Ultimus Managers Trust NPORTP Westwood Broadmark Tactical Growth Fund (Jul 2024 report)

WESTWOOD QUALITY VALUE FUND

SCHEDULE OF INVESTMENTS

July 31, 2024 (Unaudited)

COMMON STOCKS - 98.6%	Shares		Value
Communications - 2.0%
Internet Media & Services - 2.0%
Alphabet, Inc. - Class A		24,833	$	4,259,853

Consumer Discretionary - 8.9%
Leisure Facilities & Services - 5.8%
Darden Restaurants, Inc.		26,770		3,916,183
Domino’s Pizza, Inc.		10,040		4,304,148
McDonald’s Corporation		15,441		4,098,042
				12,318,373
Retail - Discretionary - 3.1%
Home Depot, Inc. (The)		6,153		2,265,288
O’Reilly Automotive, Inc. ^(a)		3,776		4,253,060
				6,518,348
Consumer Staples - 8.3%
Beverages - 2.1%
PepsiCo, Inc.		26,030		4,494,600

Food - 2.0%
Hershey Company (The)		21,628		4,271,098

Household Products - 0.9%
Church & Dwight Company, Inc.		19,926		1,952,947

Retail - Consumer Staples - 3.3%
Dollar General Corporation		23,642		2,846,260
Walmart, Inc.		59,943		4,114,488
				6,960,748
Energy - 6.7%
Oil & Gas Producers - 6.7%
Chevron Corporation		26,071		4,183,613
ConocoPhillips		16,019		1,781,313
EOG Resources, Inc.		17,032		2,159,658
Exxon Mobil Corporation		34,238		4,060,284
Valero Energy Corporation		12,412		2,007,269
				14,192,137

WESTWOOD QUALITY VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.6% (Continued)	Shares		Value
Financials - 16.1%
Banking - 8.3%
Bank of America Corporation		150,928	$	6,083,908
JPMorgan Chase & Company		35,331		7,518,437
Wells Fargo & Company		68,093		4,040,638
				17,642,983
Institutional Financial Services - 2.6%
Goldman Sachs Group, Inc. (The)		10,685		5,438,986

Insurance - 5.2%
Arthur J. Gallagher & Company		14,880		4,218,331
Berkshire Hathaway, Inc. - Class B ^(a)		9,558		4,191,183
Progressive Corporation (The)		12,227		2,618,045
				11,027,559
Health Care - 13.4%
Biotech & Pharma - 3.3%
Johnson & Johnson		45,375		7,162,444

Health Care Facilities & Services - 3.2%
UnitedHealth Group, Inc.		11,750		6,769,880

Medical Equipment & Devices - 6.9%
Abbott Laboratories		57,275		6,067,713
Becton, Dickinson & Company		17,611		4,245,308
Danaher Corporation		15,501		4,295,017
				14,608,038
Industrials - 13.2%
Aerospace & Defense - 2.0%
General Dynamics Corporation		14,293		4,269,462

Commercial Support Services - 2.0%
Waste Management, Inc.		20,985		4,252,820

Diversified Industrials - 2.0%
Honeywell International, Inc.		20,583		4,214,369

WESTWOOD QUALITY VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.6% (Continued)	Shares		Value
Industrials - 13.2% (Continued)
Electrical Equipment - 3.2%
Hubbell, Inc.		11,389	$	4,506,058
Littelfuse, Inc.		8,700		2,323,857
				6,829,915
Transportation & Logistics - 4.0%
FedEx Corporation		13,984		4,226,664
Union Pacific Corporation		17,033		4,202,552
				8,429,216
Materials - 2.0%
Forestry, Paper & Wood Products - 2.0%
Boise Cascade Company		30,192		4,289,981

Real Estate - 4.5%
REITs - 4.5%
Federal Realty Investment Trust		40,030		4,469,349
Prologis, Inc.		39,831		5,020,698
				9,490,047
Technology - 17.5%
Semiconductors - 1.9%
Microchip Technology, Inc.		44,486		3,949,467

Software - 5.5%
Microsoft Corporation		16,375		6,850,481
Salesforce, Inc.		18,311		4,738,887
				11,589,368
Technology Hardware - 4.2%
Apple, Inc.		31,337		6,959,321
HP, Inc.		56,974		2,056,192
				9,015,513
Technology Services - 5.9%
Accenture plc - Class A		12,582		4,159,861
CACI International, Inc. - Class A ^(a)		9,308		4,295,456
Visa, Inc. - Class A		15,740		4,181,645
				12,636,962

WESTWOOD QUALITY VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.6% (Continued)	Shares		Value
Utilities - 6.0%
Electric Utilities - 6.0%
DTE Energy Company		36,328	$	4,378,614
NextEra Energy, Inc.		55,709		4,255,610
WEC Energy Group, Inc.		48,411		4,166,251
				12,800,475

Total Common Stocks (Cost $149,170,401)			$	209,385,589

MONEY MARKET FUNDS - 1.5%	Shares		Value
First American Government Obligations Fund - Class U, 5.25% ^(b) (Cost $3,201,425)		3,201,425	$	3,201,425

Investments at Value - 100.1% (Cost $152,371,826)			$	212,587,014

Liabilities in Excess of Other Assets - (0.1%)				(311,515	)

Net Assets - 100.0%			$	212,275,499

plc	- Public Limited Company

^(a)	Non-income producing security.

^(b)	The rate shown is the 7-day effective yield as of July 31, 2024.

WESTWOOD QUALITY MIDCAP FUND

SCHEDULE OF INVESTMENTS

July 31, 2024 (Unaudited)

COMMON STOCKS - 99.5%	Shares		Value
Consumer Discretionary - 9.7%
Apparel & Textile Products - 1.4%
Tapestry, Inc.		692	$	27,742

Home Construction - 1.7%
PulteGroup, Inc.		251		33,132

Leisure Facilities & Services - 1.0%
Texas Roadhouse, Inc.		117		20,430

Retail - Discretionary - 5.6%
Academy Sports & Outdoors, Inc.		321		17,356
Bath & Body Works, Inc.		494		18,155
O’Reilly Automotive, Inc. ^(a)		36		40,548
Ulta Beauty, Inc. ^(a)		94		34,300
				110,359
Consumer Staples - 7.1%
Food - 3.9%
Hershey Company (The)		193		38,114
McCormick & Company, Inc.		497		38,274
				76,388
Household Products - 1.7%
Church & Dwight Company, Inc.		347		34,009

Retail - Consumer Staples - 1.5%
BJ’s Wholesale Club Holdings, Inc. ^(a)		327		28,763

Energy - 5.9%
Oil & Gas Producers - 5.9%
Chord Energy Corporation		223		38,280
Diamondback Energy, Inc.		200		40,462
Permian Resources Corporation		1,178		18,071
SM Energy Company		410		18,942
				115,755

WESTWOOD QUALITY MIDCAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.5% (Continued)	Shares		Value
Financials - 15.1%
Banking - 4.4%
Atlantic Union Bankshares Corporation		811	$	33,486
Cullen/Frost Bankers, Inc.		251		29,382
Glacier Bancorp, Inc.		507		22,668
				85,536
Institutional Financial Services - 3.6%
Intercontinental Exchange, Inc.		192		29,099
Piper Sandler Companies		152		41,539
				70,638
Insurance - 7.1%
American International Group, Inc.		759		60,136
Arthur J. Gallagher & Company		150		42,523
Everest Group Ltd.		96		37,716
				140,375
Health Care - 6.4%
Health Care Facilities & Services - 1.1%
McKesson Corporation		35		21,595

Medical Equipment & Devices - 5.3%
Avantor, Inc. ^(a)		1,084		28,997
Cooper Companies, Inc. (The) ^(a)		398		37,145
Zimmer Biomet Holdings, Inc.		344		38,305
				104,447
Industrials - 13.1%
Aerospace & Defense - 1.0%
Mercury Systems, Inc. ^(a)		587		20,868

Electrical Equipment - 5.5%
Atkore, Inc.		199		26,865
Hubbell, Inc.		105		41,543
Littelfuse, Inc.		152		40,601
				109,009
Engineering & Construction - 1.0%
Jacobs Solutions, Inc.		130		19,025

WESTWOOD QUALITY MIDCAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.5% (Continued)	Shares		Value
Industrials - 13.1% (Continued)
Industrial Intermediate Products - 1.4%
Timken Company (The)		321	$	27,911

Machinery - 2.7%
AGCO Corporation		236		22,283
Middleby Corporation (The) ^(a)		224		30,370
				52,653
Transportation & Logistics - 1.5%
XPO, Inc. ^(a)		254		29,182

Materials - 12.4%
Chemicals - 2.9%
Axalta Coating Systems Ltd. ^(a)		794		28,306
CF Industries Holdings, Inc.		384		29,334
				57,640
Construction Materials - 3.1%
Eagle Materials, Inc.		72		19,605
Summit Materials, Inc. - Class A ^(a)		970		40,527
				60,132
Containers & Packaging - 2.7%
Crown Holdings, Inc.		595		52,776

Forestry, Paper & Wood Products - 2.2%
Boise Cascade Company		307		43,622

Metals & Mining - 1.5%
Franco-Nevada Corporation		228		29,403

Real Estate - 10.3%
REITs - 10.3%
Federal Realty Investment Trust		165		18,422
Healthpeak Properties, Inc.		1,489		32,490
Realty Income Corporation		688		39,512
Ventas, Inc.		758		41,266
VICI Properties, Inc.		993		31,041

WESTWOOD QUALITY MIDCAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.5% (Continued)	Shares		Value
Real Estate - 10.3% (Continued)
REITs - 10.3% (Continued)
Weyerhaeuser Company		1,263	$	40,113
				202,844
Technology - 11.3%
Semiconductors - 4.8%
Marvell Technology, Inc.		506		33,892
Microchip Technology, Inc.		404		35,867
Rambus, Inc. ^(a)		470		24,177
				93,936
Software - 2.0%
Verra Mobility Corporation ^(a)		1,283		38,657

Technology Services - 4.5%
Amdocs Ltd.		424		37,087
CACI International, Inc. - Class A ^(a)		113		52,147
				89,234
Utilities - 8.2%
Electric Utilities - 8.2%
Alliant Energy Corporation		743		41,355
CMS Energy Corporation		606		39,269
DTE Energy Company		332		40,016
Evergy, Inc.		688		39,904
				160,544

Total Common Stocks (Cost $1,661,261)			$	1,956,605

WESTWOOD QUALITY MIDCAP FUND

SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 0.7%	Shares		Value
First American Treasury Obligations Fund - Class X, 5.20% ^(b) (Cost $13,583)		13,583	$	13,583

Investments at Value - 100.2% (Cost $1,674,844)			$	1,970,188

Liabilities in Excess of Other Assets - (0.2%)				(3,180	)

Net Assets - 100.0%			$	1,967,008

^(a)	Non-income producing security.

^(b)	The rate shown is the 7-day effective yield as of July 31, 2024.

WESTWOOD QUALITY SMIDCAP FUND

SCHEDULE OF INVESTMENTS

July 31, 2024 (Unaudited)

COMMON STOCKS - 99.0%	Shares		Value
Communications - 3.3%
Telecommunications - 3.3%
Cogent Communications Holdings, Inc.		29,413	$	2,076,264
DigitalBridge Group, Inc.		239,589		3,385,392
				5,461,656
Consumer Discretionary - 7.7%
Home Construction - 1.3%
Century Communities, Inc.		19,720		2,064,881

Leisure Facilities & Services - 3.0%
Domino’s Pizza, Inc.		7,551		3,237,114
Texas Roadhouse, Inc.		10,229		1,786,086
				5,023,200
Retail - Discretionary - 3.4%
Academy Sports & Outdoors, Inc.		42,083		2,275,428
Lithia Motors, Inc.		11,891		3,285,840
				5,561,268
Consumer Staples - 2.7%
Food - 1.5%
J & J Snack Foods Corporation		15,123		2,551,250

Retail - Consumer Staples - 1.2%
BJ’s Wholesale Club Holdings, Inc. ^(a)		22,303		1,961,772

Energy - 6.8%
Oil & Gas Producers - 6.8%
Chord Energy Corporation		22,571		3,874,538
Northern Oil and Gas, Inc.		78,798		3,403,286
Permian Resources Corporation		98,925		1,517,509
SM Energy Company		50,087		2,314,019
				11,109,352
Financials - 17.8%
Asset Management - 1.9%
Blue Owl Capital, Inc.		166,220		3,169,816

WESTWOOD QUALITY SMIDCAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.0% (Continued)	Shares		Value
Financials - 17.8% (Continued)
Banking - 9.8%
Atlantic Union Bankshares Corporation		78,995	$	3,261,704
Cullen/Frost Bankers, Inc.		30,192		3,534,275
Glacier Bancorp, Inc.		65,298		2,919,474
Merchants Bancorp		31,533		1,418,985
Seacoast Banking Corporation of Florida		58,093		1,617,309
Wintrust Financial Corporation		30,811		3,333,750
				16,085,497
Institutional Financial Services - 2.0%
Piper Sandler Companies		12,183		3,329,370

Insurance - 4.1%
Baldwin Insurance Group, Inc. (The) ^(a)		46,500		2,033,910
International General Insurance Holdings Ltd.		144,891		2,515,308
RenaissanceRe Holdings Ltd.		9,538		2,211,957
				6,761,175
Health Care - 7.2%
Medical Equipment & Devices - 7.2%
Avantor, Inc. ^(a)		118,588		3,172,229
Cooper Companies, Inc. (The) ^(a)		33,165		3,095,290
Integer Holdings Corporation ^(a)		26,491		3,146,071
Teleflex, Inc.		11,099		2,451,991
				11,865,581
Industrials - 20.4%
Aerospace & Defense - 6.9%
AAR Corporation ^(a)		25,464		1,644,975
Hexcel Corporation		40,413		2,675,745
Kratos Defense & Security Solutions, Inc. ^(a)		123,090		2,774,449
Mercury Systems, Inc. ^(a)		49,568		1,762,142
Moog, Inc. - Class A		12,683		2,487,136
				11,344,447
Electrical Equipment - 6.9%
Atkore, Inc.		11,294		1,524,690
BWX Technologies, Inc.		16,476		1,639,197
Hubbell, Inc.		9,277		3,670,445

WESTWOOD QUALITY SMIDCAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.0% (Continued)	Shares		Value
Industrials - 20.4% (Continued)
Electrical Equipment - 6.9% (Continued)
Littelfuse, Inc.		16,553	$	4,421,472
				11,255,804
Industrial Intermediate Products - 1.4%
Timken Company (The)		27,013		2,348,780

Machinery - 2.0%
AGCO Corporation		16,426		1,550,943
Middleby Corporation (The) ^(a)		12,138		1,645,670
				3,196,613
Transportation & Logistics - 2.0%
XPO, Inc. ^(a)		29,008		3,332,729

Transportation Equipment - 1.2%
Blue Bird Corporation ^(a)		39,041		2,034,817

Materials - 12.7%
Chemicals - 3.3%
Axalta Coating Systems Ltd. ^(a)		65,415		2,332,045
Ecovyst, Inc. ^(a)		315,380		3,008,725
				5,340,770
Construction Materials - 3.2%
Eagle Materials, Inc.		7,014		1,909,912
Summit Materials, Inc. - Class A ^(a)		81,463		3,403,524
				5,313,436
Containers & Packaging - 1.6%
Crown Holdings, Inc.		29,379		2,605,917

Forestry, Paper & Wood Products - 1.5%
Boise Cascade Company		17,741		2,520,819

Metals & Mining - 3.1%
Constellium SE ^(a)		186,845		3,327,710
Royal Gold, Inc.		12,285		1,696,804
				5,024,514

WESTWOOD QUALITY SMIDCAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.0% (Continued)	Shares		Value
Real Estate - 9.8%
REITs - 9.8%
American Healthcare REIT, Inc.		146,409	$	2,333,760
Americold Realty Trust, Inc.		68,014		2,032,938
COPT Defense Properties		126,042		3,651,437
PotlatchDeltic Corporation		35,237		1,563,113
Rexford Industrial Realty, Inc.		70,585		3,537,014
Urban Edge Properties		143,397		2,910,959
				16,029,221
Technology - 6.6%
Semiconductors - 4.1%
Allegro MicroSystems, Inc. ^(a)		65,200		1,567,408
Amkor Technology, Inc.		48,583		1,586,721
Rambus, Inc. ^(a)		69,478		3,573,948
				6,728,077
Software - 1.5%
Verra Mobility Corporation ^(a)		80,858		2,436,251

Technology Services - 1.0%
Amdocs Ltd.		19,731		1,725,871

Utilities - 4.0%
Electric Utilities - 4.0%
Alliant Energy Corporation		61,521		3,424,259
IDACORP, Inc.		32,285		3,155,859
				6,580,118

Total Common Stocks (Cost $138,312,906)			$	162,763,002

WESTWOOD QUALITY SMIDCAP FUND

SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 0.9%	Shares		Value
First American Government Obligations Fund - Class U, 5.25% ^(b) (Cost $1,470,119)		1,470,119	$	1,470,119

Investments at Value - 99.9% (Cost $139,783,025)			$	164,233,121

Other Assets in Excess of Liabilities - 0.1%				233,042

Net Assets - 100.0%			$	164,466,163

REIT	- Real Estate Investment Trust

SE	- Societe Europaea

^(a)	Non-income producing security.

^(b)	The rate shown is the 7-day effective yield as of July 31, 2024.

WESTWOOD QUALITY SMALLCAP FUND

SCHEDULE OF INVESTMENTS

July 31, 2024 (Unaudited)

COMMON STOCKS - 98.9%	Shares		Value
Communications - 0.9%
Telecommunications - 0.9%
Cogent Communications Holdings, Inc.		163,987	$	11,575,843

Consumer Discretionary - 10.6%
Home Construction - 2.1%
Century Communities, Inc.		250,638		26,244,305

Leisure Facilities & Services - 2.3%
Chuy’s Holdings, Inc. ^(a)		339,358		12,586,789
Papa John’s International, Inc.		370,440		16,384,561
				28,971,350
Retail - Discretionary - 6.2%
Academy Sports & Outdoors, Inc.		466,480		25,222,574
Boot Barn Holdings, Inc. ^(a)		113,740		15,182,015
GMS, Inc. ^(a)		268,075		25,796,857
Sonic Automotive, Inc. - Class A		212,782		12,669,040
				78,870,486
Consumer Staples - 3.7%
Beverages - 1.0%
Duckhorn Portfolio, Inc. (The) ^(a)		1,704,329		12,373,429

Food - 1.8%
J & J Snack Foods Corporation		135,209		22,809,758

Household Products - 0.9%
Central Garden & Pet Company - Class A ^(a)		331,306		11,383,674

Energy - 8.2%
Oil & Gas Producers - 8.2%
Northern Oil and Gas, Inc.		627,789		27,114,207
Sitio Royalties Corporation - Class A		1,020,075		24,838,826
SM Energy Company		569,717		26,320,925
Vital Energy, Inc. ^(a)		582,578		25,406,227
				103,680,185

WESTWOOD QUALITY SMALLCAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.9% (Continued)	Shares		Value
Financials - 22.3%
Banking - 15.1%
Atlantic Union Bankshares Corporation		608,689	$	25,132,769
Bank of N.T. Butterfield & Son Ltd. (The)		348,897		13,376,711
Banner Corporation		209,971		12,434,483
City Holding Company		200,568		24,449,239
First Bancorp		562,264		23,502,635
National Bank Holdings Corporation - Class A		337,605		14,138,898
Renasant Corporation		718,057		24,693,980
Seacoast Banking Corporation of Florida		901,601		25,100,572
Simmons First National Corporation - Class A		656,480		14,134,014
Veritex Holdings, Inc.		534,570		13,401,670
				190,364,971
Institutional Financial Services - 4.2%
Moelis & Company - Class A		197,083		13,401,644
Perella Weinberg Partners		788,545		14,903,500
Piper Sandler Companies		90,878		24,835,140
				53,140,284
Insurance - 3.0%
AMERISAFE, Inc.		273,221		12,972,533
Baldwin Insurance Group, Inc. (The) ^(a)		566,261		24,768,256
				37,740,789
Health Care - 7.1%
Biotech & Pharma - 1.9%
Prestige Consumer Healthcare, Inc. ^(a)		333,738		23,631,988

Medical Equipment & Devices - 5.2%
Avanos Medical, Inc. ^(a)		784,645		18,768,708
CONMED Corporation		318,052		21,958,310
Merit Medical Systems, Inc. ^(a)		296,109		25,255,137
				65,982,155
Industrials - 16.8%
Aerospace & Defense - 7.4%
AAR Corporation ^(a)		377,268		24,371,513
Barnes Group, Inc.		340,734		13,745,210
Kratos Defense & Security Solutions, Inc. ^(a)		684,946		15,438,683
Mercury Systems, Inc. ^(a)		375,950		13,365,022

WESTWOOD QUALITY SMALLCAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.9% (Continued)	Shares		Value
Industrials - 16.8% (Continued)
Aerospace & Defense - 7.4% (Continued)
Moog, Inc. - Class A		134,982	$	26,469,970
				93,390,398
Commercial Support Services - 0.9%
Legalzoom.com, Inc. ^(a)		1,751,786		11,701,930

Industrial Intermediate Products - 1.4%
AZZ, Inc.		225,875		18,060,965

Machinery - 3.0%
Alamo Group, Inc.		131,013		25,248,826
Thermon Group Holdings, Inc. ^(a)		383,236		12,573,973
				37,822,799
Transportation & Logistics - 2.0%
ArcBest Corporation		203,142		25,606,049

Transportation Equipment - 2.1%
Blue Bird Corporation ^(a)		497,001		25,903,692

Materials - 9.7%
Chemicals - 5.6%
Ecovyst, Inc. ^(a)		1,294,276		12,347,393
Hawkins, Inc.		182,720		18,984,608
Innospec, Inc.		106,041		13,906,217
Stepan Company		304,545		25,773,643
				71,011,861
Forestry, Paper & Wood Products - 2.1%
Boise Cascade Company		182,044		25,866,632

Metals & Mining - 2.0%
Constellium SE ^(a)		1,430,539		25,477,900

Real Estate - 11.3%
REITs - 11.3%
COPT Defense Properties		915,548		26,523,426
Four Corners Property Trust, Inc.		967,931		26,269,647

WESTWOOD QUALITY SMALLCAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.9% (Continued)	Shares		Value
Real Estate - 11.3% (Continued)
REITs - 11.3% (Continued)
Plymouth Industrial REIT, Inc.		1,075,762	$	25,732,227
PotlatchDeltic Corporation		607,203		26,935,525
Sunstone Hotel Investors, Inc.		1,119,348		11,596,445
Urban Edge Properties		1,261,196		25,602,279
				142,659,549
Technology - 4.3%
Semiconductors - 0.7%
Veeco Instruments, Inc. ^(a)		200,359		8,296,866

Software - 1.9%
Verra Mobility Corporation ^(a)		817,490		24,630,974

Technology Hardware - 1.7%
Viavi Solutions, Inc. ^(a)		2,674,606		21,503,832

Utilities - 4.0%
Electric Utilities - 4.0%
Avista Corporation		643,353		25,206,571
Northwestern Energy Group, Inc.		465,259		25,016,976
				50,223,547

Total Common Stocks (Cost $1,046,174,404)			$	1,248,926,211

WESTWOOD QUALITY SMALLCAP FUND

SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 1.1%	Shares		Value
First American Government Obligations Fund - Class U, 5.25% ^(b) (Cost $14,262,548)		14,262,548	$	14,262,548

Investments at Value - 100.0% (Cost $1,060,436,952)			$	1,263,188,759

Other Assets in Excess of Liabilities - 0.0% ^(c)				11,868

Net Assets - 100.0%			$	1,263,200,627

REIT	- Real Estate Investment Trust

SE	- Societe Europaea

^(a)	Non-income producing security.

^(b)	The rate shown is the 7-day effective yield as of July 31, 2024.

^(c)	Percentage rounds to less than 0.1%.

WESTWOOD QUALITY ALLCAP FUND

SCHEDULE OF INVESTMENTS

July 31, 2024 (Unaudited)

COMMON STOCKS - 99.7%	Shares		Value
Communications - 2.0%
Internet Media & Services - 2.0%
Alphabet, Inc. - Class A		2,716	$	465,903

Consumer Discretionary - 4.8%
Apparel & Textile Products - 1.9%
Tapestry, Inc.		11,175		448,006

Leisure Facilities & Services - 1.0%
McDonald’s Corporation		829		220,016

Retail - Discretionary - 1.9%
O’Reilly Automotive, Inc. ^(a)		400		450,536

Consumer Staples - 6.6%
Beverages - 2.0%
PepsiCo, Inc.		2,735		472,253

Food - 1.0%
Hershey Company (The)		1,115		220,190

Household Products - 1.8%
Church & Dwight Company, Inc.		4,215		413,112

Retail - Consumer Staples - 1.8%
Dollar General Corporation		3,437		413,780

Energy - 8.1%
Oil & Gas Producers - 8.1%
Chevron Corporation		4,347		697,563
ConocoPhillips		4,009		445,801
Diamondback Energy, Inc.		1,161		234,882
EOG Resources, Inc.		3,832		485,897
				1,864,143

WESTWOOD QUALITY ALLCAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.7% (Continued)	Shares		Value
Financials - 18.3%
Banking - 10.1%
Bank of America Corporation		16,084	$	648,346
Glacier Bancorp, Inc.		9,292		415,445
JPMorgan Chase & Company		3,359		714,795
Wells Fargo & Company		9,257		549,311
				2,327,897
Insurance - 6.7%
American International Group, Inc.		5,761		456,444
Baldwin Insurance Group, Inc. (The) ^(a)		10,641		465,437
International General Insurance Holdings Ltd.		19,982		346,888
Progressive Corporation (The)		1,279		273,859
				1,542,628
Specialty Finance - 1.5%
Discover Financial Services		2,421		348,600

Health Care - 13.7%
Biotech & Pharma - 2.9%
Johnson & Johnson		4,286		676,545

Health Care Facilities & Services - 4.1%
McKesson Corporation		408		251,744
UnitedHealth Group, Inc.		1,190		685,630
				937,374
Medical Equipment & Devices - 6.7%
Abbott Laboratories		5,225		553,537
Danaher Corporation		1,830		507,056
Teleflex, Inc.		2,216		489,559
				1,550,152
Industrials - 14.4%
Aerospace & Defense - 4.9%
AAR Corporation ^(a)		3,096		200,001
General Dynamics Corporation		1,522		454,637
L3Harris Technologies, Inc.		2,099		476,242
				1,130,880

WESTWOOD QUALITY ALLCAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.7% (Continued)	Shares		Value
Industrials - 14.4% (Continued)
Diversified Industrials - 1.9%
Honeywell International, Inc.		2,170	$	444,308

Electrical Equipment - 4.1%
Hubbell, Inc.		1,222		483,484
Littelfuse, Inc.		1,694		452,485
				935,969
Transportation & Logistics - 3.5%
FedEx Corporation		1,486		449,143
XPO, Inc. ^(a)		3,165		363,627
				812,770
Materials - 3.2%
Construction Materials - 1.5%
Summit Materials, Inc. - Class A ^(a)		8,384		350,284

Metals & Mining - 1.7%
Constellium SE ^(a)		21,468		382,345

Real Estate - 6.7%
REITs - 6.7%
American Tower Corporation		2,299		506,700
Americold Realty Trust, Inc.		18,503		553,055
Ventas, Inc.		8,837		481,086
				1,540,841
Technology - 15.1%
Software - 6.7%
Microsoft Corporation		1,384		578,996
Salesforce, Inc.		1,857		480,592
Verra Mobility Corporation ^(a)		16,516		497,627
				1,557,215
Technology Hardware - 4.3%
Apple, Inc.		2,455		545,206
HP, Inc.		12,195		440,118
				985,324
Technology Services - 4.1%
Accenture plc - Class A		1,427		471,795

WESTWOOD QUALITY ALLCAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.7% (Continued)	Shares		Value
Technology - 15.1% (Continued)
Technology Services - 4.1% (Continued)
CACI International, Inc. - Class A ^(a)		1,050	$	484,554
				956,349
Utilities - 6.8%
Electric Utilities - 6.8%
CMS Energy Corporation		8,235		533,628
IDACORP, Inc.		4,936		482,494
WEC Energy Group, Inc.		6,587		566,877
				1,582,999

Total Common Stocks (Cost $20,011,028)			$	23,030,419

MONEY MARKET FUNDS - 0.4%	Shares		Value
First American Treasury Obligations Fund - Class X, 5.20% ^(b) (Cost $98,115)		98,115	$	98,115

Investments at Value - 100.1% (Cost $20,109,143)			$	23,128,534

Liabilities in Excess of Other Assets - (0.1%)				(32,715	)

Net Assets - 100.0%			$	23,095,819

plc	- Public Limited Company

SE	- Societe Europaea

^(a)	Non-income producing security.

^(b)	The rate shown is the 7-day effective yield as of July 31, 2024.

WESTWOOD INCOME OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS

July 31, 2024 (Unaudited)

U.S. GOVERNMENT & AGENCIES - 10.0%	Coupon	Maturity	Par Value		Value
U.S. Treasury Bills ^(a) - 0.5%
U.S. Treasury Bills	5.370%	08/20/24	$	2,455,000	$	2,448,157

U.S. Treasury Notes - 4.2%
U.S. Treasury Notes	5.000%	09/30/25		2,835,000		2,844,081
U.S. Treasury Notes	4.500%	05/31/29		4,500,000		4,597,734
U.S. Treasury Notes	4.125%	11/15/32		2,560,000		2,569,600
U.S. Treasury Notes	4.500%	11/15/33		1,155,000		1,189,830
U.S. Treasury Notes	4.000%	02/15/34		2,000,000		1,983,438
U.S. Treasury Notes	4.375%	05/15/34		8,910,000		9,102,122
						22,286,805
U.S. Treasury Bonds - 5.3%
U.S. Treasury Bonds	4.000%	11/15/42		4,875,000		4,614,492
U.S. Treasury Bonds	3.875%	05/15/43		4,750,000		4,400,244
U.S. Treasury Bonds	4.375%	08/15/43		5,250,000		5,201,602
U.S. Treasury Bonds	4.000%	11/15/52		5,180,000		4,851,394
U.S. Treasury Bonds	4.125%	08/15/53		2,480,000		2,374,600
U.S. Treasury Bonds	4.750%	11/15/53		5,030,000		5,345,947
U.S. Treasury Bonds	4.250%	02/15/54		750,000		734,414
U.S. Treasury Bonds	4.625%	05/15/54		700,000		729,859
						28,252,552

Total U.S. Government & Agencies (Cost $51,842,440)					$	52,987,514

COLLATERALIZED MORTGAGE OBLIGATIONS - 4.0%	Coupon	Maturity	Par Value		Value
Federal Home Loan Mortgage Corporation - 2.2%
FHLMC, Pool #SD8275	4.500%	12/01/52	$	2,707,807	$	2,599,601
FHLMC, Pool #SD8288	5.000%	01/01/53		2,641,843		2,599,213
FHLMC, Pool #SD2605	5.500%	04/01/53		2,634,759		2,639,991
FHLMC, Pool #SD8363	6.000%	09/01/53		3,588,206		3,635,020
						11,473,825
Federal National Mortgage Association - 1.8%
FNMA, Pool #FS3394	4.000%	10/01/52		2,857,821		2,673,390
FNMA, Pool #MA5172	7.000%	10/01/53		3,169,448		3,276,494

WESTWOOD INCOME OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COLLATERALIZED MORTGAGE OBLIGATIONS - 4.0% (Continued)	Coupon	Maturity	Par Value		Value
Federal National Mortgage Association - 1.8% (Continued)
FNMA, Pool #MA5192	6.500%	11/01/53	$	3,500,096	$	3,585,035
						9,534,919

Total Collateralized Mortgage Obligations (Cost $20,830,238)					$	21,008,744

CONVERTIBLE BONDS - 5.8%	Coupon	Maturity	Par Value		Value
Consumer Discretionary - 1.0%
Live Nation Entertainment, Inc.	3.125%	01/15/29	$	2,175,000	$	2,463,840
Meritage Homes Corporation, 144A	1.750%	05/15/28		2,680,000		2,955,504
						5,419,344
Energy - 1.1%
CenterPoint Energy, Inc., 144A	4.250%	08/15/26		3,615,000		3,586,080
Northern Oil & Gas, Inc.	3.625%	04/15/29		1,950,000		2,481,375
						6,067,455
Health Care - 1.4%
Exact Sciences Corporation	0.375%	03/15/27		2,273,000		2,013,087
Integer Holdings Corporation	2.125%	02/15/28		2,575,000		3,751,775
Merit Medical Systems, Inc., 144A	3.000%	02/01/29		1,300,000		1,524,751
						7,289,613
Real Estate - 0.9%
Corporate Office Properties, L.P., 144A	5.250%	09/15/28		4,085,000		4,536,392

Technology - 0.7%
Akamai Technologies, Inc.	0.125%	05/01/25		3,583,000		3,955,145

Utilities - 0.7%
NextEra Energy Capital Holdings, Inc., 144A	3.000%	03/01/27		2,920,000		3,518,600

Total Convertible Bonds (Cost $28,310,747)					$	30,786,549

WESTWOOD INCOME OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Continued)

CORPORATE BONDS - 33.3%	Coupon	Maturity	Par Value		Value
Communications - 2.2%
América Móvil S.A.B. de C.V., 144A	5.375%	04/04/32	$	3,050,000	$	2,886,773
Charter Communications Operating, LLC	6.384%	10/23/35		2,430,000		2,426,568
Charter Communications Operating, LLC	6.484%	10/23/45		4,950,000		4,663,698
Level 3 Financing, Inc., 144A	10.500%	05/15/30		1,750,000		1,788,500
						11,765,539
Consumer Discretionary - 0.7%
Royal Caribbean Cruises Ltd., 144A	9.250%	01/15/29		3,540,000		3,783,867

Consumer Staples - 1.5%
BAT Capital Corporation	7.750%	10/19/32		3,576,000		4,111,034
Pilgrim’s Pride Corporation	6.250%	07/01/33		3,720,000		3,849,190
						7,960,224
Energy - 3.5%
Columbia Pipelines Holding Company, LLC, 144A	6.055%	08/15/26		615,000		623,542
Columbia Pipelines Operating Company, LLC, 144A	6.544%	11/15/53		3,705,000		3,997,677
Diamondback Energy, Inc.	5.900%	04/18/64		2,490,000		2,468,162
Energy Transfer, L.P. (H15T5Y + 531) ^(b)(c)	7.125%	05/15/65		4,455,000		4,441,536
Sempra Energy	5.500%	08/01/33		4,040,000		4,117,447
TransCanada Trust	5.600%	03/07/82		2,918,000		2,702,303
						18,350,667
Financials - 17.7%
Ally Financial, Inc.	6.992%	06/13/29		3,175,000		3,329,927
Ares Capital Corporation	7.000%	01/15/27		4,210,000		4,337,264
Bank of America Corporation, Series AA	6.100%	12/29/49		2,025,000		2,018,610
Bank of Nova Scotia, Series 4	8.625%	10/27/82		3,270,000		3,463,764
Barclays plc	7.385%	11/02/28		5,690,000		6,052,619
Barclays plc ^(c)	8.000%	12/31/49		3,150,000		3,235,563
Capital One Financial Corporation (SOFR + 307) ^(b)(c)	7.624%	10/30/31		2,560,000		2,852,298
Citigroup, Inc. ^(b)	6.174%	05/25/34		2,065,000		2,136,469
Citigroup, Inc. ^(b)(c)	7.200%	12/31/49		3,330,000		3,413,307
Farmers Exchange Capital, 144A	7.050%	07/15/28		3,670,000		3,825,311
Five Corners Funding Trust IV, 144A	5.997%	02/15/53		1,925,000		2,004,200
Hercules Capital, Inc.	2.625%	09/16/26		2,959,000		2,749,500

WESTWOOD INCOME OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Continued)

CORPORATE BONDS - 33.3% (Continued)	Coupon	Maturity	Par Value		Value
Financials - 17.7% (Continued)
HSBC Holdings plc ^(c)	8.000%	12/31/49	$	3,455,000	$	3,651,797
Intesa Sanpaolo S.p.A., 144A	7.778%	06/20/54		2,150,000		2,301,580
JPMorgan Chase & Company ^(b)	5.299%	07/24/29		3,396,000		3,447,170
JPMorgan Chase & Company (H15T5Y + 274) ^(b)(c)	6.875%	12/31/49		2,890,000		2,993,484
Lincoln National Corporation ^(c)	9.250%	12/31/49		2,065,000		2,227,724
Morgan Stanley, Series I	6.296%	10/18/28		2,385,000		2,481,782
Morgan Stanley, Series F (SOFR + 262) ^(b)	5.942%	02/07/39		1,830,000		1,854,904
National Australia Bank Ltd., 144A	6.429%	01/12/33		2,870,000		3,055,174
Penske Truck Leasing Company, L.P. / PTL Finance Corporation, 144A	6.200%	06/15/30		2,815,000		2,981,534
PNC Financial Services Group, Inc. (SOFR + 173) ^(b)(c)	6.615%	10/20/27		2,340,000		2,419,613
Protective Life Global Funding, 144A	5.366%	01/06/26		3,735,000		3,752,619
RenaissanceRe Holdings Ltd.	5.750%	06/05/33		4,805,000		4,848,681
Royal Bank of Canada	6.000%	11/01/27		2,170,000		2,252,391
State Street Corporation ^(b)(c)	6.700%	12/31/49		2,580,000		2,583,968
Truist Financial Corporation, Series G (TSFR3M + 336) ^(b)(c)	8.693%	12/31/49		5,483,000		5,504,175
U.S. Bancorp ^(b)(c)	3.700%	12/31/49		4,025,000		3,641,126
Wells Fargo & Company, Series EE	7.625%	12/31/49		3,595,000		3,826,313
						93,242,867
Health Care - 1.9%
Community Health Systems, Inc., 144A	5.250%	05/15/30		2,785,000		2,428,290
Community Health Systems, Inc., 144A	10.875%	01/15/32		225,000		241,644
Flex Ltd.	6.000%	01/15/28		4,735,000		4,861,484
Mylan, Inc.	5.200%	04/15/48		2,650,000		2,226,317
						9,757,735
Industrials - 0.6%
Regal Rexnord Corporation	6.300%	02/15/30		3,050,000		3,168,776

Materials - 1.0%
Celanese US Holdings, LLC	6.350%	11/15/28		5,200,000		5,419,439

Real Estate - 1.1%
MPT Operating Partnership, L.P.	4.625%	08/01/29		3,000,000		2,183,472

WESTWOOD INCOME OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Continued)

CORPORATE BONDS - 33.3% (Continued)	Coupon	Maturity	Par Value		Value
Real Estate - 1.1% (Continued)
Simon Property Group, L.P.	5.500%	03/08/33	$	3,490,000	$	3,584,786
						5,768,258
Technology - 1.6%
Dell International, LLC / EMC Corporation	8.350%	07/15/46		1,314,000		1,700,652
NatWest Group plc ^(b)	6.475%	06/01/34		740,000		764,887
Oracle Corporation	6.900%	11/09/52		2,075,000		2,372,598
TIBCO Software, Inc., 144A	6.500%	03/31/29		3,675,000		3,582,019
						8,420,156
Utilities - 1.5%
NextEra Energy Capital Holdings, Inc., Series R	6.750%	06/15/54		3,090,000		3,211,588
Piedmont Natural Gas Company, Inc.	5.050%	05/15/52		2,166,000		1,948,382
Southern Company, Series 2023E	5.700%	03/15/34		2,770,000		2,874,068
						8,034,038

Total Corporate Bonds (Cost $169,306,432)					$	175,671,566

COMMON STOCKS - 40.8%	Shares		Value
Consumer Discretionary - 2.3%
E-Commerce Discretionary - 0.4%
JD.com, Inc. - ADR		72,604	$	1,916,020

Leisure Facilities & Services - 0.5%
Domino’s Pizza, Inc.		6,456		2,767,687

Retail - Discretionary - 1.4%
Lowe’s Companies, Inc.		29,993		7,363,581

Consumer Staples - 1.5%
Retail - Consumer Staples - 1.5%
Walmart, Inc.		112,420		7,716,509

Energy - 3.7%
Oil & Gas Producers - 2.8%
Chevron Corporation		16,721		2,683,219
Energy Transfer, L.P.		566,656		9,219,493

WESTWOOD INCOME OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 40.8% (Continued)	Shares		Value
Energy - 3.7% (Continued)
Oil & Gas Producers - 2.8% (Continued)
Hess Corporation		17,275	$	2,650,331
				14,553,043
Oil & Gas Services & Equipment - 0.9%
Schlumberger Ltd.		101,545		4,903,608

Financials - 6.2%
Banking - 2.9%
JPMorgan Chase & Company		50,989		10,850,459
Wells Fargo & Company		76,666		4,549,360
				15,399,819
Institutional Financial Services - 1.7%
Goldman Sachs Group, Inc. (The)		17,344		8,828,616

Insurance - 0.8%
American International Group, Inc.		54,338		4,305,200

Specialty Finance - 0.8%
Discover Financial Services		30,026		4,323,444

Health Care - 3.3%
Biotech & Pharma - 1.1%
Gilead Sciences, Inc.		76,052		5,784,515

Medical Equipment & Devices - 2.2%
Abbott Laboratories		37,046		3,924,653
Becton, Dickinson & Company		16,049		3,868,772
Medtronic plc		49,627		3,986,041
				11,779,466
Industrials - 4.4%
Aerospace & Defense - 0.8%
General Dynamics Corporation		14,060		4,199,863

Diversified Industrials - 1.1%
Honeywell International, Inc.		28,610		5,857,898

WESTWOOD INCOME OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 40.8% (Continued)	Shares		Value
Industrials - 4.4% (Continued)
Electrical Equipment - 0.5%
Littelfuse, Inc.		10,777	$	2,878,644

Machinery - 0.8%
Deere & Company		11,279		4,195,562

Transportation & Logistics - 1.2%
FedEx Corporation		20,251		6,120,865

Materials - 1.5%
Metals & Mining - 1.5%
Franco-Nevada Corporation		30,230		3,898,461
Glencore plc - ADR		388,427		4,292,118
				8,190,579
Real Estate - 5.3%
REITs - 5.3%
Crown Castle, Inc.		47,923		5,275,364
Essex Property Trust, Inc.		14,655		4,079,366
Federal Realty Investment Trust		37,499		4,186,763
NNN REIT, Inc.		76,883		3,451,278
Ventas, Inc.		80,882		4,403,216
VICI Properties, Inc.		89,288		2,791,143
Weyerhaeuser Company		123,137		3,910,831
				28,097,961
Technology - 10.2%
Semiconductors - 3.6%
ASML Holding N.V. - ADR		7,369		6,902,542
Micron Technology, Inc.		27,623		3,033,558
Taiwan Semiconductor Manufacturing Company Ltd. - ADR		55,215		9,154,647
				19,090,747
Software - 2.0%
Microsoft Corporation		25,306		10,586,765

Technology Hardware - 2.8%
Apple, Inc.		32,521		7,222,264
Cisco Systems, Inc.		78,125		3,785,156

WESTWOOD INCOME OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 40.8% (Continued)	Shares		Value
Technology - 10.2% (Continued)
Technology Hardware - 2.8% (Continued)
Hewlett Packard Enterprise Company		178,397	$	3,551,884
				14,559,304
Technology Services - 1.8%
International Business Machines Corporation		49,027		9,420,048

Utilities - 2.4%
Electric Utilities - 2.4%
Alliant Energy Corporation		53,397		2,972,077
Enterprise Products Partners, L.P.		143,277		4,134,974
WEC Energy Group, Inc.		65,547		5,640,975
				12,748,026

Total Common Stocks (Cost $165,097,121)			$	215,587,770

EXCHANGE-TRADED FUNDS - 4.3%	Shares		Value
iShares U.S. Small-Cap Equity Factor ETF		122,076	$	8,022,835
JPMorgan Equity Premium Income ETF		113,097		6,500,815
JPMorgan Nasdaq Equity Premium Income ETF		152,337		8,183,544
Total Exchange-Traded Funds (Cost $20,608,710)			$	22,707,194

PREFERRED STOCKS - 0.9%	Shares		Value
Materials - 0.4%
Chemicals - 0.4%
Albemarle Corporation, 3.63%, 03/01/2027		41,387	$	1,850,827

Utilities - 0.5%
Electric Utilities - 0.5%
NextEra Energy, Inc., 3.46%, 09/01/2025		60,300		2,662,848

Total Preferred Stocks (Cost $4,960,819)			$	4,513,675

WESTWOOD INCOME OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 0.7%	Shares		Value
First American Government Obligations Fund - Class U, 5.25% ^(d) (Cost $3,824,862)		3,824,862	$	3,824,862

Investments at Value - 99.8% (Cost $464,781,369)			$	527,087,874

Other Assets in Excess of Liabilities - 0.2%				1,052,054

Net Assets - 100.0%			$	528,139,928

144A	- Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of such securities is $53,374,057 as of July 31, 2024, representing 10.1% of net assets.

ADR	- American Depositary Receipt

H15T1Y	- U.S. Treasury yield curve rate for U.S. Treasury note with a constant maturity of 1 year.

N.V.	- Naamloze Vennootschap

plc	- Public Limited Company

REIT	- Real Estate Investment Trust

S.A.B. de C.V.	- Societe Anonima Bursatil de Capital Variable

S.p.A.	- Societa per azioni

SOFR	- Secured Overnight Financing Rate

TSFR	- CME Term Secured Overnight Financing Rate

^(a)	The rate shown represents the effective yield at time of purchase.

^(b)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of July 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

^(c)	Security has a perpetual maturity date.

^(d)	The rate shown is the 7-day effective yield as of July 31, 2024.

WESTWOOD MULTI-ASSET INCOME FUND

SCHEDULE OF INVESTMENTS

July 31, 2024 (Unaudited)

U.S. GOVERNMENT & AGENCIES - 5.3%	Coupon	Maturity	Par Value		Value
U.S. Treasury Bonds - 5.3%
U.S. Treasury Bonds	3.000%	08/15/52	$	1,401,000	$	1,083,914
U.S. Treasury Bonds	4.750%	11/15/53		1,800,000		1,913,063
U.S. Treasury Bonds	4.250%	02/15/54		2,100,000		2,056,359
Total U.S. Government & Agencies (Cost $4,993,262)					$	5,053,336

COLLATERALIZED MORTGAGE OBLIGATIONS - 2.0%	Coupon	Maturity	Par Value		Value
Federal Home Loan Mortgage Corporation - 1.5%
FHLMC, Pool #SD8275	4.500%	12/01/52	$	505,154	$	484,968
FHLMC, Pool #SD8288	5.000%	01/01/53		493,084		485,127
FHLMC, Pool #SD2605	5.500%	04/01/53		494,017		494,998
						1,465,093
Federal National Mortgage Association - 0.5%
FNMA, Pool #FS3394	4.000%	10/01/52		534,085		499,617

Total Collateralized Mortgage Obligations (Cost $1,974,578)					$	1,964,710

CONVERTIBLE BONDS - 1.2%	Coupon	Maturity	Par Value		Value
Real Estate - 1.2%
Corporate Office Properties, L.P., 144A (Cost $1,000,000)	5.250%	09/15/28	$	1,000,000	$	1,110,500

CORPORATE BONDS - 58.1%	Coupon	Maturity	Par Value		Value
Communications - 8.4%
AMC Networks, Inc., 144A	10.250%	01/15/29	$	500,000	$	492,975
América Móvil S.A.B. de C.V., 144A	5.375%	04/04/32		360,000		340,734
Charter Communications Operating, LLC	6.384%	10/23/35		1,000,000		998,588
Clear Channel Outdoor Holdings, Inc., 144A	9.000%	09/15/28		1,000,000		1,062,042

WESTWOOD MULTI-ASSET INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

CORPORATE BONDS - 58.1% (Continued)	Coupon	Maturity	Par Value		Value
Communications - 8.4% (Continued)
Connect Finco SARL / U.S. Finco, LLC, 144A	6.750%	10/01/26	$	1,000,000	$	982,801
CSC Holdings, LLC, 144A	11.250%	05/15/28		1,000,000		904,582
DIRECTV Financing, LLC, 144A	8.875%	02/01/30		1,050,000		1,051,505
Entercom Media Corporation, 144A	0.000%	05/01/27		3,000,000		120,000
Level 3 Financing, Inc., 144A	10.500%	05/15/30		1,000,000		1,022,000
Telesat Canada / Telesat, LLC, 144A	4.875%	06/01/27		1,500,000		684,327
Vodafone Group plc	4.875%	06/19/49		500,000		444,451
						8,104,005
Consumer Discretionary - 6.1%
Darden Restaurants, Inc.	4.550%	02/15/48		790,000		652,582
Ford Motor Credit Company, LLC	7.450%	07/16/31		1,000,000		1,088,005
G-III Apparel Group Ltd., 144A	7.875%	08/15/25		1,000,000		1,000,816
Odeon Finco plc, 144A	12.750%	11/01/27		1,000,000		1,054,136
Royal Caribbean Cruises Ltd., 144A	9.250%	01/15/29		1,070,000		1,143,711
Staples, Inc., 144A	10.750%	09/01/29		1,000,000		969,051
						5,908,301
Consumer Staples - 1.9%
BAT Capital Corporation	7.750%	10/19/32		552,000		634,589
Pilgrim’s Pride Corporation	6.250%	07/01/33		620,000		641,532
US Foods, Inc., 144A	6.875%	09/15/28		531,000		545,110
						1,821,231
Energy - 7.0%
Diamondback Energy, Inc.	5.900%	04/18/64		460,000		455,966
Energy Transfer, L.P. (H15T5Y + 531) ^(a)(b)	7.125%	05/15/65		825,000		822,507
Global Partners, L.P. / GLP Finance Corporation, 144A	8.250%	01/15/32		500,000		513,197
International Petroleum Corporation	7.250%	02/01/27		1,000,000		979,429
Martin Midstream Partners, L.P., 144A	11.500%	02/15/28		1,000,000		1,095,703
Paratus Energy Services Ltd.	9.500%	06/27/29		200,000		201,053
Sempra Energy	5.500%	08/01/33		785,000		800,049
Summit Midstream Holdings, LLC, 144A	9.000%	10/15/26		1,250,000		1,284,680
Summit Midstream Holdings, LLC, 144A	8.625%	10/31/29		100,000		102,312
TransCanada Trust	5.600%	03/07/82		478,000		442,666
						6,697,562
Financials - 10.9%
Ally Financial, Inc.	6.992%	06/13/29		590,000		618,790

WESTWOOD MULTI-ASSET INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

CORPORATE BONDS - 58.1% (Continued)	Coupon	Maturity	Par Value		Value
Financials - 10.9% (Continued)
Ares Capital Corporation	7.000%	01/15/27	$	735,000	$	757,218
Avation Capital S.A., 144A	8.250%	10/31/26		1,250,000		1,149,138
Barclays plc	7.385%	11/02/28		515,000		547,821
Blackstone Private Credit Fund	7.050%	09/29/25		1,000,000		1,013,738
Five Corners Funding Trust IV, 144A	5.997%	02/15/53		570,000		593,451
Hercules Capital, Inc.	2.625%	09/16/26		422,000		392,122
HSBC Holdings plc	6.547%	06/20/34		665,000		700,274
HSBC Holdings plc ^(b)	8.000%	12/31/49		615,000		650,030
Intesa Sanpaolo S.p.A., 144A	7.778%	06/20/54		360,000		385,381
Jackson Financial, Inc.	4.000%	11/23/51		500,000		356,358
Morgan Stanley, Series F (SOFR + 262) ^(a)	5.942%	02/07/39		450,000		456,124
National Australia Bank Ltd., 144A	6.429%	01/12/33		485,000		516,292
NatWest Group plc ^(a)	6.475%	06/01/34		210,000		217,062
Owl Rock Capital Corporation	3.400%	07/15/26		1,250,000		1,193,772
RenaissanceRe Holdings Ltd.	5.750%	06/05/33		450,000		454,091
State Street Corporation ^(a)(b)	6.700%	12/31/49		475,000		475,731
						10,477,393
Health Care - 0.9%
Community Health Systems, Inc., 144A	10.875%	01/15/32		105,000		112,767
Flex Ltd.	6.000%	01/15/28		745,000		764,901
						877,668
Industrials - 8.6%
BLH Escrow 1, LLC, 144A	11.000%	01/31/30		1,000,000		909,748
Boeing Company (The)	5.805%	05/01/50		1,000,000		927,639
GEO Group, Inc.	8.625%	04/15/29		1,000,000		1,038,592
GEO Group, Inc.	10.250%	04/15/31		667,000		714,992
Macquarie AirFinance Holdings Ltd., 144A	8.375%	05/01/28		1,000,000		1,058,839
Rand Parent, LLC, 144A	8.500%	02/15/30		500,000		494,550
Regal Rexnord Corporation	6.300%	02/15/30		1,000,000		1,038,943
Sotheby’s, 144A	7.375%	10/15/27		1,225,000		1,019,725
XPO, Inc., 144A	6.250%	06/01/28		1,000,000		1,011,009
						8,214,037
Materials - 1.5%
Cleveland-Cliffs, Inc., 144A	7.000%	03/15/32		500,000		501,894
Rayonier AM Products, Inc., 144A	7.625%	01/15/26		1,000,000		948,846
						1,450,740

WESTWOOD MULTI-ASSET INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

CORPORATE BONDS - 58.1% (Continued)	Coupon	Maturity	Par Value		Value
Real Estate - 7.7%
American Homes 4 Rent, L.P.	4.300%	04/15/52	$	1,000,000	$	787,192
Iron Mountain, Inc., 144A	5.000%	07/15/28		500,000		484,432
Iron Mountain, Inc., 144A	7.000%	02/15/29		1,000,000		1,027,230
MPT Operating Partnership, L.P.	4.625%	08/01/29		1,250,000		909,780
New Residential Investment Corporation, 144A	8.000%	04/01/29		1,000,000		991,481
Office Properties Income Trust, 144A	9.000%	09/30/29		1,000,000		791,500
Service Properties Trust	8.875%	06/15/32		1,500,000		1,426,085
VICI Properties, L.P.	5.125%	05/15/32		1,000,000		973,910
						7,391,610
Technology - 1.9%
Dell International, LLC / EMC Corporation	8.350%	07/15/46		342,000		442,635
Oracle Corporation	6.900%	11/09/52		320,000		365,895
Sabre Global, Inc., 144A	11.250%	12/15/27		1,000,000		988,067
						1,796,597
Utilities - 3.2%
Altice France S.A., 144A	8.125%	02/01/27		1,000,000		797,253
Consolidated Edison Company, Inc.	3.850%	06/15/46		750,000		589,268
NextEra Energy Capital Holdings, Inc., Series R	6.750%	06/15/54		570,000		592,429
Talen Energy Supply, LLC, 144A	8.625%	06/01/30		1,000,000		1,075,869
						3,054,819

Total Corporate Bonds (Cost $57,302,297)					$	55,793,963

FOREIGN GOVERNMENTS - 0.7%	Coupon	Maturity	Par Value		Value
Republic of South Africa Government Bonds (Cost $695,000)	5.875%	04/20/32	$	695,000	$	658,026

COMMON STOCKS - 26.7%	Shares		Value
Consumer Discretionary - 2.1%
Retail - Discretionary - 2.1%
Lowe’s Companies, Inc.		4,276	$	1,049,801
TJX Companies, Inc. (The)		8,365		945,412
				1,995,213

WESTWOOD MULTI-ASSET INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 26.7% (Continued)	Shares		Value
Consumer Staples - 2.0%
Retail - Consumer Staples - 1.3%
Walmart, Inc.		18,693	$	1,283,087

Tobacco & Cannabis - 0.7%
Altria Group, Inc.		13,276		650,657

Energy - 1.4%
Oil & Gas Producers - 1.4%
Chevron Corporation		2,159		346,455
Devon Energy Corporation		8,431		396,510
Energy Transfer, L.P.		37,418		608,791
				1,351,756
Financials - 4.7%
Asset Management - 0.6%
Blackstone, Inc.		4,158		591,060

Banking - 2.0%
Sumitomo Mitsui Financial Group, Inc. - ADR		47,792		692,028
Truist Financial Corporation		15,455		690,684
Wells Fargo & Company		9,877		586,101
				1,968,813
Institutional Financial Services - 1.5%
Goldman Sachs Group, Inc. (The)		2,743		1,396,269

Specialty Finance - 0.6%
Discover Financial Services		3,867		556,810

Health Care - 1.9%
Biotech & Pharma - 1.4%
Amgen, Inc.		1,587		527,630
Gilead Sciences, Inc.		10,135		770,868
				1,298,498
Medical Equipment & Devices - 0.5%
Abbott Laboratories		4,580		485,205

WESTWOOD MULTI-ASSET INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 26.7% (Continued)	Shares		Value
Industrials - 1.5%
Aerospace & Defense - 0.8%
General Dynamics Corporation		2,593	$	774,555

Transportation & Logistics - 0.7%
FedEx Corporation		2,264		684,294

Materials - 1.0%
Metals & Mining - 1.0%
Glencore plc - ADR		34,822		384,783
Newmont Corporation		11,690		573,628
				958,411
Real Estate - 4.9%
REITs - 4.9%
Crown Castle, Inc.		4,830		531,686
Essex Property Trust, Inc.		1,907		530,833
Federal Realty Investment Trust		4,746		529,891
NNN REIT, Inc.		14,963		671,689
Urban Edge Properties		33,797		686,079
Ventas, Inc.		10,238		557,357
VICI Properties, Inc.		23,144		723,481
Weyerhaeuser Company		15,587		495,043
				4,726,059
Technology - 5.4%
Semiconductors - 0.8%
Taiwan Semiconductor Manufacturing Company Ltd. - ADR		4,569		757,540

Software - 1.0%
Microsoft Corporation		2,382		996,510

Technology Hardware - 2.5%
Apple, Inc.		5,356		1,189,460
Cisco Systems, Inc.		15,226		737,700
Hewlett Packard Enterprise Company		21,994		437,901
				2,365,061

WESTWOOD MULTI-ASSET INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 26.7% (Continued)	Shares		Value
Technology - 5.4% (Continued)
Technology Services - 1.1%
International Business Machines Corporation		5,593	$	1,074,639

Utilities - 1.8%
Electric Utilities - 1.8%
Alliant Energy Corporation		9,952		553,928
Enterprise Products Partners, L.P.		22,106		637,979
WEC Energy Group, Inc.		6,150		529,269
				1,721,176

Total Common Stocks (Cost $19,902,715)			$	25,635,613

EXCHANGE-TRADED FUNDS - 3.3%	Shares		Value
JPMorgan Equity Premium Income ETF		14,321	$	823,171
JPMorgan Nasdaq Equity Premium Income ETF		26,353		1,415,683
Westwood Salient Enhanced Energy Income ETF ^(c)		40,655		973,887
Total Exchange-Traded Funds (Cost $2,957,172)			$	3,212,741

PREFERRED STOCKS - 0.9%	Shares		Value
Materials - 0.4%
Chemicals - 0.4%
Albemarle Corporation, 3.63%, 03/01/2027		7,715	$	345,015

WESTWOOD MULTI-ASSET INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

PREFERRED STOCKS - 0.9% (Continued)	Shares		Value
Real Estate - 0.5%
REITs - 0.5%
Vinebrook Homes Trust, Inc., 9.500% - Series B ^(d)(e)		20,000	$	500,000

Total Preferred Stocks (Cost $890,996)			$	845,015

Investments at Value - 98.2% (Cost $89,716,020)			$	94,273,904

Other Assets in Excess of Liabilities - 1.8%				1,727,762

Net Assets - 100.0%			$	96,001,666

144A	- Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of such securities is $30,337,654 as of July 31, 2024, representing 31.6% of net assets.

ADR	- American Depositary Receipt

H15T1Y	- U.S. Treasury yield curve rate for U.S. Treasury note with a constant maturity of 1 year.

plc	- Public Limited Company

REIT	- Real Estate Investment Trust

S.A.	- Societe Anonyme

S.A.B. de C.V.	- Societe Anonima Bursatil de Capital Variable

S.p.A.	- Societa per azioni

SOFR	- Secured Overnight Financing Rate

^(a)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of July 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

^(b)	Security has a perpetual maturity date.

^(c)	Affiliated fund.

Affiliated Fund	Westwood Multi-Asset Income Fund
Westwood Salient Enhanced Energy Income ETF
Value October 31, 2023	$	—
Purchases		988,078
Change in Unrealized Appreciation (Depreciation)		(14,191	)
Value July 31, 2024	$	973,887
Income Distributions	$	25,045

^(d)	Non-income producing security.

^(e)	Level 3 security in accordance with fair value hierarchy.

WESTWOOD ALTERNATIVE INCOME FUND

SCHEDULE OF INVESTMENTS

July 31, 2024 (Unaudited)

CONVERTIBLE BONDS - 80.9%	Coupon	Maturity	Par Value		Value
Communications - 1.8%
Liberty Media Corporation - Liberty Formula One, 144A	2.250%	08/15/27	$	1,000,000	$	1,117,993
Trip.com Group Ltd., 144A	0.750%	06/15/29		1,000,000		933,257
						2,051,250
Consumer Discretionary - 11.4%
Alibaba Group Holding Ltd., 144A	0.500%	06/01/31		1,500,000		1,508,119
Etsy, Inc.	0.125%	10/01/26		1,000,000		1,032,680
Ford Motor Company *	0.000%	03/15/26		2,000,000		1,939,000
JD.com, Inc., 144A	0.250%	06/01/29		2,000,000		1,872,797
Live Nation Entertainment, Inc. *	3.125%	01/15/29		2,000,000		2,265,600
Meritage Homes Corporation, 144A	1.750%	05/15/28		1,500,000		1,654,200
Royal Caribbean Cruises Ltd.	6.000%	08/15/25		1,000,000		3,166,000
						13,438,396
Consumer Staples - 3.7%
MGP Ingredients, Inc.	1.875%	11/15/41		2,000,000		2,106,762
Post Holdings, Inc.	2.500%	08/15/27		2,000,000		2,273,000
						4,379,762
Energy - 5.6%
CMS Energy Corporation *	3.375%	05/01/28		2,000,000		2,038,000
Enphase Energy, Inc.	0.000%	03/01/28		1,000,000		863,425
Northern Oil & Gas, Inc.	3.625%	04/15/29		2,900,000		3,690,250
						6,591,675
Financials - 2.5%
PennyMac Mortgage Investment Trust *	5.500%	11/01/24		2,500,000		2,467,500
RWT Holdings, Inc.	5.750%	10/01/25		500,000		489,956
						2,957,456
Health Care - 17.0%
Alnylam Pharmaceuticals, Inc.	1.000%	09/15/27		2,500,000		2,696,250
CONMED Corporation, 144A	2.250%	06/15/27		1,000,000		896,700
Dexcom, Inc.	0.375%	05/15/28		2,000,000		1,741,885
Exact Sciences Corporation	0.375%	03/01/28		2,000,000		1,690,314
Halozyme Therapeutics, Inc.	1.000%	08/15/28		2,250,000		2,579,625
Jazz Investments I Ltd.	2.000%	06/15/26		2,000,000		1,953,549
Lantheus Holdings, Inc., 144A *	2.625%	12/15/27		2,500,000		3,740,001
Merit Medical Systems, Inc., 144A	3.000%	02/01/29		2,500,000		2,932,214

WESTWOOD ALTERNATIVE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

CONVERTIBLE BONDS - 80.9% (Continued)	Coupon	Maturity	Par Value		Value
Health Care - 17.0% (Continued)
Sarepta Therapeutics, Inc.	1.250%	09/15/27	$	1,500,000	$	1,810,144
						20,040,682
Industrials - 11.3%
Advanced Energy Industries, Inc., 144A	2.500%	09/15/28		1,500,000		1,622,550
Axon Enterprise, Inc. *	0.500%	12/15/27		2,500,000		3,505,538
Fluor Corporation, 144A	1.125%	08/15/29		2,000,000		2,448,999
Itron, Inc., 144A	1.375%	07/15/30		1,000,000		1,013,810
Lyft, Inc., 144A	0.625%	03/01/29		1,000,000		936,799
Tetra Tech, Inc., 144A *	2.250%	08/15/28		1,500,000		1,814,850
ZTO Express Cayman, Inc.	1.500%	09/01/27		2,000,000		1,910,600
						13,253,146
Materials - 2.3%
MP Materials Corporation, 144A	0.250%	04/01/26		3,000,000		2,690,700

Real Estate - 0.8%
Marriott Vacations Worldwide Corporation	3.250%	12/15/27		1,000,000		915,500

Technology - 22.4%
Akamai Technologies, Inc.	0.375%	09/01/27		2,000,000		2,032,818
Bentley Systems, Inc.	0.125%	01/15/26		2,000,000		1,968,589
Digital Ocean Holdings, Inc.	0.000%	12/01/26		500,000		425,350
Dropbox, Inc.	0.000%	03/01/28		2,000,000		1,870,371
Lumentum Holdings, Inc. *	0.500%	12/15/26		2,000,000		1,837,876
Microchip Technology, Inc., 144A	0.750%	06/01/30		2,000,000		2,006,400
MongoDB, Inc.	0.250%	01/15/26		1,900,000		2,519,400
ON Semiconductor Corporation	0.500%	03/01/29		2,500,000		2,577,413
Pegasystems, Inc.	0.750%	03/01/25		1,000,000		968,500
Progress Software Corporation	1.000%	04/15/26		2,000,000		2,185,900
Rapid7, Inc., 144A	1.250%	03/15/29		1,000,000		919,521
Shift4 Payments, Inc.	0.500%	08/01/27		2,000,000		1,867,000
Super Micro Computer, Inc., 144A	0.000%	03/01/29		500,000		473,083
Tyler Technologies, Inc.	0.250%	03/15/26		2,000,000		2,421,000
Vishay Intertechnology, Inc., 144A	2.250%	09/15/30		1,000,000		993,000
Workiva, Inc., 144A	1.250%	08/15/28		1,500,000		1,347,750
						26,413,971

WESTWOOD ALTERNATIVE INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)

CONVERTIBLE BONDS - 80.9% (Continued)	Coupon	Maturity	Par Value		Value
Utilities - 2.1%
Ormat Technologies, Inc.	2.500%	07/15/27	$	1,000,000	$	1,026,000
PPL Capital Funding, Inc., 144A	2.875%	03/15/28		1,500,000		1,491,000
						2,517,000

Total Convertible Bonds (Cost $90,547,124)					$	95,249,538

CORPORATE BONDS - 17.2%	Coupon	Maturity	Par Value		Value
Communications - 2.0%
Connect Finco SARL / U.S. Finco, LLC, 144A	6.750%	10/01/26	$	1,000,000	$	982,801
Expedia Group, Inc.	0.000%	02/15/26		1,500,000		1,385,927
						2,368,728
Consumer Discretionary - 2.6%
RLJ Lodging Trust, L.P., 144A	3.750%	07/01/26		2,000,000		1,909,364
Royal Caribbean Cruises Ltd., 144A	9.250%	01/15/29		1,070,000		1,143,711
						3,053,075
Consumer Staples - 1.3%
Vector Group Ltd., 144A *	5.750%	02/01/29		1,600,000		1,534,899

Financials - 6.3%
Aircastle Ltd., 144A	5.250%	08/11/25		1,200,000		1,193,648
Ares Capital Corporation	7.000%	01/15/27		1,735,000		1,787,447
Blackstone Private Credit Fund	7.050%	09/29/25		1,090,000		1,104,974
MidCap Financial Investment Corporation	5.250%	03/03/25		1,000,000		986,309
Starwood Property Trust, Inc., 144A	3.750%	12/31/24		2,400,000		2,367,127
						7,439,505
Industrials - 1.7%
Continental Airlines, Inc., Series 2-A	4.000%	10/29/24		477,862		476,298
GEO Group, Inc.	8.625%	04/15/29		1,500,000		1,557,888
						2,034,186
Materials - 0.8%
Celanese US Holdings, LLC	6.350%	11/15/28		915,000		953,613

Real Estate - 1.8%
Iron Mountain, Inc., 144A	5.000%	07/15/28		1,000,000		968,865

WESTWOOD ALTERNATIVE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

CORPORATE BONDS - 17.2% (Continued)	Coupon	Maturity	Par Value		Value
Real Estate - 1.8% (Continued)
Service Properties Trust, 144A	8.625%	11/15/31	$	1,100,000	$	1,168,823
						2,137,688
Technology - 0.7%
TIBCO Software, Inc., 144A	6.500%	03/31/29		825,000		804,127

Total Corporate Bonds (Cost $19,918,505)					$	20,325,821

MONEY MARKET FUNDS - 0.8%	Shares		Value
First American Government Obligations Fund - Class U, 5.25% ^(a) (Cost $948,164)		948,164	$	948,164

Investments at Value - 98.9% (Cost $111,413,793)			$	116,523,523

Other Assets in Excess of Liabilities - 1.1%				1,273,499

Net Assets - 100.0%			$	117,797,022

144A

- Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of such securities is $44,487,108 as of July 31, 2024, representing 37.8% of net assets.

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

^(a)	The rate shown is the 7-day effective yield as of July 31, 2024.

WESTWOOD ALTERNATIVE INCOME FUND

SCHEDULE OF INVESTMENTS

July 31, 2024 (Unaudited)

A list of open OTC swap agreements as of July 31, 2024, is as follows:

Total Return Swap Agreements
								Net Unrealized
Number of		Notional				Termination		Appreciation /
Shares	Reference Entity	Amount			Interest Rate Receivable ^(a)	Date	Counterparty	(Depreciation)
Short Positions
(6,700)	Advanced Energy Industries, Inc.	$	(765,455	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas	$	(12,790	)
(6,900)	Akamai Technologies, Inc.		(664,194	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(12,471	)
(8,800)	Alibaba Group Holding Ltd.		(686,488	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(5,875	)
(5,600)	Alnylam Pharmaceuticals, Inc.		(1,434,608	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		108,001
(8,300)	Axon Enterprise, Inc.		(2,561,712	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		77,288
(9,800)	Bentley Systems, Inc.		(484,512	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		7,944
(8,000)	CMS Energy Corporation		(482,480	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(34,854	)
(1,900)	CONMED Corporation		(130,017	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(857	)
(2,800)	DexCom, Inc.		(316,428	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		127,674
(25,500)	Dropbox, Inc.		(577,575	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(31,098	)
(1,200)	Enphase Energy, Inc.		(135,672	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(2,160	)
(5,700)	Etsy, Inc.		(214,176	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(19,574	)
(4,600)	Exact Sciences Corporation		(216,430	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		6,780
(23,500)	Fluor Corporation		(1,138,810	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		10,976
(51,800)	Ford Motor Company		(737,114	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		178,903
(24,100)	Halozyme Therapeutics, Inc.		(1,266,455	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(62,513	)
(4,800)	Itron, Inc.		(492,000	)	0% OBFR 0% minus 0bp	05/16/2025	BNP Paribas		(4,444	)
(4,500)	Jazz Pharmaceuticals pic		(472,506	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(22,694	)
(19,000)	JD.com, Inc.		(506,350	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		6,058
(24,800)	Lantheus Holdings, Inc.		(3,055,113	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		462,159
(6,300)	Liberty Media Corporation - Liberty Formula One		(491,652	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(16,743	)
(11,300)	Live Nation Entertainment, Inc.		(1,111,694	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		27,203
(6,962)	Lumentum Holdings, Inc.		(403,587	)	4.75% OBFR 5.32% minus 57bp	05/16/2025	BNP Paribas		43,947
(28,500)	Lyft, Inc.		(372,780	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		30,179
(1,600)	Marriott Vacations Worldwide Corporation		(138,816	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		3,874
(16,100)	Merit Medical Systems, Inc.		(1,378,965	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		8,842
(4,000)	Meritage Homes Corporation		(735,743	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(74,498	)
(8,699)	MGP Ingredients, Inc.		(666,169	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(41,752	)
(6,600)	Microchip Technology, Inc.		(607,794	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		23,189
(5,100)	MongoDB, Inc.		(1,287,954	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		3,763
(47,400)	Northern Oil & Gas, Inc.		(1,928,706	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(114,239	)

WESTWOOD ALTERNATIVE INCOME FUND

SCHEDULE OF INVESTMENTS

July 31, 2024 (Unaudited)

Total Return Swap Agreements (Continued)
Number of Shares	Reference Entity	Notional Amount			Interest Rate Receivable^(a)	Termination Date	Counterparty	Net Unrealized Appreciation / (Depreciation)
(13,900)	ON Semiconductor Corporation	$	(1,049,752	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas	$	(35,815	)
(6,700)	Ormat Technologies, Inc.		(488,832	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(30,276	)
(13,800)	Post Holdings, Inc.		(1,468,596	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(37,328	)
(16,500)	PPL Corporation		(461,505	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(27,856	)
(15,769)	Progress Software Corporation		(869,187	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(49,802	)
(8,000)	Rapid7, Inc.		(321,760	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		7,751
(18,000)	Royal Caribbean Cruises Ltd.		(3,018,960	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		204,669
(7,200)	Sarepta Therapeutics, Inc.		(1,099,224	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		77,524
(6,300)	Shift4 Payments, Inc.		(453,537	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		21,162
(185)	Super Micro Computer, Inc.		(123,484	)	0% OBFR 0% minus 0bp	05/16/2025	BNP Paribas		(6,304	)
(4,800)	Tetra Tech, Inc.		(978,336	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(43,055	)
(7,600)	Trip.com Group Ltd.		(363,204	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		40,778
(2,000)	Tyler Technologies, Inc.		(1,057,837	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(76,356	)
(17,600)	Vishay Intertechnology, Inc.		(412,720	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		(14,224	)
(4,400)	Workiva, Inc.		(328,503	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		4,606
(22,300)	ZTO Express Cayman, Inc.		(447,115	)	4.97% OBFR 5.32% minus 35bp	05/16/2025	BNP Paribas		25,518
Total Short Positions								$	731,210

Total swap agreements at value (assets)								$	1,508,788
Total swap agreements at value (liabilities)									(777,578	)
Net swap agreements at value								$	731,210

OFBR - Overnight Bank Funding Rate

OTC - Over the Counter

^(a)

Payment frequency is monthly.

The average monthly notional value for Swap Agreements - appreciation during the nine months ended July 31, 2024 was $0.

The average monthly notional value for Swap Agreements - depreciation during the nine months ended July 31, 2024 was $(37,241,965).

WESTWOOD GLOBAL REAL ESTATE FUND

SCHEDULE OF INVESTMENTS

July 31, 2024 (Unaudited)

COMMON STOCKS - 97.6%	Shares		Value
Australia - 2.7%
GPT Group (The)		75,000	$	228,432
Scentre Group		100,000		228,023
				456,455
Canada - 3.4%
Dream Industrial Real Estate Investment Trust		58,559		571,688

Germany - 1.5%
Vonovia SE		8,230		252,470

Hong Kong - 1.4%
Link REIT		52,775		222,658

Japan - 11.7%
Mitsubishi Estate Company Ltd.		40,000		681,812
Sumitomo Realty & Development Company Ltd.		19,011		628,416
Tokyo Tatemono Company Ltd.		37,076		646,829
				1,957,057
Singapore - 1.0%
CapitaLand Investment Ltd.		83,198		168,691

Spain - 2.2%
Inmobiliaria Colonial Socimi S.A.		62,587		364,283

Switzerland - 1.8%
Swiss Prime Site AG		3,000		300,685

United Kingdom - 4.3%
Great Portland Estates plc		110,000		496,291
Segro plc		19,474		229,188
				725,479
United States - 67.6%
Apple Hospitality REIT, Inc.		38,414		568,143
BXP, Inc.		5,385		384,004
Centerspace		9,718		678,608
COPT Defense Properties		25,000		724,250

WESTWOOD GLOBAL REAL ESTATE FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.6% (Continued)	Shares		Value
United States - 67.6% (Continued)
Crown Castle, Inc.		5,156	$	567,572
Digital Realty Trust, Inc.		4,500		672,705
Equinix, Inc.		900		711,216
Equity Residential		8,927		621,587
Federal Realty Investment Trust		5,500		614,075
Gaming and Leisure Properties, Inc.		13,400		672,680
Host Hotels & Resorts, Inc.		33,198		581,297
Hudson Pacific Properties, Inc.		80,000		479,200
Invitation Homes, Inc.		15,000		529,050
Kimco Realty Corporation		27,469		596,901
Outfront Media, Inc.		50,000		811,000
Phillips Edison & Company, Inc.		19,500		684,450
Rexford Industrial Realty, Inc.		14,000		701,540
Ventas, Inc.		13,531		736,628
				11,334,906

Total Common Stocks (Cost $14,838,255)			$	16,354,372

MONEY MARKET FUNDS - 2.1%	Shares		Value
First American Government Obligations Fund - Class U, 5.25% ^(a) (Cost $357,288)		357,288	$	357,288

Investments at Value - 99.7% (Cost $15,195,543)			$	16,711,660

Other Assets in Excess of Liabilities - 0.3%				52,056

Net Assets - 100.0%			$	16,763,716

AG	- Aktiengesellschaft

plc	- Public Limited Company

REIT	- Real Estate Investment Trust

S.A.	- Societe Anonyme

SE	- Societe Europaea

^(a)

The rate shown is the 7-day effective yield as of July 31, 2024.

WESTWOOD REAL ESTATE INCOME FUND

SCHEDULE OF INVESTMENTS

July 31, 2024 (Unaudited)

COMMON STOCKS - 29.4%	Shares		Value
Financials - 1.8%
Specialty Finance - 1.8%
Blackstone Mortgage Trust, Inc. - Class A		275,000	$	4,908,750

Real Estate Investment Trusts (REITs) - 27.6%
Data Centers - 3.6%
Digital Realty Trust, Inc.		30,000		4,484,700
Equinix, Inc.		6,500		5,136,560
				9,621,260
Hotels - 7.0%
Apple Hospitality REIT, Inc.		350,000		5,176,500
Gaming and Leisure Properties, Inc.		150,000		7,530,000
Ryman Hospitality Properties, Inc.		60,000		6,030,600
				18,737,100
Office - 5.4%
BXP, Inc.		100,000		7,131,000
COPT Defense Properties		250,000		7,242,500
				14,373,500
Residential - 6.4%
Centerspace		90,000		6,284,700
Equity Residential		80,000		5,570,400
Invitation Homes, Inc.		150,000		5,290,500
				17,145,600
Shopping Centers - 1.6%
Phillips Edison & Company, Inc.		120,000		4,212,000

Specialized - 3.6%
Outfront Media, Inc.		600,000		9,732,000

Total Common Stocks (Cost $71,106,513)			$	78,730,210

WESTWOOD REAL ESTATE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

PREFERRED STOCKS * - 68.5%	Shares		Value
Financials - 1.5%
Banking - 1.5%
Associated Banc-Corp, 5.63% - Series F		125,000	$	2,540,000
Associated Banc-Corp, 5.88% - Series E		62,206		1,308,814
				3,848,814
Real Estate Investment Trusts (REITs) - 67.0%
Apartments - 1.7%
Vinebrook Homes Trust, Inc., 9.50% - Series B ^(a)(b)		180,000		4,500,000

Data Centers - 3.8%
DigitalBridge Group, Inc., 7.13% - Series H		240,000		5,529,600
DigitalBridge Group, Inc., 7.13% - Series J		28,283		637,782
DigitalBridge Group, Inc., 7.15% - Series I		182,664		4,120,900
				10,288,282
Diversified - 6.2%
Armada Hoffler Properties, Inc., 6.75% - Series A		320,000		6,944,000
CTO Realty Growth, Inc., 6.38% - Series A		447,333		9,778,699
				16,722,699
Healthcare - 2.9%
Global Medical REIT, Inc., 7.50% - Series A		311,134		7,660,119

Hotels - 18.2%
Chatham Lodging Trust, 6.63% - Series A		190,000		3,952,000
DiamondRock Hospitality Company, 8.25% - Series A		66,410		1,664,235
Pebblebrook Hotel Trust, 5.70% - Series H		489,548		8,821,655
Pebblebrook Hotel Trust, 6.30% - Series F		242,066		5,051,918
Pebblebrook Hotel Trust, 6.38% - Series E		98,002		2,069,802
Pebblebrook Hotel Trust, 6.38% - Series G		250,000		5,032,500
RLJ Lodging Trust, 7.80% - Series A		375,000		9,337,500
Summit Hotel Properties, Inc., 5.88% - Series F		158,938		3,267,765
Summit Hotel Properties, Inc., 6.25% - Series E		283,000		5,855,270
Sunstone Hotel Investors, Inc., 6.13% - Series H		166,508		3,546,620
				48,599,265
Industrial - 3.3%
LXP Industrial Trust, 6.50% - Series C		190,000		8,812,200

WESTWOOD REAL ESTATE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

PREFERRED STOCKS * - 68.5% (Continued)	Shares		Value
Real Estate Investment Trusts (REITs) - 67.0% (Continued)
Manufactured Homes - 1.0%
UMH Properties, Inc., 6.38% - Series D		111,895	$	2,673,172

Mortgage - 3.3%
KKR Real Estate Finance Trust, Inc., 6.50% - Series A		464,043		8,840,019

Office - 1.2%
Hudson Pacific Properties, Inc., 4.75% - Series C		245,493		3,139,855

Residential - 4.9%
American Homes 4 Rent, 5.88% - Series G		345,000		7,900,500
American Homes 4 Rent, 6.25% - Series H		33,576		805,152
Centerspace, 6.63% - Series C		180,400		4,403,564
				13,109,216
Retail - 3.7%
Regency Centers Corporation, 5.88% - Series B		129,311		2,857,773
Regency Centers Corporation, 6.25% - Series A		298,864		6,948,588
				9,806,361
Shopping Centers - 7.9%
Kimco Realty Corporation, 7.25% - Series D		180,000		10,222,200
Saul Centers, Inc., 6.00% - Series E		125,000		2,543,750
Saul Centers, Inc., 6.13% - Series D		381,000		7,924,800
SITE Centers Corporation, 6.38% - Series A		25,000		583,250
				21,274,000
Specialized - 5.8%
EPR Properties, 5.75% - Series C		31,000		634,880
EPR Properties, 5.75% - Series G		107,775		2,261,120
EPR Properties, 9.00% - Series E		280,000		7,910,000
IQHQ, Inc. ^(a)(b)		5,000		4,750,000
				15,556,000
Storage - 3.1%
National Storage Affiliates Trust, 6.00% - Series A		370,000		8,302,800

Total Preferred Stocks (Cost $182,163,205)			$	183,132,802

WESTWOOD REAL ESTATE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 2.1%	Shares		Value
First American Government Obligations Fund - Class U, 5.25% ^(c) (Cost $5,668,900)		5,668,900	$	5,668,900

Investments at Value - 100.0% (Cost $258,938,618)			$	267,531,912

Other Assets in Excess of Liabilities - 0.0% ^(d)				46,919

Net Assets - 100.0%			$	267,578,831

REIT - Real Estate Investment Trust

*	Securities listed have a perpetual maturity.

^(a)	Non-income producing security.

^(b)	Level 3 security in accordance with fair value hierarchy.

^(c)	The rate shown is the 7-day effective yield as of July 31, 2024.

^(d)	Percentage rounds to less than 0.1%.

WESTWOOD BROADMARK TACTICAL GROWTH FUND

SCHEDULE OF INVESTMENTS

July 31, 2024 (Unaudited)

EXCHANGE-TRADED FUNDS - 62.2%	Shares		Value
Communication Services Select Sector SPDR Fund		106,380	$	9,126,340
Health Care Select Sector SPDR Fund		62,395		9,336,164
Invesco S&P 500 Equal Weight ETF		109,777		18,837,733
iShares Core S&P Mid-Cap ETF		275,229		17,055,941
SPDR S&P 500 ETF Trust		76,092		41,912,235
Utilities Select Sector SPDR Fund		125,461		9,132,306
Total Exchange-Traded Funds (Cost $99,377,056)			$	105,400,719

MONEY MARKET FUNDS - 37.8%	Shares		Value
First American Government Obligations Fund - Class U, 5.25% ^(a) (Cost $63,967,862)		63,967,862	$	63,967,862

Investments at Value - 100.0% (Cost $163,344,918)			$	169,368,581

Liabilities in Excess of Other Assets - (0.0%) ^(b)				(5,919	)

Net Assets - 100.0%			$	169,362,662

ETF	- Exchange Traded Fund

S&P	- Standard & Poor

^(a)	The rate shown is the 7-day effective yield as of July 31, 2024.

^(b)	Percentage rounds to less than 0.1%.

WESTWOOD BROADMARK TACTICAL PLUS FUND

SCHEDULE OF INVESTMENTS

July 31, 2024 (Unaudited)

EXCHANGE-TRADED FUNDS - 12.4%		Shares				Value
Invesco S&P 500 Equal Weight ETF (Cost $9,001,258)			52,510			$	9,010,715

PURCHASED OPTION CONTRACTS - 0.0% ^(a)	Strike Price		Contracts	Notional Value		Value
Put Option Contracts - 0.0% ^(a)
E-Mini S&P 500 European Style Weekly Future Option, 08/02/24		$ 5,375 .00	105	$	29,179,500	$	6,038
E-Mini S&P 500 European Style Weekly Future Option, 08/02/24		5,430 .00	105		29,179,500		20,475
Total Purchased Option Contracts (Cost $73,598)				$	59,539,000	$	26,513

MONEY MARKET FUNDS - 85.2%	Shares		Value
First American Government Obligations Fund - Class U, 5.25% ^(b) (Cost $61,645,249)		61,645,249	$	61,645,249

Investments at Value - 97.6% (Cost $70,720,105)			$	70,682,477

Other Assets in Excess of Liabilities - 2.4%				1,714,112

Net Assets - 100.0%			$	72,396,589

ETF - Exchange Traded Fund

S&P - Standard & Poor

^(a)	Percentage rounds to less than 0.1%.

^(b)	The rate shown is the 7-day effective yield as of July 31, 2024.

The average monthly notional value of purchased option contracts during the nine months ended July 31, 2024 was $36,428,187.

WESTWOOD BROADMARK TACTICAL PLUS FUND

SCHEDULE OF FUTURES CONTRACTS

July 31, 2024 (Unaudited)


FUTURES CONTRACTS	Contracts	Expiration Date	Notional Value		Value/Unrealized Appreciation (Depreciation)
Index Futures
E-Mini S&P 400 MidCap Futures	29	9/20/2024	$	9,048,290	$	(63,917	)
E-Mini S&P 500 Futures	96	9/20/2024		26,678,400		97,578
Total Futures Contracts			$	35,726,690	$	33,661

The average monthly notional value of futures contracts during the nine months ended July 31, 2024 was $14,956,975.

Ultimus Managers Trust NPORT-PWestwood Broadmark Tactical Growth Fund (Jul 2024 report)