WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND | ||||
SCHEDULE OF INVESTMENTS | ||||
March 31, 2024 (Unaudited) | ||||
MASTER LIMITED PARTNERSHIPS - 37.9% (a) | Shares | Value | ||
Crude & Refined Products - 15.4% | ||||
Genesis Energy, L.P. | 2,129,543 | $ 23,680,518 | ||
MPLX, L.P. (b) | 1,091,272 | 45,353,264 | ||
Plains GP Holdings, L.P. - Class A (c) | 4,388,240 | 80,085,381 | ||
149,119,163 | ||||
Energy - 12.1% | ||||
Delek Logistics Partners, L.P. | 141,590 | 5,803,774 | ||
EMG Utica I Offshore Co-Investment, L.P. *(d)(e)(f) | 16,000,000 | 15,360,000 | ||
Energy Transfer, L.P. | 6,048,452 | 95,142,150 | ||
116,305,924 | ||||
Gathering & Processing - 5.6% | ||||
Hess Midstream, L.P. - Class A (b) | 811,612 | 29,323,541 | ||
Western Midstream Partners, L.P. (b) | 695,290 | 24,717,560 | ||
54,041,101 | ||||
Utilities - 4.8% | ||||
Enterprise Products Partners, L.P. | 1,547,267 | 45,149,251 | ||
NextEra Energy Partners, L.P. (b) | 50,400 | 1,516,032 | ||
46,665,283 | ||||
Total Master Limited Partnerships (Cost $235,381,103) | $ 366,131,471 | |||
MLP RELATED COMPANIES - 62.3% | Shares | Value | ||
Crude & Refined Products - 5.6% | ||||
Enbridge, Inc. (b) | 762,225 | $ 27,577,300 | ||
Gibson Energy, Inc. | 1,542,531 | 26,262,729 | ||
53,840,029 | ||||
Energy - 13.1% | ||||
DT Midstream, Inc. (b) | 423,695 | 25,887,764 | ||
Kinetik Holdings, Inc. (b) | 1,847,996 | 73,679,600 | ||
NextDecade Corporation (c) | 382,930 | 2,175,042 | ||
Pembina Pipeline Corporation | 699,514 | 24,720,825 | ||
126,463,231 | ||||
Gathering & Processing - 11.5% | ||||
Antero Midstream Corporation (b) | 2,803,553 | 39,417,955 | ||
EnLink Midstream, LLC (b)(c) | 1,852,734 | 25,271,292 |
WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
MLP RELATED COMPANIES - 62.3% (Continued) | Shares | Value | ||
Gathering & Processing - 11.5% (Continued) | ||||
Targa Resources Corporation | 414,902 | $ 46,464,875 | ||
111,154,122 | ||||
Industrials - 0.7% | ||||
Eaton Corporation plc (b) | 10,837 | 3,388,513 | ||
Quanta Services, Inc. (b) | 13,633 | 3,541,854 | ||
6,930,367 | ||||
Liquefied Natural Gas - 7.2% | ||||
Cheniere Energy, Inc. (b) | 429,840 | 69,324,595 | ||
Natural Gas Liquids Infrastructure - 12.0% | ||||
Keyera Corporation | 1,071,049 | 27,590,334 | ||
ONEOK, Inc. (b) | 912,725 | 73,173,163 | ||
Pembina Pipeline Corporation | 435,296 | 15,365,619 | ||
116,129,116 | ||||
Natural Gas Pipelines - 12.2% | ||||
Equitrans Midstream Corporation (b) | 3,710,051 | 46,338,537 | ||
Kinder Morgan, Inc. | 802,861 | 14,724,471 | ||
TC Energy Corporation (b) | 245,610 | 9,873,522 | ||
Williams Companies, Inc. (The) (b) | 1,207,780 | 47,067,186 | ||
118,003,716 | ||||
Total MLP Related Companies (Cost $385,832,661) | $ 601,845,176 | |||
SPECIAL PURPOSE ACQUISITION COMPANIES - 0.0% (g) | Shares | Value | ||
Renewable Energy Infrastructure - 0.0% (g) | ||||
TortoiseEcofin Acquisition Corporation III - Founder Shares (c)(d)(e)(f) (Cost $315) | 104,850 | $ 315 | ||
WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND | ||||
SCHEDULE OF INVESTMENTS (Continued) | ||||
MONEY MARKET FUNDS - 0.3% | Shares | Value | ||
First American Government Obligations Fund - Class U, 5.25% (h) (Cost $2,754,561) | 2,754,561 | $ 2,754,561 | ||
Investments at Value - 100.5% (Cost $623,968,640) | $ 970,731,523 | |||
Liabilities in Excess of Other Assets - (0.5%) | (5,221,058 ) | |||
Net Assets - 100.0% | $ 965,510,465 | |||
plc | - Public Limited Company |
* | EMG Utica I Offshore Co-Investment, L.P. is a Co-Investment of MarkWest Utica EMG, LLC. |
(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) | All or a portion of the security covers a written call option. |
(c) | Non-income producing security. |
(d) | Security determined to be illiquid under the procedures approved by the Fund’s Board of Trustees and represents 1.6% of net assets. |
(e) | Level 3 security in accordance with fair value hierarchy. |
(f) | 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. |
(g) | Percentage rounds to less than 0.1%. |
(h) | The rate shown is the 7-day effective yield as of March 31, 2024. |
WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND | ||||
SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS | ||||
March 31, 2024 (Unaudited) | ||||
WRITTEN OPTION CONTRACTS | Strike Price | Contracts | Notional Value | Value of Options |
Call Option Contracts | ||||
Antero Midstream Corporation, 05/17/24 | $ 14 .00 | 9,069 | $ 12,751,014 | $ 326,484 |
Cheniere Energy, Inc., 04/19/24 | 170 .00 | 1,218 | 19,643,904 | 60,900 |
Cheniere Energy, Inc., 04/19/24 | 175 .00 | 812 | 13,095,936 | 12,992 |
DT Midstream, Inc., 04/19/24 | 60 .00 | 2,316 | 14,150,760 | 379,824 |
Eaton Corporation plc, 04/19/24 | 320 .00 | 54 | 1,688,472 | 18,252 |
Eaton Corporation plc, 04/19/24 | 330 .00 | 54 | 1,688,472 | 5,940 |
Embridge, Inc., 04/19/24 | 37 .50 | 1,960 | 7,091,280 | 9,800 |
EnLink Midstream, LLC, 05/17/24 | 14 .00 | 7,698 | 10,500,072 | 269,430 |
Equitrans Midstream Corporation, 04/19/24 | 12 .00 | 1,027 | 1,282,723 | 71,890 |
Equitrans Midstream Corporation, 04/19/24 | 13 .00 | 9,275 | 11,584,475 | 139,125 |
Hess Midstream, L.P., 04/19/24 | 35 .00 | 4,792 | 17,313,496 | 661,296 |
Kinetik Holdings, Inc., 04/19/24 | 40 .00 | 12,543 | 50,008,941 | 1,379,730 |
MPLX, L.P., 04/19/24 | 41 .00 | 2,227 | 9,255,412 | 189,295 |
NextEra Energy Partners, L.P., 04/19/24 | 30 .00 | 504 | 1,516,032 | 57,960 |
ONEOK, Inc., 04/19/24 | 77 .50 | 2,947 | 23,626,099 | 1,007,874 |
Quanta Services, Inc., 04/19/24 | 250 .00 | 68 | 1,766,640 | 86,360 |
Quanta Services, Inc., 04/19/24 | 270 .00 | 68 | 1,766,640 | 15,096 |
TC Energy Corporation, 05/17/24 | 42 .50 | 1,292 | 5,193,840 | 33,592 |
Western Midstream Partners, L.P., 04/19/24 | 35 .00 | 3,084 | 10,963,620 | 354,660 |
Williams Companies, Inc. (The), 04/19/24 | 35 .00 | 2,636 | 10,272,492 | 1,008,270 |
Total Written Option Contracts | $ 225,160,320 | $ 6,088,770 | ||
(Premiums $2,541,436) | ||||
The average monthly notional value of written option contracts during the three months ended March 31, 2024 was $264,454,647. | ||||