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.

Asset Weighting (% of total investments)

Sector Weighting (% of net assets)

Material Fund Changes

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

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

(based on a hypothetical $10,000 investment)

Fund Statistics 

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

Top 10 Holdings (% of net assets)

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.

Fund Statistics 

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

Top 10 Holdings (% of net assets)

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.

Asset Weighting (% of total investments)

Sector Weighting (% of net assets)

Material Fund Changes

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

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

(based on a hypothetical $10,000 investment)

Asset Weighting (% of total investments)

Sector Weighting (% of net assets)

Material Fund Changes

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

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

(based on a hypothetical $10,000 investment)

Fund Statistics 

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

Top 10 Holdings (% of net assets)

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.

Fund Statistics 

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

Top 10 Holdings (% of net assets)

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.

Fund Statistics 

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

Top 10 Holdings (% of net assets)

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.

Fund Statistics 

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

Top 10 Holdings (% of net assets)

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.

Asset Weighting (% of total investments)

Sector Weighting (% of net assets)

Material Fund Changes

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

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

(based on a hypothetical $10,000 investment)

Fund Statistics 

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

Top 10 Holdings (% of net assets)

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.

Fund Statistics 

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

Top 10 Holdings (% of net assets)

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.

Fund Statistics 

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

Top 10 Holdings (% of net assets)

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.

Asset Weighting (% of total investments)

Sector Weighting (% of net assets)