, LLC (d/b/a Vident Asset Management) (the “Sub-Adviser” or “Vident”) with respect to the Midstream Income ETF and the Energy Income ETF (the “Vident Sub-Advisory Agreement”) for an additional one year term. The Midstream Income ETF and the Energy Income ETF are individually referred to as a “Fund” or the “ETF” and collectively referred to as the “Funds” or the “ETFs.” The Westwood Advisory Agreement and the Vident Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.” The Board approved the Advisory Agreements at a meeting held on January 26-27, 2026, at which all of the Trustees were present (the “Meeting”).

Prior to the Meeting, each of the Adviser and Sub-Adviser provided a response to a letter sent by the counsel to the Independent Trustees, on their behalf, requesting various information relevant to the Independent Trustees’ consideration of the Westwood Advisory Agreement and Vident Sub-Advisory Agreement with respect to the Funds. In approving the Westwood Advisory Agreement and the Vident Sub-Advisory Agreement, the Independent Trustees considered all information they deemed reasonably necessary to evaluate the terms of the Advisory Agreements. The principal areas of review by the Independent Trustees were (1) the nature, extent and quality of the services provided by the Adviser and Sub-Adviser, (2) the Adviser’s experience and resources in monitoring the performance of other sub-advisers on Westwood-managed funds and the professional experience and the investment capabilities of the individuals at Vident who serve as portfolio managers of the Funds, (3) the costs of the services provided and profits realized by the Adviser and Sub-Adviser from the Adviser’s and Sub-Adviser’s relationship with the Funds, (4) the financial condition of the Adviser and Sub-Adviser, (5) the fall out benefits derived by the Adviser and Sub-Adviser and their affiliates from their relationships with the Funds and (6) the extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of each Fund’s shareholders. The Independent Trustees’ evaluation of the quality of the Adviser’s and Sub-Adviser’s services also took into consideration their knowledge gained through presentations and reports from the Adviser and the Sub-Adviser over the course of the preceding year. The Independent Trustees’ analysis of these factors is set forth below.

The Board evaluated the level and depth of knowledge of Westwood, including the professional experience and qualifications of the firm’s senior personnel. In evaluating the quality of services provided by Westwood, the Board

took into account its familiarity with Westwood’s senior management through Board meetings, discussions and reports during the preceding year. The Board also took into account Westwood’s compliance policies and procedures based on discussion with Westwood and the Trust’s Chief Compliance Officer (“CCO”). The quality of administrative and other services, including Westwood’s role in coordinating the activities of each Fund’s other service providers, was also considered. The Board also considered Westwood’s relationship with its affiliates and the resources available to them, as well as any potential conflicts of interest. The Board discussed the nature and extent of the services provided by Westwood including, without limitation, Westwood’s continuous review, supervision and administration of the investment program for the Funds. The Board considered the qualifications and experience of Westwood’s portfolio managers who are responsible for the day-to-day management of each Fund’s portfolio. The Board also considered Westwood’s succession planning for senior personnel.

The Board considered Westwood’s process for monitoring the Sub-Adviser, which includes an examination of both qualitative and quantitative elements of the Sub-Adviser’s organization, personnel, procedures, infrastructure and performance. The Board further considered that Westwood conducts periodic reviews of the Sub-Adviser. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Funds by Westwood under the Westwood Advisory Agreement.

The Board compared the advisory fee and total expense ratio for the Funds with various comparative data, noting that the advisory fee for each Fund is included in each Fund’s unitary fee. In particular, the Board compared each Fund’s advisory fee and overall expense ratio to the median advisory fees and expense ratios for its custom peer group provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. The Board noted Westwood’s response in the Section 15(c) materials that there were no accounts or funds comparable to the Funds that were managed by Westwood. The Board also noted that the Funds are charged a unitary fee under the Westwood Advisory Agreement. The Board further noted that, under the unitary fee arrangement, each Fund pays Westwood a unitary fee from which Westwood pays the Fund’s other expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and fees, if any, but excluding the fee payment under the Westwood Advisory Agreement and interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. Because each Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point.

The Board noted that the expense ratio of 0.80% for the Midstream Income ETF and 0.85% for the Energy Income ETF, were in the first and third quartiles, respectively. The Board further noted that the Midstream Income ETF’s expense ratio was below its peer group median and the Energy Income ETF’s expense ratio was at the peer group median. The Board took into consideration Westwood’s assertion that the unique aspects of each Fund’s investment strategy differentiated their fees from those of their peers.

The Board also compared the sub-advisory fees paid to the Sub-Adviser and the fees charged to the Sub-Adviser’s other client accounts. The Board noted that the sub-advisory fees under the Vident Sub-Advisory Agreement were paid by the Adviser out of its respective advisory fees it receives from the Funds. The Board considered the amounts to be retained by the Adviser and the sub-advisory fees to be paid to the Sub-Adviser with respect to various services that they each provided to the Funds. The Board discussed the Adviser’s process for monitoring the performance of the Sub-Adviser, which included an examination of both qualitative and quantitative elements of the Sub-Adviser’s organization, personnel, procedures, investment discipline, infrastructure and performance. The Board considered that the Adviser conducts periodic compliance due diligence of the Sub-Adviser, during which the Adviser examines a wide variety of factors, such as the financial condition of the Sub-Adviser, the quality of the Sub-Adviser’s systems, the effectiveness of the Sub-Adviser’s disaster recovery programs, trade allocation and execution procedures, compliance with the Sub-Adviser’s policies and procedures, results of regulatory examinations and any other factors

that might affect the quality of services to be provided by the Sub-Adviser to the Funds. The Board noted that the Adviser’s compliance monitoring processes also includes quarterly reviews of compliance certifications, and that any issues arising from such certifications and the Adviser’s compliance reviews of the Sub-Adviser are reported to the Board.

The Board also considered, among other data, each Fund’s performance results during certain periods ended October 31, 2025, and noted that the Board reviews on a quarterly basis detailed information about each Fund’s performance results, portfolio composition and investment strategies. The Board noted that the Midstream Income ETF’s performance was in the second quartile for the one-year period and in the third quartile for the since inception period ended October 31, 2025, respectively, and above the peer group median for the one-year period compared to the Broadridge custom peer group for the same period. The Board noted that the Energy Income ETF’s performance was in the fourth quartile for the one-year and since inception periods ended October 31, 2025, and below the peer group median for the one-year and since inception periods compared to the Broadridge custom peer group for the same periods. The Board also took into account the impact of current market conditions and their effect on each Fund’s performance.

The Board also considered the effect of each Fund’s growth and size on its performance and expenses. The Board considered the effective advisory fees under the Westwood Advisory Agreement and possible economies of scale that might be realized if the assets of the Funds increase. The Board noted that the advisory fee schedule for each Fund currently did not have breakpoints, and considered Westwood’s assertion that adding breakpoints was not appropriate at this time. The Board noted that the structure of the advisory fee as a unitary fee would have the effect of limiting certain of each Fund’s operating expenses. The Board noted that the sub-advisory fee payable to each Fund under the Vident Sub-Advisory Agreement is paid by the Adviser out of the advisory fee that it receives from each Fund.

Additionally, the Board took into consideration the financial condition and profitability of the Adviser and the direct and indirect benefits derived by the Adviser from its relationship with the Funds. The information considered by the Board included operating profit margin information for each Fund and the Adviser’s business as a whole. The Board considered that the structure of the advisory fee as a unitary fee would have the effect of limiting certain of each Fund’s operating expenses. The Board reviewed the profitability of the Adviser’s relationship with the Funds both before and after tax expenses. The Board recognized that the Adviser should be entitled to earn a reasonable level of profits in exchange for the level of services each provides to the Funds and the entrepreneurial risk that the Adviser assumes as investment adviser. Based upon its review, the Board concluded that the Adviser’s level of profitability, if any, from its relationship with the Funds was reasonable and not excessive. The Board also considered whether the Adviser has the financial wherewithal to continue to provide services to each Fund, noting its ongoing commitment to provide support and resources to the Funds as needed.

The Board also noted that Westwood derives benefits to its reputation and other benefits from its association with the Funds. The Board recognized that Westwood should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the Funds and the entrepreneurial risk that it assumes as investment adviser. Based upon its review, the Board concluded that Westwood’s level of profitability, if any, from its relationship with the Funds, was reasonable and not excessive.

The Board considered information provided by Vident regarding the services provided by Vident to the Funds. The Board evaluated the level and depth of knowledge of Vident, including the professional experience and qualifications of the firm’s senior personnel. The Board also took into account Vident’s compliance policies and procedures based on discussion with Vident and the Trust’s CCO. The Board discussed the nature and extent of the services provided by Vident including, without limitation, Vident’s portfolio management and trading services, daily monitoring of the Funds’ positions and variances against the model portfolio provided by Westwood, monitoring to adhere to investment guidelines, cash management, cash and holdings reconciliation, and review of creation and redemption file data. The Board considered the qualifications and experience of Vident’s portfolio managers who are responsible for trading each Fund’s portfolio, as well as the qualifications of other individuals at Vident who provide services to the Funds. The Board also considered Vident’s succession planning for the portfolio managers of the Funds. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Funds by Vident under the Vident Sub-Advisory Agreement.

The Board considered that the Funds’ sub-advisory fees are paid by Westwood and not by the Funds. The Board also considered that each Fund pays an advisory fee to Westwood and that Westwood pays a sub-advisory fee to Vident out of the advisory fees it receives from each Fund. The Board also considered Vident’s response in its Section 15(c) materials that it does not believe the other accounts managed by Vident would be considered similar in nature to the Funds to be appropriate for a fee comparison.

The Board also considered the effect of each Fund’s growth and size on its performance and expenses. The Board took into account the Funds’ sub-advisory fee structure and the fact that Westwood pays the sub-advisory fees out of the advisory fees it receives from the Funds. The Board also took into account the existence of breakpoints in the sub-advisory fee structure and the effect of such breakpoints on the Funds’ sub-advisory fees.

Additionally, the Board took into consideration the financial condition and profitability of Vident and its affiliates and the direct and indirect benefits derived by Vident and its affiliates from their relationship with the Funds. The Board noted that the sub-advisory fees under the Vident Sub-Advisory Agreement are paid by Westwood out of the advisory fees it receives under the Westwood Advisory Agreement. As a consequence, the anticipated profitability to Vident of its relationship with the Funds was not a substantial factor in the Board’s deliberations.

The Board also noted that Vident derives benefits to its reputation and other benefits from its association with the Funds. The Board recognized that Vident should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the Funds. Based upon its review, the Board concluded that Vident’s level of profitability, if any, from its relationship with the Funds, was reasonable and not excessive.

In considering the renewal of each of the Westwood Advisory Agreement and the Vident Sub-Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the various factors. The Trustees evaluated all information available to them. The Board concluded the following: (a) Westwood and Vident each demonstrated that it possesses the capability and resources to perform the duties required of it under the Westwood Advisory Agreement and Vident Sub-Advisory Agreement, respectively; (b) Westwood and Vident each maintain an appropriate compliance program; (c) the overall performance of each Fund is satisfactory relative to the performance of funds with similar investment objectives and relevant indices; and (d) each Fund’s advisory and sub-advisory fees are reasonable in light of the services received from the Fund from Westwood and Vident and the other factors considered. Based on their conclusions, the Trustees determined with respect to each Fund that continuation of the Westwood Advisory Agreement and the Vident Sub-Advisory Agreement is in the best interests of each Fund and its shareholders.

The Board of Trustees (the “Board”), including the Independent Trustees voting separately, has reviewed and approved the Westwood Enhanced Income Opportunity ETF’s (the “New Fund” or the “New ETF”) Investment Advisory Agreement with Westwood Management Corp. (the “Adviser” or “Westwood”) for an initial two-year term (the “Westwood Advisory Agreement”) and the Sub-Advisory Agreement between Westwood and Vident Asset Management (the “Sub-Adviser” or “Vident”), on behalf of the Fund, for an initial two-year term (the “Vident Sub-Advisory Agreement”). The Board approved the Westwood Advisory Agreement and the Vident Sub-Advisory Agreement at a meeting held on October 20-21, 2025, at which all of the Trustees were present (the “Meeting”).

Prior to the Meeting, the Adviser and Sub-Adviser each provided a response to letters sent by the counsel to the Independent Trustees, on their behalf, requesting various information relevant to the Independent Trustees’ consideration of the Westwood Advisory Agreement and Vident Sub-Advisory Agreement with respect to the New ETF. In approving the Westwood Advisory Agreement and the Vident Sub-Advisory Agreement, the Independent Trustees considered all information they deemed reasonably necessary to evaluate the terms of the Agreements. The principal areas of review by the Independent Trustees were (1) the nature, extent and quality of the services to be provided by the Adviser and Sub-Adviser, (2) the Adviser’s experience and resources in monitoring the performance of other sub-advisers on Westwood-managed funds and the professional experience and the investment capabilities of the individuals at Vident who are expected to serve as portfolio managers of the New ETF, (3) the costs of the services to be provided and profits to be realized by the Adviser and Sub-Adviser from the Adviser’s and Sub-Adviser’s relationship with the New ETF, (4) the financial condition of the Adviser and Sub-Adviser, (5) the fall out benefits to be derived by the Adviser and Sub-Adviser and their affiliates from their relationships with the New ETF and (6) the extent to which economies of scale would be realized as the New ETF grows and whether advisory fee levels reflect those economies of scale for the benefit of the New ETF’s shareholders. The Independent Trustees’ evaluation of the quality of the Adviser’s and Sub-Adviser’s services also took into consideration their knowledge gained through presentations and reports from the Adviser and Sub-Adviser over the course of the preceding year for other funds and ETFs managed by the Adviser and Sub-Adviser. The Independent Trustees’ analysis of these factors is set forth below.

The Board evaluated the level and depth of knowledge of Westwood, including the professional experience and qualifications of senior personnel. In evaluating the quality of services to be provided by Westwood, the Board took

into account its familiarity with Westwood’s senior management through Board meetings, discussions and reports during the preceding year. The Board also took into account Westwood’s compliance policies and procedures based on discussion with Westwood and the Trust’s Chief Compliance Officer (“CCO”). The quality of administrative and other services, including Westwood’s role in coordinating the activities of the New ETF’s other service providers, was also considered. The Board also considered Westwood’s relationship with its affiliates and the resources available to them, as well as any potential conflicts of interest. The Board discussed the nature and extent of the services to be provided by Westwood including, without limitation, Westwood’s provision of a continuous investment program for the New ETF. The Board considered the qualifications and experience of Westwood’s portfolio managers who would be responsible for the day-to-day management of the New ETF’s portfolio, as well as the qualifications of other individuals at Westwood anticipated to provide services to the New ETF. The Board also considered Westwood’s succession planning for the portfolio managers of the New ETF.

The Board considered Westwood’s process for monitoring the proposed Sub-Adviser, Vident, which would include an examination of both qualitative and quantitative elements of the Sub-Adviser’s organization, personnel, procedures, infrastructure and performance. The Board further considered that Westwood would conduct periodic reviews of the Sub-Adviser. The Board concluded that it was satisfied with the nature, extent and quality of services to be provided to the New ETF by Westwood under the Westwood Advisory Agreement.

The Board compared the proposed advisory fee and total expense ratio for the New ETF with various comparative data. In particular, the Board compared the New ETF’s proposed advisory fee and overall expense ratio to the median advisory fees and expense ratios for its custom peer group provided by Broadridge Financial Solutions, Inc. (“Broadridge”). The Board noted Westwood’s response in the 15(c) materials that there were no accounts comparable to the New ETF that were managed by Westwood but that the New ETF was similar to certain Westwood mutual funds but that the New ETF’s anticipated use of a covered call writing strategy was meaningfully different from the investment strategy employed by the Westwood mutual funds. The Board noted that the New ETF would be charged a unitary fee under the proposed Westwood Advisory Agreement. The Board further noted that, under the unitary fee arrangement, the New ETF would pay Westwood a unitary fee from which Westwood would pay the New ETF’s other expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and fees, if any, but excluding the fee payment under the Westwood Advisory Agreement and interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board considered that, from the unitary fee for the New ETF, Westwood would pay the Sub-Adviser a proposed sub-advisory fee equal to 0.05% of the New ETF’s first $100 million of average daily net assets; 0.04% of the New ETF’s next $250 million of average daily net assets; and 0.02% of the New ETF’s average daily net assets over $350 million (subject to a minimum of $35,000 per year per ETF on the first six Westwood-Vident-Managed ETFs that use the Sub-Adviser). The Board further considered that, under the proposed amended and restated sub-advisory agreement, Vident has agreed to cap its sub-advisory fees at $500,000 on the ETFs managed by Westwood and Sub-Advised by Vident, including the New ETF, subject to annual escalator defined as the prior year’s cumulative percentage increase of the United States Consumer Price Index - All Urban Consumers, U.S. City Average, published by the Bureau of Labor Statistics, United States Department of Labor (or its successor index) during the period beginning on the date of the prior fee adjustment. Because the New ETF will pay a unitary fee, the Board determined that expense ratios were the most relevant comparative data point.

In reviewing the comparison in expense ratios between the New ETF and comparable funds, the Board also considered the differences in types of funds being compared, the styles of investment management, and the nature of the investment strategies. The Board noted that the proposed expense ratio of 0.79% for the New ETF was in the fourth quartile. The Board further noted that the New ETF’s expense ratio was above its peer group median. The Board took into consideration Westwood’s assertion that the size of the New ETF and unique aspects of the New ETF’s investment strategy differentiated its fees from those of its peers.

As the New ETF had not yet commenced operations, the Board did not consider past performance. The Board noted the Adviser’s experience and resources in monitoring the performance of other sub-advisers, including Vident, on Westwood-managed funds.

The Board also considered the effect of the New ETF’s potential growth and size on its performance and expenses. The Board took into account management’s discussion of the New ETF’s advisory fee structure. The Board considered the proposed advisory fee under the Westwood Advisory Agreement and possible economies of scale that might be realized if the assets of the New ETF increases. The Board noted that the advisory fee schedule for the New ETF currently did not have breakpoints, and considered Westwood’s assertion that adding breakpoints was not appropriate at this time. The Board noted that the structure of the advisory fee as a unitary fee would have the effect of limiting certain of the New ETF’s operating expenses. The Board also considered the fact that, under the Westwood Advisory Agreement, the advisory fee payable to Westwood by the New ETF would be reduced by the total sub-advisory fee paid to the Sub-Adviser.

Additionally, the Board took into consideration the financial condition and anticipated profitability of Westwood and its affiliates and the anticipated direct and indirect benefits derived by Westwood and its affiliates from their relationship with the New ETF. The information considered by the Board included operating profit margin information for Westwood’s business as a whole. The Board reviewed the anticipated profitability of Westwood’s relationship with the New ETF both before and after tax expenses, and also considered whether Westwood has the financial wherewithal to provide services to the New ETF, noting Westwood’s ongoing commitment to provide support and resources to the New ETF as needed.

The Board also noted that Westwood would derive benefits to its reputation and other benefits from its association with the New ETF. The Board recognized that Westwood should be entitled to earn a reasonable level of profits in exchange for the level of services it would provide to the New ETF and the entrepreneurial risk that it assumes as investment adviser. Based upon its review, the Board concluded that Westwood’s level of profitability, if any, to be derived from its relationship with the New ETF was reasonable and not excessive.

The Board considered information provided by Vident regarding the services to be provided by Vident to the New ETF. The Board evaluated the level and depth of knowledge of Vident, including the professional experience and qualifications of senior personnel. The Board also took into account Vident’s compliance policies and procedures based on discussion with Vident and the Trust’s CCO. The Board discussed the nature and extent of the services to be provided by Vident including, without limitation, Vident’s portfolio management and trading services, daily monitoring of the New ETF’s positions and variances against the model portfolio provided by Westwood, monitoring to adhere to investment guidelines, cash management, cash and holdings reconciliation, and review of creation and redemption file data. The Board considered the qualifications and experience of Vident’s portfolio managers who would be responsible for trading the New ETF’s portfolio, as well as the qualifications of other individuals at Vident anticipated to provide services to the New ETF. The Board also considered Vident’s succession planning for the portfolio managers of the New ETF. The Board then took into consideration Westwood’s due diligence of Vident and Westwood’s selection of Vident based on, as Westwood previously noted, Vident’s reputation, comprehensive service offering, experience with Westwood, and competitive pricing. The Board concluded that it was satisfied with

the nature, extent and quality of services to be provided to the New ETF by Vident under the Vident Sub-Advisory Agreement.

The Board considered that the sub-advisory fee would be paid by Westwood and not by the New ETF. The Board also considered that the New ETF would pay an advisory fee to Westwood and that Westwood would pay a sub-advisory fee to Vident out of the advisory fee it receives from the New ETF. The Board also considered Vident’s response in its 15(c) materials that it does not believe the other accounts managed by Vident would be considered similar in nature to the New ETF to be appropriate for a fee comparison.

As the New ETF had not yet commenced operations, the Board did not consider past performance. The Board considered the professional experience and the investment capabilities of the individuals at Vident who are expected to serve as portfolio managers to the New ETF.

The Board also considered the effect of the New ETF’s potential growth and size on its performance and expenses. The Board took into account the New ETF’s sub-advisory fee structure and the fact that Westwood would pay the sub-advisory fees out of the advisory fees it receives from the New ETF. As a consequence, potential economies of scale was not a material factor in the Board’s deliberations concerning the Vident Sub-Advisory Agreement.

Additionally, the Board took into consideration the financial condition and anticipated profitability of Vident and its affiliates and the anticipated direct and indirect benefits derived by Vident and its affiliates from their relationship with the New ETF. The Board noted that the sub-advisory fee under the Vident Sub-Advisory Agreement would be paid by Westwood out of the advisory fee it would receive under the Westwood Advisory Agreement. As a consequence, the anticipated profitability to Vident of its relationship with the New ETF was not a substantial factor in the Board’s deliberations.

The Board also noted that Vident would derive benefits to its reputation and other benefits from its association with the New ETF. The Board recognized that Vident should be entitled to earn a reasonable level of profits in exchange for the level of services it would provide to the New ETF. Based upon its review, the Board concluded that Vident’s level of profitability, if any, to be derived from its relationship with the New ETF was reasonable and not excessive.

In considering the approvals of the Westwood Advisory Agreement and the Vident Sub-Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the various factors. The Trustees evaluated all information available to them. The Board concluded the following: (a) Westwood and Vident each demonstrated that they possess the capability and resources to perform the duties required of them under the Westwood Advisory Agreement and the Vident Sub-Advisory Agreement, respectively; (b) Westwood and Vident maintain appropriate compliance programs; and (c) the New ETF’s advisory fee is reasonable in light of the services to be provided and the other factors considered. Based on their conclusions, the Trustees determined with respect to the New ETF that approval of the Westwood Advisory Agreement and the Vident Sub-Advisory Agreement is in the best interests of the New ETF and its shareholders.

Qualified Dividend Income – The following Funds designate the following of its ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate:

Dividends Received Deduction – Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distributions that qualifies under tax law. For the tax year ended November 30, 2025, the following Funds had the following ordinary income dividends qualified for the corporate dividends received deduction:

The average monthly notional value of written option contracts during the six months ended April 30, 2026 was $12,853,759.

The average monthly notional value of futures contracts during the six months ended April 30, 2026 was $88,599,680.

The average monthly notional value of written option contracts during the six months ended April 30, 2026 was $1,264,031.

The average monthly notional value of futures contracts during the six months ended April 30, 2026 was $13,897,872.

The average monthly notional value for swap contracts for the six months ended April 30, 2026 was $72,906,862.

The average monthly notional value of written option contracts during the six months ended April 30, 2026 was $367,177.

The average monthly notional value of futures contracts during the six ended April 30, 2026 was $6,214,484.

The average monthly notional value of written option contracts during the six months ended April 30, 2026 was $39,140,734.

The average monthly notional value of futures contracts during the six months ended April 30, 2026 was $31,986,905.

SELECTED PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD

Amounts designated as “—” are either $0.00 or have been rounded to $0.00.