WESTWOOD SALIENT MLP ENERGY INFRASTRUCTURE FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
September 30, 2023 (Unaudited) | ||||
MASTER LIMITED PARTNERSHIPS - 23.9% (a) | Shares | Value | ||
Crude & Refined Products - 5.4% | ||||
Genesis Energy, L.P. | 2,337,603 | $ 24,124,063 | ||
MPLX, L.P. | 652,727 | 23,217,499 | ||
47,341,562 | ||||
Energy - 15.6% | ||||
Energy Transfer, L.P. | 6,207,196 | 87,086,961 | ||
Enterprise Products Partners, L.P. | 1,530,106 | 41,879,001 | ||
NuStar Energy, L.P. | 361,800 | 6,309,792 | ||
135,275,754 | ||||
Gathering & Processing - 2.9% | ||||
Crestwood Equity Partners, L.P. | 161,133 | 4,713,140 | ||
Western Midstream Partners, L.P. | 743,161 | 20,236,274 | ||
24,949,414 | ||||
Total Master Limited Partnerships (Cost $147,002,239) | $ 207,566,730 | |||
MLP RELATED COMPANIES - 75.6% | Shares | Value | ||
Crude & Refined Products - 17.5% | ||||
Enbridge, Inc. | 2,197,095 | $ 72,921,583 | ||
Gibson Energy, Inc. | 2,310,364 | 33,050,398 | ||
Plains GP Holdings, L.P. - Class A (b) | 2,889,153 | 46,573,146 | ||
152,545,127 | ||||
Energy - 8.6% | ||||
Array Technologies, Inc. (b) | 178,200 | 3,954,258 | ||
DT Midstream, Inc. | 718,529 | 38,024,554 | ||
EMG Utica I Offshore Co-Investment, L.P. (b)(c)(d)(e) | 16,000,000 | 9,003,200 | ||
Enphase Energy, Inc. (b) | 73,131 | 8,786,689 | ||
Excelerate Energy, Inc. - Class A | 162,739 | 2,773,073 | ||
Pembina Pipeline Corporation | 344,462 | 10,354,528 | ||
Shoals Technologies Group, Inc. - Class A (b) | 52,200 | 952,650 | ||
Sunnova Energy International, Inc. (b) | 67,889 | 710,798 | ||
74,559,750 | ||||
Gathering & Processing - 14.4% | ||||
Antero Midstream Corporation | 1,601,063 | 19,180,735 | ||
EnLink Midstream, LLC (b) | 1,700,072 | 20,774,880 |
WESTWOOD SALIENT MLP ENERGY INFRASTRUCTURE FUND | |||||
SCHEDULE OF INVESTMENTS (Continued) | |||||
MLP RELATED COMPANIES - 75.6% (Continued) | Shares | Value | |||
Gathering & Processing - 14.4% (Continued) | |||||
Hess Midstream, L.P. - Class A | 710,661 | $ 20,701,555 | |||
Targa Resources Corporation | 750,420 | 64,326,002 | |||
124,983,172 | |||||
Liquefied Natural Gas - 8.8% | |||||
Cheniere Energy, Inc. | 462,047 | 76,681,320 | |||
Natural Gas Liquids Infrastructure - 9.1% | |||||
Keyera Corporation | 620,796 | 14,575,616 | |||
ONEOK, Inc. | 665,125 | 42,188,901 | |||
Pembina Pipeline Corporation | 763,766 | 22,965,163 | |||
79,729,680 | |||||
Natural Gas Pipelines - 15.6% | |||||
Equitrans Midstream Corporation | 4,563,434 | 42,759,377 | |||
Kinder Morgan, Inc. | 2,910,226 | 48,251,546 | |||
TC Energy Corporation | 99,650 | 3,428,957 | |||
Williams Companies, Inc. (The) | 1,225,891 | 41,300,268 | |||
135,740,148 | |||||
Renewable Energy Infrastructure - 1.6% | |||||
Bloom Energy Corporation - Class A (b) | 206,499 | 2,738,177 | |||
First Solar, Inc. (b) | 9,600 | 1,551,264 | |||
Plug Power, Inc. (b) | 141,967 | 1,078,949 | |||
SolarEdge Technologies, Inc. (b) | 39,967 | 5,176,126 | |||
Sunrun, Inc. (b) | 256,235 | 3,218,312 | |||
13,762,828 | |||||
Total MLP Related Companies (Cost $528,683,788) | $ 658,002,025 | ||||
SPECIAL PURPOSE ACQUISITION COMPANIES - 0.0% (f) | Shares | Value | |||
Renewable Energy Infrastructure - 0.0% (f) | |||||
TortoiseEcofin Acquisition Corporation III - Founder Shares (b)(c)(d)(e) | |||||
(Cost $315) | 104,850 | $ | 315 | ||
|
WESTWOOD SALIENT MLP ENERGY INFRASTRUCTURE FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
MONEY MARKET FUNDS - 0.4% | Shares | Value | ||
First American Government Obligations Fund - Class X, 5.26% (g) (Cost $3,465,119) | 3,465,119 | $ 3,465,119 | ||
Investments at Value - 99.9% (Cost $679,151,461) | $ 869,034,189 | |||
Other Assets in Excess of Liabilities - 0.1% | 957,101 | |||
Net Assets - 100.0% | $ 869,991,290 | |||
(a) | The security is considered a non-income producing security as any distributions received during the last 12 months (if applicable) are treated as return of capital per Generally Accepted Accounting Principles. |
(b) | Non-income producing security. |
(c) | Security determined to be illiquid under the procedures approved by the Fund's Board of Trustees and represents 1.0% of net assets. |
(d) | Level 3 security in accordance with fair value hierarchy. |
(e) | These securities are exempt from registration under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration, normally to qualified institutional buyers, or to the public if the securities are subsequently registered. |
(f) | Percentage rounds to less than 0.1%. |
(g) | The rate shown is the 7-day effective yield as of September 30, 2023. |
WESTWOOD SALIENT MLP ENERGY INFRASTRUCTURE FUND | ||||
SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS | ||||
September 30, 2023 (Unaudited) | ||||
WRITTEN OPTION CONTRACTS | Strike Price | Contracts | Notional Value | Value of Options |
Call Option Contracts | ||||
Cheniere Energy, Inc., 10/23/23 | $ 180 .00 | 489 | $ 8,115,444 | $ 22,494 |
Cheniere Energy, Inc., 10/23/23 | 185 .00 | 790 | 13,110,840 | 13,430 |
EnLink Midstream, LLC, 10/20/23 | 13 .00 | 17,000 | 20,774,000 | 255,000 |
Hess Midstream, L.P. - Class A, 10/23/23 | 30 .00 | 1,688 | 4,917,144 | 42,200 |
Kinder Morgan, Inc., 10/02/23 | 18 .00 | 7,540 | 12,501,320 | 7,540 |
NuStar Energy L.P., 10/23/23 | 17 .50 | 3,618 | 6,309,792 | 126,630 |
Shoals Technologies Group, Inc., - Class A, 10/23/23 | 25 .00 | 522 | 952,650 | 2,610 |
Sunrun, Inc., 10/23/23 | 20 .00 | 1,024 | 1,286,144 | 3,072 |
Western Midstream Partners, 10/23/23 | 29 .00 | 1,690 | 4,601,870 | 20,280 |
Total Written Option Contracts | $ 72,569,204 | $ 493,256 | ||
(Premiums $653,951) | ||||
The average monthly notional value of written option contracts during the nine months ended September 30, 2023 was $139,101,655. |
WESTWOOD SALIENT GLOBAL REAL ESTATE FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
September 30, 2023 (Unaudited) | ||||
COMMON STOCKS - 96.9% | Shares | Value | ||
Australia - 3.9% | ||||
GPT Group (The) | 136,081 | $ 338,814 | ||
Scentre Group | 209,852 | 329,697 | ||
668,511 | ||||
Canada - 5.1% | ||||
Granite Real Estate Investment Trust | 16,600 | 880,940 | ||
France - 3.1% | ||||
Gecina S.A. | 5,219 | 532,091 | ||
Germany - 1.1% | ||||
Vonovia SE | 8,230 | 197,167 | ||
Hong Kong - 2.9% | ||||
Link REIT | 35,476 | 173,466 | ||
Sun Hung Kai Properties Ltd. | 15,996 | 170,681 | ||
Swire Properties Ltd. | 76,000 | 158,063 | ||
502,210 | ||||
Japan - 11.3% | ||||
Mitsubishi Estate Company Ltd. | 38,782 | 505,947 | ||
Mitsui Fudosan Company Ltd. | 22,414 | 493,643 | ||
Sumitomo Realty & Development Company Ltd. | 18,127 | 470,602 | ||
Tokyo Tatemono Company Ltd. | 35,781 | 494,711 | ||
1,964,903 | ||||
Singapore - 4.0% | ||||
CapitaLand Investment Ltd. | 309,298 | 698,836 | ||
Spain - 3.0% | ||||
Inmobiliaria Colonial Socimi S.A. | 30,208 | 171,294 | ||
Merlin Properties Socimi S.A. | 40,770 | 343,014 | ||
514,308 | ||||
Sweden - 3.1% | ||||
Fastighets AB Balder - B Shares (a) | 62,567 | 280,492 | ||
Hufvudstaden AB - Class A | 22,728 | 251,052 | ||
531,544 |
WESTWOOD SALIENT GLOBAL REAL ESTATE FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
COMMON STOCKS - 96.9% (Continued) | Shares | Value | ||
Switzerland - 4.1% | ||||
Swiss Prime Site AG | 7,857 | $ 719,267 | ||
United Kingdom - 1.0% | ||||
Segro plc | 19,474 | 170,270 | ||
United States - 54.3% | ||||
Alexandria Real Estate Equities, Inc. | 5,000 | 500,500 | ||
Americold Realty Trust, Inc. | 21,200 | 644,692 | ||
Apple Hospitality REIT, Inc. | 50,414 | 773,351 | ||
Crown Castle, Inc. | 5,156 | 474,506 | ||
Digital Realty Trust, Inc. | 5,750 | 695,865 | ||
Equinix, Inc. | 900 | 653,634 | ||
Equity Residential | 6,000 | 352,260 | ||
Extra Space Storage, Inc. | 4,000 | 486,320 | ||
Federal Realty Investment Trust | 5,500 | 498,465 | ||
Gaming and Leisure Properties, Inc. | 13,400 | 610,370 | ||
Host Hotels & Resorts, Inc. | 33,198 | 533,492 | ||
Iron Mountain, Inc. | 11,200 | 665,840 | ||
Phillips Edison & Company, Inc. | 19,500 | 654,030 | ||
Prologis, Inc. | 5,200 | 583,492 | ||
VICI Properties, Inc. | 19,400 | 564,540 | ||
Welltower, Inc. | 9,000 | 737,280 | ||
9,428,637 | ||||
Total Common Stocks (Cost $17,304,472) | $ 16,808,684 | |||
WESTWOOD SALIENT GLOBAL REAL ESTATE FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
MONEY MARKET FUNDS - 2.8% | Shares | Value | ||
First American Government Obligations Fund - Class X, 5.26% (b) (Cost $485,136) | 485,136 | $ 485,136 | ||
Investments at Value - 99.7% (Cost $17,789,608) | $ 17,293,820 | |||
Other Assets in Excess of Liabilities - 0.3% | 59,084 | |||
Net Assets - 100.0% | $ 17,352,904 | |||
(a) | Non-income producing security. |
(b) | The rate shown is the 7-day effective yield as of September 30, 2023. |
AB | - Aktiebolag |
AG | - Aktiengesellschaft |
plc | - Public Limited Company |
REIT | - Real Estate Investment Trust |
S.A. | - Societe Anonyme |
SE | - Societe Europaea |
WESTWOOD SALIENT SELECT INCOME FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
September 30, 2023 (Unaudited) | ||||
COMMON STOCKS - 28.3% | Shares | Value | ||
Real Estate Investment Trusts (REITs) - 28.3% | ||||
Data Centers - 2.3% | ||||
Digital Realty Trust, Inc. | 46,105 | $ 5,579,627 | ||
Financial Services - 2.4% | ||||
W.P. Carey, Inc. | 110,000 | 5,948,800 | ||
Hotels - 5.0% | ||||
Apple Hospitality REIT, Inc. | 438,000 | 6,718,920 | ||
Gaming and Leisure Properties, Inc. | 123,100 | 5,607,205 | ||
12,326,125 | ||||
Industrial - 2.4% | ||||
Americold Realty Trust, Inc. | 195,000 | 5,929,950 | ||
Manufactured Homes - 1.5% | ||||
Sun Communities, Inc. | 32,000 | 3,786,880 | ||
Office - 1.9% | ||||
COPT Defense Properties | 200,000 | 4,766,000 | ||
Residential - 1.8% | ||||
Equity Residential | 75,000 | 4,403,250 | ||
Retail - 1.8% | ||||
Federal Realty Investment Trust | 50,000 | 4,531,500 | ||
Shopping Centers - 1.9% | ||||
Phillips Edison & Company, Inc. | 136,500 | 4,578,210 | ||
Specialized - 4.8% | ||||
Crown Castle, Inc. | 52,652 | 4,845,564 | ||
Outfront Media, Inc. | 699,455 | 7,064,495 | ||
11,910,059 | ||||
Storage - 2.5% | ||||
Extra Space Storage, Inc. | 50,000 | 6,079,000 | ||
Total Common Stocks (Cost $77,195,000) | $ 69,839,401 | |||
WESTWOOD SALIENT SELECT INCOME FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
PREFERRED STOCKS - 69.0% | Shares | Value | ||
Financials - 1.3% | ||||
Banking - 1.3% | ||||
Associated Banc-Corp - Series E, 5.88% | 62,206 | $ 1,074,298 | ||
Associated Banc-Corp - Series F, 5.63% | 125,000 | 2,087,500 | ||
3,161,798 | ||||
Real Estate Investment Trusts (REITs) - 67.7% | ||||
Apartments - 3.6% | ||||
Centerspace - Series C, 6.63% | 180,400 | 4,406,270 | ||
Vinebrook Homes Trust, Inc. - Series B, 9.50% | 180,000 | 4,500,000 | ||
8,906,270 | ||||
Data Centers - 3.7% | ||||
DigitalBridge Group, Inc. - Series H, 7.13% | 240,000 | 5,256,000 | ||
DigitalBridge Group, Inc. - Series I, 7.15% | 182,155 | 3,879,901 | ||
9,135,901 | ||||
Diversified - 4.9% | ||||
Armada Hoffler Properties, Inc. - Series A, 6.75% | 320,000 | 6,752,000 | ||
CTO Realty Growth, Inc. - Series A, 6.38% | 297,333 | 5,438,221 | ||
12,190,221 | ||||
Healthcare - 3.2% | ||||
Global Medical REIT, Inc. - Series A, 7.50% | 311,134 | 7,856,133 | ||
Hotels - 20.4% | ||||
Chatham Lodging Trust - Series A, 6.63% | 190,000 | 3,879,800 | ||
DiamondRock Hospitality Company - Series A, 8.25% | 66,410 | 1,692,791 | ||
Hersha Hospitality Trust - Series C, 6.88% | 56,364 | 1,391,064 | ||
Hersha Hospitality Trust - Series D, 6.50% | 110,000 | 2,722,500 | ||
Hersha Hospitality Trust - Series E, 6.50% | 167,564 | 4,145,533 | ||
Pebblebrook Hotel Trust - Series E, 6.38% | 62,559 | 1,250,554 | ||
Pebblebrook Hotel Trust - Series F, 6.30% | 242,066 | 4,821,955 | ||
Pebblebrook Hotel Trust - Series G, 6.38% | 250,000 | 4,922,500 | ||
Pebblebrook Hotel Trust - Series H, 5.70% | 249,548 | 4,596,674 | ||
RLJ Lodging Trust - Series A, 7.80% | 375,000 | 9,018,750 | ||
Summit Hotel Properties, Inc. - Series E, 6.25% | 283,000 | 5,549,630 | ||
Summit Hotel Properties, Inc. - Series F, 5.88% | 158,938 | 2,929,227 | ||
WESTWOOD SALIENT SELECT INCOME FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
PREFERRED STOCKS - 69.0% (Continued) | Shares | Value | ||
Real Estate Investment Trusts (REITs) - 67.7% (Continued) | ||||
Hotels - 20.4% (Continued) | ||||
Sunstone Hotel Investors, Inc. - Series H, 6.13% | 166,508 | $ 3,539,960 | ||
50,460,938 | ||||
Industrial - 3.5% | ||||
LXP Industrial Trust - Series C, 6.50% | 190,000 | 8,563,300 | ||
Manufactured Homes - 1.0% | ||||
UMH Properties, Inc., 6.38% | 111,895 | 2,352,033 | ||
Mortgage - 1.7% | ||||
KKR Real Estate Finance Trust, Inc. - Series A, 6.50% | 258,285 | 4,210,046 | ||
Residential - 3.7% | ||||
American Homes 4 Rent - Series G, 5.88% | 345,000 | 7,503,750 | ||
American Homes 4 Rent - Series H, 6.25% | 71,000 | 1,598,210 | ||
9,101,960 | ||||
Retail - 5.0% | ||||
Regency Centers Corporation - Series A, 6.25% (a) | 322,000 | 7,889,000 | ||
Regency Centers Corporation - Series B, 5.88% (a) | 190,000 | 4,539,100 | ||
12,428,100 | ||||
Shopping Centers - 8.2% | ||||
RPT Realty - Series D, 7.25% | 180,000 | 9,154,800 | ||
Saul Centers, Inc. - Series D, 6.13% | 381,000 | 8,001,000 | ||
Saul Centers, Inc. - Series E, 6.00% | 125,000 | 2,637,500 | ||
SITE Centers Corporation - Series A, 6.38% | 25,000 | 569,500 | ||
20,362,800 | ||||
Single Tenant - 1.1% | ||||
Spirit Realty Capital, Inc. - Series A, 6.00% | 130,000 | 2,737,800 | ||
Specialized - 4.3% | ||||
CorEnergy Infrastructure Trust, Inc. - Series A, 7.38% | 166,838 | 850,874 | ||
EPR Properties - Series C, 5.75% | 31,000 | 579,080 | ||
EPR Properties - Series E, 9.00% | 280,000 | 7,173,600 | ||
WESTWOOD SALIENT SELECT INCOME FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
PREFERRED STOCKS - 69.0% (Continued) | Shares | Value | ||
Real Estate Investment Trusts (REITs) - 67.7% (Continued) | ||||
Specialized - 4.3% (Continued) | ||||
EPR Properties - Series G, 5.75% | 107,775 | $ 2,001,382 | ||
10,604,936 | ||||
Storage - 3.4% | ||||
National Storage Affiliates Trust - Series A, 6.00% | 370,000 | 8,306,500 | ||
Total Preferred Stocks (Cost $178,443,319) | $ 170,378,736 | |||
MONEY MARKET FUNDS - 2.0% | Shares | Value | ||
First American Government Obligations Fund - Class X, 5.26% (b) | 4,926,530 | $ 4,926,530 | ||
(Cost $4,926,530) | ||||
Investments at Value - 99.3% (Cost $260,564,849) | $ 245,144,667 | |||
Other Assets in Excess of Liabilities - 0.7% | 1,674,960 | |||
Net Assets - 100.0% | $ 246,819,627 | |||
(a) | Non-income producing security. |
(b) | The rate shown is the 7-day effective yield as of September 30, 2023. |
REIT | - Real Estate Investment Trust |
WESTWOOD BROADMARK TACTICAL GROWTH FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
September 30, 2023 (Unaudited) | ||||
EXCHANGE-TRADED FUNDS - 24.3% | Shares | Value | ||
Invesco S&P 500 Equal Weight ETF | ||||
(Cost $65,117,985) | 425,574 | $ 60,299,580 | ||
MONEY MARKET FUNDS - 74.1% | Shares | Value | ||
First American Government Obligations Fund - Class X, 5.26% (a) (Cost $184,315,170) | 184,315,170 | $ 184,315,170 | ||
Investments at Value - 98.4% (Cost $249,433,155) | $ 244,614,750 | |||
Other Assets in Excess of Liabilities - 1.6% | 4,082,239 | |||
Net Assets - 100.0% | $ 248,696,989 | |||
(a) | The rate shown is the 7-day effective yield as of September 30, 2023. |
ETF | - Exchange-Traded Funds |
S&P | - Standard & Poor |
WESTWOOD BROADMARK TACTICAL GROWTH FUND | ||||
SCHEDULE OF FUTURES CONTRACTS | ||||
September 30, 2023 (Unaudited) | ||||
FUTURES CONTRACTS | Contracts | Expiration Date | Notional Value | Value/Unrealized Appreciation |
Index Futures | ||||
E-Mini S&P 500® Futures | 294 | 12/18/23 | $ 63,584,850 | $ 1,717,810 |
The average monthly notional value of futures sold short during the nine months ended September 30, 2023 was $9,584,106. |
WESTWOOD BROADMARK TACTICAL PLUS FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
September 30, 2023 (Unaudited) | ||||
MONEY MARKET FUNDS - 99.3% | Shares | Value | ||
First American Government Obligations Fund - Class X, 5.26% (a) (Cost $76,909,371) | 76,909,371 | $ 76,909,371 | ||
Other Assets in Excess of Liabilities - 0.7% | 530,719 | |||
Net Assets - 100.0% | $ 77,440,090 | |||
(a) | The rate shown is the 7-day effective yield as of September 30, 2023. |
WESTWOOD BROADMARK TACTICAL PLUS FUND | ||||
SCHEDULE OF FUTURES CONTRACTS | ||||
September 30, 2023 (Unaudited) | ||||
FUTURES CONTRACTS | Contracts | Expiration Date | Notional Value | Value/Unrealized Appreciation |
Index Futures | ||||
E-Mini S&P 500® Futures | 67 | 12/18/2023 | $ 14,490,425 | $ 133,155 |
The average monthly notional value of futures contracts during the nine months ended September 30, 2023 was $24,385,083. |